The 'Public Financial Management System' is used for: MCQ with Answer and Explanation

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The 'Public Financial Management System' is used for:

A. bank lending

B. digital management of government expenditures and payments

C. foreign exchange trading

D. stock trading

Answer: Option B

Solution (By JKSSB Mock Tests)

PFMS is a digital platform for government expenditure and payment management.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Rs 2000 note' in India was introduced after demonetization in:

A. 2020

B. 2018

C. 2014

D. 2016

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Correct Answer: Option D

Explanation:
Rs 2000 note was introduced in November 2016 after demonetization.

This question belongs to: Economy GK Economy Set 1

Question #2

Fiscal deficit is best defined as:

A. total expenditure minus total receipts excluding borrowings

B. total expenditure minus interest payments

C. total receipts minus total expenditure

D. revenue expenditure minus revenue receipts

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Correct Answer: Option A

Explanation:
Fiscal deficit is the excess of total expenditure over total receipts excluding borrowings.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'base effect' in inflation refers to:

A. the effect of money supply on prices

B. the effect of changing the base year of GDP

C. the effect of exchange rate on imports

D. inflation measured against a low or high price level in the previous year

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Correct Answer: Option D

Explanation:
Base effect refers to the influence of the previous year's price level on the current inflation rate.

This question belongs to: Economy GK Economy Set 1

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