Quick Quiz
Questions ▼
Daily Updated General Knowledge mcq Quiz. We covered all the Daily Updated General Knowledge mcq Quiz in this post for free so that you can practice well for the exam.
Install our MCQTUBE Android App from the Google Play Store and prepare for any competitive government exams for free.
These types of competitive mcqs appear in exams like SSC CGL, CHSL, JE, MTS, Stenographer, CPO, Railway Group-D, NTPC, ALP, JE, RPF, Tech, Bank, Delhi Police Constable, UP Lekhpal, dsssb, DDA ASO, BPSC Teaching, Defence, UPSSSC, UPSC (Pre), UPP, SI, UPTET, UPPCS, BPSC, BSSC, SBI, IBPS, LIC, State PCS, CDS, NDA, Assistant Commandant, and other Competitive Examinations, etc.
We created all the competitive exam mcqs into several small posts on our website for your convenience.
You will get their respective links in the related posts section provided below.
Related Posts:
- Northern Plains of India GK Questions with Answers
- GK MCQ Questions for State Level Exams in Telangana
- Static GK MCQ Questions and Answers PDF Download
Daily Updated General Knowledge mcq Quiz for Students
Which of the following statements is/are incorrect? The detailed estimates of revenue receipts are generally included in the finance bill. i. The non-tax revenue of the central government mainly comprises ii. taxes levied on goods imported to and exported from India. iii. Revenue receipts are redeemable in nature.
a) i and ii
b) Only i
c) ii and iii
d) ii and iii
Option c – ii and iii
During an economic recession, which action is the government most likely to take to stimulate growth?
a) Impose strict trade restrictions
b) Significantly raise taxes
c) Cut down public expenditure
d) Increase public expenditure
Option d – Increase public expenditure
What does GST stand for?
a) Goods and Services Tax
b) Goods and Sale Tax
c) Gifts and Sale Tax
d) Gifts and Services Tax
Option a – Goods and Services Tax
Taxes such as gift tax and wealth tax are categorized as which type of taxes?
a) Paperless taxes
b) Direct taxes
c) Rich taxes
d) Paper taxes
Option d – Paper taxes
When the tax rate falls as the taxable Base increases, what is this taxation pattern known as?
a) Increasing
b) Progressive
c) Regressive
d) Degressive
Option c – Regressive
The revenue generated from disinvestment is classified as:
a) Revenue receipts
b) Non-tax revenue
c) Tax revenue
d) Capital receipts
Option d – Capital receipts
GST can be described as:
a) A destination-based consumption tax
b) An origin-based production tax
c) A destination-based sales tax on transactions
d) An origin-based tax on sales transactions
Option c – A destination-based sales tax on transactions
In the Union Budget, fiscal deficit refers to:
a) The gap between current expenditure and current revenue
b) The NET increase in borrowings of the Union Government from the Reserve Bank of India
c) The total of budgetary deficits and the rise in internal and external borrowings
d) None of the above
Option c – The total of budgetary deficits and the rise in internal and external borrowings
Consider the following statements: 1. The tax burden on a commodity does not depend on whether it is imposed on the buyer or the seller. 2. The tax burden on a commodity varies with the slope of demand and supply curves. Which of the above statements is/are true?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Option c – Both 1 and 2
Arrange the following sources of revenue for the Central Government in ascending order according to their contribution to total revenues in 2023–24. Union Excise Duty, Customs, Corporation Tax, GST
a) Customs, Union Excise Duty, GST, Corporation Tax
b) Customs, Union Excise Duty, Corporation Tax, GST
c) Customs, GST, Union Excise Duty, Corporation Tax
d) Union Excise Duty, Customs, Corporation Tax, GST
Option b – Customs, Union Excise Duty, Corporation Tax, GST
Read the following statements regarding Goods and Services Tax (GST): A. GST is a unified indirect tax implemented from 1 July 2017, applicable on the supply of goods and services from the producer or service provider to the consumer. B. It is a destination-based consumption tax that allows for input tax credit along the supply chain. Which of the above statements is/are correct?
a) Only A
b) Both A and B
c) Only B
d) Neither A nor B
Option b – Both A and B
The presentation of budget deficit figures in India was discontinued during which period?
a) 1974–1979
b) 1980–1982
c) 1985–1990
d) 1992–1997
Option d – 1992–1997
In the context of public budgeting, what does the term “fiscal deficit” indicate?
