Unified Payments Interface enables: MCQ with Answer and Explanation

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Unified Payments Interface enables:

A. instant interbank transfer using a virtual payment address

B. only cheque clearing

C. only government payments

D. only credit card payments

Answer: Option A

Solution (By JKSSB Mock Tests)

UPI enables instant interbank transfers through virtual payment addresses using mobile devices.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

GDP at market prices equals GDP at factor cost:

A. plus indirect taxes plus subsidies

B. minus indirect taxes plus subsidies

C. minus indirect taxes minus subsidies

D. plus indirect taxes minus subsidies

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Correct Answer: Option D

Explanation:
GDP at market prices = GDP at factor cost + indirect taxes - subsidies.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services by the United Nations and international organizations is:

A. exempt

B. 5%

C. 0%

D. 18%

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Correct Answer: Option A

Explanation:
Services by UN and specified international organizations are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on health insurance for senior citizens is:

A. 5%

B. 18%

C. 0%

D. 12%

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Correct Answer: Option B

Explanation:
Health insurance for senior citizens attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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