The 'Vote on Account' is generally taken for a period of: MCQ with Answer and Explanation

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The 'Vote on Account' is generally taken for a period of:

A. one year

B. five years

C. two months or up to six months

D. three years

Answer: Option C

Solution (By JKSSB Mock Tests)

Vote on Account authorizes expenditure for part of the year, generally two months.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the 'Fintech' revolution in financial services?

A. The use of technology to deliver financial services in new ways, often by non-traditional providers

B. Only the activities of central banks

C. The complete replacement of all traditional banks overnight

D. Only the use of paper-based processes

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Correct Answer: Option A

Explanation:
Fintech refers to technological innovation in the design and delivery of financial services, encompassing payments, lending, insurance, wealth management and other activities often provided by new entrants.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Mental Accounting' in behavioural economics refers to:

A. The tendency of individuals to categorise and treat money differently depending on its source or intended use

B. Only the national accounts

C. The perfect fungibility of all money

D. Only the formal accounting systems of firms

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Correct Answer: Option A

Explanation:
Mental accounting describes the cognitive processes whereby individuals separate their wealth into non-fungible mental accounts, leading to behaviour that violates the principle of fungibility assumed in standard theory.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Sagarmala' programme was launched in:

A. 2015

B. 2013

C. 2016

D. 2017

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Correct Answer: Option A

Explanation:
Sagarmala was launched in 2015.

This question belongs to: Economy GK Economy Set 1

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