Hello Readers. Here is the 15 Very Expected and Common GK Questions must Know for every educated person. In competitive exams some times we also face these type of basic GK questions and answers. These questions and answers are very helpful for upcoming IBPS PO, IBPS Clerk, SBI and RBI competitive recruitment exams.
So, you read and study this quiz questions and answers and boost up your knowledge for upcoming career and recruitment exams.
1. The Full form of ICICI is - Industrial Credit and Investment Corporation of India Bank
2. NTPC stand for - National Thermal Power Corporation (India)
3. VSAT stand for - very small aperture terminal
4. The IMF was set up in - The International Monetary Fund (IMF) is an international organization headquartered in Washington. Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry White and John Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
5. The disinvestment programme was started in - Disinvestment Programme in India
Like many other developing countries, India has evolved from precapitalist form into a mixed economy. The programmes of large scale industrialisation adopted by the government ever since the beginning of the second five year plan helped the economy in coming out of the low-level equilibrium trap and introduced many significant structural changes. The industrial sector was plagued by stagnation and retrogression for full two decades, i.e. from 1965 to 85 and the industrial licensing policy failed in achieving its objectives. The public sector failed to utilise its resources properly leading to substantial under-utilisation of capacity and colossal wastage of resources, etc. In the light of these issues, the government of India launched the New Industrial Policy 1991. One of the thrust areas of the policy was disinvestment. The policy of disinvestment was to do so initially in small fractions in public enterprises to meet the budgetary deficit and for rechannalisation into new industrial activities. The main purpose of this edited volume is to stimulate readers to gain an insight into the problems of the disinvestment management.
6. TRIPs stand for - Trade-Related Aspects of Intellectual Property Rights
7. 100% FDI is Permitted is - The government has permitted 100 per cent FDI in India-based airlines. However, a foreign carrier can only own upto 49 per cent stake in the venture, and the rest can come from a private investors including those based overseas. This is expected to bring in more funds into domestic airlines. To boost airport development and modernisation, 100 per cent FDI in existing airport projects has been allowed without government permission, from 74 per cent permitted so far. The move comes close on the heels of the new civil aviation policy that relaxed norms for domestic carriers to fly abroad. The government has permitted 100 per cent FDI in India-based airlines
8. NPE stand for - A non-practicing entity (NPE) is someone who holds a patent for a product or process but has no intentions of developing it. A patent is a government-issued license that gives an inventor exclusive rights to the manufacture, use or sale of his invention for a specified time period. An NPE does none of those things.
9. Postal system was started in India in the year - A regular traveling post-office service was introduced in 1870. Money order service was commenced in 1880.
10. GRT stand for - Gross Registered Tonnage
11. SEZ Act came into effect in - The SEZ Act, 2005 which came into effect in February 2006
12. VPT stand for - Visakhapatnam Port Trust, Visual Planning Technology OR Vizag Port Trust
13. Economic cost means - Economic cost is the combination of gains and losses of any goods that have a value attached to them by any one individual. Economic cost is used mainly by economists as means to compare the prudence of one course of action with that of another.
14. Wealth Tax was abolished in - Wealth Tax Act of 1957 provides for the levy of wealth tax. ... However wealth tax returns should be filed separately & is not a part of the income tax return. The Finance Minister has very recently announced that Wealth Tax will be abolished & a 2% surcharge would be levied on the super rich.