The 'Consolidated Fund of India' is established under which article? MCQ with Answer and Explanation

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The 'Consolidated Fund of India' is established under which article?

A. Article 263

B. Article 312

C. Article 266

D. Article 280

Answer: Option C

Solution (By JKSSB Mock Tests)

The Consolidated Fund of India is constituted under Article 266.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'Non-Performing Asset' (NPA) in banking refers to:

A. An asset that generates income regularly

B. Cash reserves of the bank

C. A loan on which interest or principal is overdue for a specified period

D. Government securities held by banks

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Correct Answer: Option C

Explanation:
An NPA is a loan or advance where interest or principal remains overdue for a period of more than 90 days (as per RBI norms for term loans).

This question belongs to: Economy GK Economy Set 1

Question #2

A current account deficit means that:

A. foreign exchange reserves increase

B. exports of goods and services exceed imports

C. imports of goods, services and income exceed exports

D. capital inflows exceed outflows

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Correct Answer: Option C

Explanation:
A current account deficit occurs when imports of goods, services and income exceed exports.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Pension System' is open to citizens in the age group of:

A. 18-60 years

B. 18-70 years

C. 18-50 years

D. 21-65 years

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Correct Answer: Option B

Explanation:
NPS is open to citizens aged 18 to 70.

This question belongs to: Economy GK Economy Set 1

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