a) The excess funds available for public expenditure
b) The total debt accumulated by the government
c) The portion of the budget allocated to defense
d) The gap between total government expenditure and total revenue
Option d – The gap between total government expenditure and total revenue
_______ refers to the difference between the total expenditure of the government and its total receipts, excluding borrowings.
a) Revenue Deficit
b) Fiscal Deficit
c) Revenue Surplus
d) Primary Deficit
Option b – Fiscal Deficit
Which of the following reports emphasized that budgeting should be viewed not merely as balancing receipts and expenditure, but as an advanced mechanism where fiscal tools shape the Economy?
a) Administrative Reforms Committee Report
b) Hoover Commission Report
c) Haldane Committee Report
d) Plowden Report on Control of Expenditure
Option d – Plowden Report on Control of Expenditure
Which of the following statements regarding revenue and primary deficit is/are correct? 1. Revenue deficit indicates the excess of revenue expenditure over revenue receipts. 2. Primary deficit is obtained by subtracting interest payments from fiscal deficit. Select the correct option:
a) 1 only
b) 2 only
c) Neither 1 nor 2
d) Both 1 and 2
Option d – Both 1 and 2
Consider the following criteria: 1. Forest and Ecology 2. Demographic performance 3. Stable government 4. Governance reforms 5. Tax and fiscal efforts. How many of the above were considered by the Fifteenth finance Commission for horizontal tax devolution apart from Population, area, and Income distance?
a) Only three
b) Only two
c) All five
d) Only four
Option a – Only three
Which of the following services is generally NOT provided by microfinance institutions in India?
a) Personal loans
b) Credit cards
c) Savings accounts
d) Insurance products
Option b – Credit cards
Which organization launched the 1987 Action Research Programme that inspired NABARD to begin linking 500 SHGs with banks?
a) MYRADA
b) IREDA
c) AMFI
d) PFRDA
Option a – MYRADA
Identify the correct statements about NAFED: I. It operates under the Multi-State Co-operative Societies Act. II. It was SET up to support cooperative marketing of agricultural goods for the benefit of farmers. III. It was established in 1956.
a) Only I
b) Only I and II
c) Only II and III
d) I, II and III
Option b – Only I and II
Which NABARD programme, launched in 2015, was designed to enhance Income opportunities in both agricultural and non-agricultural sectors?
a) LWE
b) LEDP
c) MEDP
d) BLP
Option b – LEDP
Who issues ₹10 currency notes in India?
a) State Bank of India
b) Reserve Bank of India
c) Central Bank of India
d) Union Bank of India
Option b – Reserve Bank of India
What was the key reason behind the 98% repayment rate achieved in Dr. Muhammad Yunus’s group-lending initiative?
a) Involvement of moneylenders
b) Removal of defaulters from borrower groups
c) Social pressure due to joint liability
d) Use of harsh loan recovery measures
Option c – Social pressure due to joint liability
The Self-Help Group Bank Linkage Programme (SHG–BLP), a major step in microfinance development, was initiated by:
a) NABARD
b) MFI
c) IRDA
d) SEBI
Option a – NABARD
As per current guidelines, what is the maximum duration allowed for a microfinance loan in India?
a) 12 months
b) 18 months
c) 24 months
d) 36 months
Option d – 36 months
How many digits are there in the MMID code issued by commercial banks?
a) 7
b) 10
c) 12
d) 15
Option a – 7
Which institutions are primarily responsible for creating credit in India? I. Ministry of finance II. Reserve Bank of India III. Commercial Banks
a) Only I
b) Only II
c) Only III
d) All I, II, and III
Option c – Only III
What is considered the major drawback of barter trade compared to Money-based transactions?
