The 'credit card' allows a customer to: MCQ with Answer and Explanation

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The 'credit card' allows a customer to:

A. deposit cash only

B. borrow money up to a limit for purchases

C. spend from bank account only

D. trade securities

Answer: Option B

Solution (By JKSSB Mock Tests)

A credit card allows borrowing up to a limit for purchases.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Zero Defect Zero Effect' scheme is associated with:

A. manufacturing and quality standards in MSMEs

B. agriculture

C. defence

D. health

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Correct Answer: Option A

Explanation:
Zero Defect Zero Effect promotes quality and environmental standards in MSMEs.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. An asset that generates income regularly

B. Cash reserves of the bank

C. Government securities held by banks

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

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Correct Answer: Option D

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 #3

Which of the following is a feature of the capital account convertibility?

A. Only export-related convertibility

B. Freedom to convert local currency into foreign currency for current account transactions only

C. Freedom to convert local financial assets into foreign financial assets and vice versa

D. Complete ban on capital flows

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Correct Answer: Option C

Explanation:
Capital account convertibility allows residents and non-residents to convert local currency into foreign currency and transfer capital freely for investment and other capital transactions.

This question belongs to: Economy GK Economy Set 1

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