a) Difficulty in preserving value
b) Inaccurate assessment of goods exchanged
c) Lack of divisibility of goods
d) Need for double coincidence of wants
Option d – Need for double coincidence of wants
Arrange the following Development Financial Institutions in the correct order of their establishment: 1. Industrial finance Corporation of India (IFC) 2. Industrial Credit and Investment Corporation of India (ICICI) 3. Industrial Development Bank of India (IDBI)
a) 1, 2, 3
b) 3, 1, 2
c) 2, 1, 3
d) 1, 3, 2
Option b – 3, 1, 2
What does MUDRA stand for — a financial organization established by the Government of India to support micro-enterprises? ( Daily Updated General Knowledge mcq Quiz )
a) Micro Urban Development & Refinance Agency
b) Micro Units Development & Refinance Agency
c) Micro finance Usage Development & Refinance Agency
d) Medium Units Development & Refinance Agency
Option b – Micro Units Development & Refinance Agency
In the Indian financial sector, the term ‘BFSI’ stands for banking, Financial Services, and _______. ( Daily Updated General Knowledge mcq Quiz )
a) Inflation
b) Investment
c) Insurance
d) Index Fund
Option c – Insurance
Which institution is known as the “Lender of the Last Resort”? ( Daily Updated General Knowledge mcq Quiz )
a) SEBI
b) RRBs
c) RBI
d) SBI
Option c – RBI
Which committee was formed in 2010 to examine the concerns and functioning of the microfinance sector? ( Daily Updated General Knowledge mcq Quiz )
a) Ghosh Committee
b) Sivaraman Committee
c) Malegam Committee
d) Khan Committee
Option c – Malegam Committee
Which of the following is NOT a scheduled public sector bank in India? ( Daily Updated General Knowledge mcq Quiz )
a) Canara Bank
b) UCO Bank
c) Indian Overseas Bank
d) Bandhan Bank
Option d – Bandhan Bank
Which institution has the exclusive authority to issue currency notes in India?
a) Industrial finance Corporation of India
b) National Payments Corporation of India
c) Reserve Bank of India
d) State Bank of India
Option c – Reserve Bank of India
Which organization was established in 1956 after nationalizing all private life Insurance firms? ( Daily Updated General Knowledge mcq Quiz )
a) United India Insurance Company Limited
b) General Insurance Corporation of India
c) New India Assurance Company Limited
d) Life Insurance Corporation of India
Option d – Life Insurance Corporation of India
The Small Industries Development Bank of India (SIDBI) operates under the regulation of: ( Daily Updated General Knowledge mcq Quiz )
a) State Bank of India
b) Indian Bank
c) Reserve Bank of India
d) ICICI Bank
Option c – Reserve Bank of India
Which Indian bank was the first to receive RBI’s approval for conducting rupee trade transactions? ( Daily Updated General Knowledge MCQ Quiz )
a) SBI Bank
b) Axis Bank
c) ICICI Bank
d) UCO Bank
Option d – UCO Bank
Under which legislation was the National Payments Corporation of India (NPCI) established? ( Daily Updated General Knowledge MCQ Quiz )
a) The SARFAESI Act, 2002
b) Payment and Settlement Systems Act, 2007
c) Government Securities Act, 2006
d) Companies Act, 2013
Option b – Payment and Settlement Systems Act, 2007
Under the Coinage Act of 2011, coins in India can be issued up to which maximum denomination? ( Daily Updated General Knowledge MCQ Quiz )
a) ₹500
b) ₹1000
c) ₹5000
d) ₹100
Option b – ₹1000
Which of the following statements about Self-Help Groups (SHGs) is incorrect? I. SHGs are voluntary collectives of up to 20 individuals with similar Social and economic backgrounds. II. SHGs can operate without any formal rules or by-laws. III. In April 1996, the RBI included SHG–Bank Linkage under priority sector lending.
a) Only I
b) Only II
c) Only III
d) II and III
Option b – Only II
Typically, a Joint Liability Group (JLG) is an informal cluster consisting of how many members seeking credit based on mutual assurance? ( Daily Updated General Knowledge MCQ Quiz )
a) 1–3
b) 15–20
c) 4–10
d) 20–30
Option c – 4–10
In 1991, the Indian rupee underwent devaluation in how many stages? ( Daily Updated General Knowledge MCQ Quiz )
a) Two
b) Three
c) One
d) Four
Option a – Two
The establishment of the Reserve Bank of India in 1934 was based on the recommendation of which committee? ( Daily Updated General Knowledge MCQ Quiz )
a) Hilton Young Commission
b) Narasimham Committee
c) Dr. Raja Chelliah Committee
d) Kothari Commission
Option a – Hilton Young Commission
Which of the following forms a component of the SHG–Bank Linkage Programme in India? ( Daily Updated General Knowledge MCQ Quiz )
a) Banks offering loans to individual SHG members
b) Microfinance institutions lending directly to SHGs
c) State governments providing subsidies to SHGs
d) NGOs conducting training and capacity-building for SHGs
Option a – Banks offering loans to individual SHG members
Which of the following best explains the concept of microfinance? ( Daily Updated General Knowledge MCQ Quiz )
a) A registered company under the Companies Act, 1956, engaged in lending and investments
b) Financial services offered to low-Income or unemployed individuals who otherwise lack access to banking facilities
c) A fully digital and mobile-only financial institution
d) banking facilities meant exclusively for rural residents
Option a – A registered company under the Companies Act, 1956, engaged in lending and investments
What is the major distinction between Self-Help Groups (SHGs) and Microfinance Institutions (MFIs) in India? ( Daily Updated General Knowledge MCQ Quiz )
a) SHGs are non-profit entities, whereas MFIs function for profit
b) SHGs are small, community-driven groups, while MFIs are large, formal organisations
c) SHGs depend on government subsidies, whereas MFIs rely on commercial funding sources
d) SHGs extend only loans, whereas MFIs offer a broader range of financial products
Option b – SHGs are small, community-driven groups, while MFIs are large, formal organisations
______ refers to the practice of providing small loans to those who lack access to traditional financial services. ( Daily Updated General Knowledge MCQ Quiz )
a) Home Loan
b) Microfinance
c) Microloan
d) Pradhan Mantri Awas Yojana
Option b – Microfinance
The term “Microfinancing” was first popularised in the 1970s during the establishment of Bangladesh’s Grameen Bank founded by whom? ( Daily Updated General Knowledge MCQ Quiz )
a) Alfred Marshall
b) Adam Smith
c) Muhammad Yunus
d) Jeremy Bentham
Option c – Muhammad Yunus
______ serves as a self-regulatory organisation and industry body responsible for strengthening India’s microfinance sector. ( Daily Updated General Knowledge MCQ Quiz )
a) NABARD
b) Self-Help Group Association
c) Microfinance and Investments Regulatory Authority
d) Microfinance Institutions Network
Option d – Microfinance Institutions Network
Under which scheme are collateral-free loans of up to ₹10 lakh provided by Member Lending Institutions (MLIs) in India? ( Daily Updated General Knowledge MCQ Quiz )
a) National Strategy for Financial Inclusion
b) Stand Up India Scheme
c) Pradhan Mantri Jan Dhan Yojana
d) Pradhan Mantri MUDRA Yojana
Option d – Pradhan Mantri MUDRA Yojana
Which national initiative focuses on providing affordable access to savings, credit, Insurance, pension, and remittance services to all? ( Daily Updated General Knowledge MCQ Quiz )
a) Deendayal Antyodaya Yojana
b) Pradhan Mantri Jan Dhan Yojana
c) Swarnjayanti Gram Swarozgar Yojana
d) Deen Dayal Upadhyaya Grameen Kaushalya Yojana
Option b – Pradhan Mantri Jan Dhan Yojana
Which among the following has played a major role in enhancing the economic condition of rural women in India? ( Daily Updated General Knowledge MCQ Quiz )
a) Rural Health Scheme
b) Indira Awas Yojana
c) Self-Help Groups
d) Integrated Development Project
Option c – Self-Help Groups
______ are financial institutions that accept deposits from customers and provide loans to borrowers. ( Daily Updated General Knowledge MCQ Quiz )
a) Hospitals
b) Banks
c) Schools
d) Hotels
Option b – Banks
Microfinance primarily focuses on delivering financial services to which group? ( Daily Updated General Knowledge MCQ Quiz )
a) Government departments
b) Foreign investors
c) Low-Income individuals and small entrepreneurs
d) Large corporations
Option c – Low-Income individuals and small entrepreneurs
Based on which committee’s recommendations did the RBI frame the regulatory framework for NBFC–Microfinance Institutions? ( Daily Updated General Knowledge MCQ Quiz )
a) Malegam Committee
b) Gadgil Committee
c) Kelkar Committee
d) Rangarajan Committee
Option a – Malegam Committee
The original headquarters of the Reserve Bank of India, established in 1935, was located in which city? ( Daily Updated General Knowledge MCQ Quiz )
a) Delhi
b) Mumbai
c) Chennai
d) Kolkata
Option d – Kolkata
Which of the following institutions oversees India’s banking operations and monetary policy? ( Daily Updated General Knowledge MCQ Quiz )
a) Bank of Baroda
b) Reserve Bank of India
c) Union Bank of India
d) State Bank of India
Option b – Reserve Bank of India
We covered all the Daily Updated General Knowledge MCQ Quiz above in this post for free so that you can practice well for the exam.
Check out the latest MCQ content by visiting our mcqtube website homepage.
Also, check out:
