Explore topic-wise InterviewSolutions in Current Affairs.

Small size of land holding.

1. False

2. True

3. True

4. True

Agriculture forms the backbone of the Indian economy and despite concerted industrialisation in the last four decades, agriculture occupies a place of pride. Being the largest industry in the country, agriculture is the source of livelihood for over 46.2 per cent of population in the country. About 15.3 per cent of national income of the country is contributed by agriculture. In 2017-18, 46.2 per cent of India’s working population was engaged in agriculture. Moreover, Indian agriculture has been the source of supply of raw materials to our leading industries. It is blear, therefore, that agriculture is the backbone of the Indian economy and prosperity of agriculture can also largely stand for the prosperity of the Indian economy.

Answer is: Agriculture

Current Prime Minister Shri Narendra Modi is the chairperson of Niti Ayog.

Fifth five year plan was ended one year before.

The time period of twelth five year plan was from 1 April to 31 march 2017. Basis of Twelth Five Year Planning was rapid inclusive development. Economic growth of 8 per cent was set a target along with poverty eradication, reduction in unemployment, enhancement of education and health sector etc were set as target.

Per capita income refers to per person income. It is calculated by dividing national income of the countiy by the total population of the country. PCI = NI/ Population. It is more appropriate measure of economic welfare.

Increase in nation’s actual output or income level is called as economic growth. In short, economic growth depicts nation’s rising national income and per capita income. It is a measure of change in the size of economy. Normally, it is considered as an index of welfare.

Process of rise in production or income by increasing nation’s natural, physical, human and capital resources is called as economic growth. Economic growth is a long term quantitative process. Economic growth does not have qualitative dimensions. It is a priceless perception. In economic growth, social, political, structural changes are not considered.

Planning is that technique in which resources are utilized and allocated as per the priorities to achieve the objectives. This technique can be used by a nation in achieving the set objective of various sectors like family planning, financial planning etc., when technique of planning is used for economic development or to achieve desired economic objective then, it is called as economic planning.

For the first time this technique was adopted by Soviet Union. Soviet Union in 1928 declared central planning and adopted the path of economic development by the way of five year planning.

Planned economy of India is authored by shri M. Vishveswariya.

There is increase in production in all the sectors of the economy in last few year:, but highest is recorded in tertiary sector. As a result tertiary sector becomes the largest production sector in India. Though India has shown changes in contribution of all sectors, in gross domestic production but no much of change is in employment. Why people didn’t move to other sectors from primary sector? The reason is nor enough generation of employment in secondary and tertiary sector. As a result around 50% of labour is employed in agriculture sector, but agriculture sector contributes less than 15% in Gross Domestic Product. Whereas, contribution of secondary sector and tertiary sector is more than 85% in gross domestic product.

Economic development is a wider concept than economic growth. It includes qualitative aspects of life along with the quantitative aspects. A favourable social, cultural, political or institutional change along with increase in national income or per capita income is called as economic development. Whereas, economic growth, includes only increase in national income or per capita income. It is more appropriate criterion to compare two or more countries.

Economic development is the process in which real national income and per capita income increases along with favourable changes in social, cultural and economic structure.

National income is defined as monetary value of production of final goods and services produced in a given period by a country. It can also be referred as increase in value of final goods and services. This increased value is distributed among owners of factors of production. Which, act as income of the owners. For example, land gets rent, labour gets wages or salaries, interest is received by capital and entrepreneurs receive profit. Payments made for resources are equal to increase the value of goods and services. So, national income equals to national product.

National income of India is calculated by Central Statistical Organisation.

Tertiary sector includes services like telecom, postal and banking.

There are three sectors in the economy. These sectors are divided on the basis of activities performed under it. These sectors are named as- primary sector, secondary sector and tertiaiy sector.. Primary sector is a sector in which natural resources are utilized to produce goods. The activities performed under it are called as primary activities. It includes activities like-cultivation, mining, animal husbandry, dairy, fishing etc. It is also called as agricultural and allied sector.

Secondary sector is a sector where products of primary sector are used as raw material and are converted into different forms by the means of manufacturing. For example-textile industry, here cotton is used as a raw material and is converted into fabric. Similarly we have iron and steel industry where iron ore is used as raw material and converted into iron/steel rods and sheets. It is also called as industrial sector as it includes various types of industries. Tertiary sector refers to the sector where services are produced. For example – telecom services, postal services, banking services, education services etc. It includes services which do not directly help in production. It is also called as service sector.

Primary Sector played a very important role in initial stages of development of the country. It was very prosperous in initial stages of development due to changing technique production increases but, as the country developed and need for various manufactured goods started increasing. People started engaging themselves in different manufacturing works. Factories came into existence and started expanding work force, started shifting from primary to secondary sector as a result secondary sector became most important from the point of view of employment and production of goods at cheaper rate. It is one of the signs of economic development. People have also started shifting to tertiary sector since last 100 years in developed nations.

Economy is divided into three sectors viz primary, secondary and tertiary sector

Correct option is (a) Just-in-time

The magnetic field within, hollow sphere of ferromagnetic substance is zero. Magneto static shielding means to shield any specimen from magnetic effects by placing it within a hollow region of a ferromagnetic substance.

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Curie law. It states that the magnetic susceptibility of a paramagnetic material is inversely proportional to absolute temperature

∴ X ∝ \(\frac{1}{T}\) = \(\frac{C}{T}\) where C is Curie constant

Characteristics for permanent magnet

(i) High permeability 

(ii) High retentivity 

(iii) High coercivity 

Example: steel.

(a), (d)

(a) atomic currents.

(d) intrinsic spin of electron.

(c) domains are partially aligned.

Given N = 800, A = 2.5 × 10^-4 m² , I = 3.0 A, M = ? 

Since M = NIA 

∴ M = 800 × 3 × 2.5 × 10^-4

or M = 0.60 JT^-1 along the axis of the solenoid.

(b) case (ii) contradicts Gauss’s law for magnetic fields. 

(a), (d)

(a) Lines of B are necessarily continuous across S.

(d) Lines of H cannot all be continuous across S.

(b) 2/3 Am^-1

For a straight infinitely long current carrying conductor, the magnetic field is given by the relation

\(\underset{B}\rightarrow \) _{= \(\cfrac{μ_0I}{2\pi r}\)}

Thus, B ∝ \(\cfrac{1}{r}\) and the graph between B and r will be a rectangular hyperbola. Thus, student 2 has drawn the graph correctly.

(a) Holders of a little kingdom as a feudatory.

Interest on bank deposits is recorded on the credit side of the passbook.

(b) Puli Thevar

(c) Puli Thevar

(c) Nawab of Arcot

A bank reconciliation statement is prepared to disclose the causes of the difference between the balances shown by the cash book and passbook.

(i) Wrong credit in cash book is Rs. 1,000.

Instead of personal bank account he can open business bank account (i.e.) current account.

(ii) Online payment no recorded in cash book is Rs. 1,000.

(iii) Wrong credit in the cash book of bank column is Rs. 5,000.

As bank reconciliation statement is to be prepared for the month of January, it can be started with the bank overdraft of ₹ 1,000 as per cashbook on 31-1-’16. One thing is remembered, if the opening and the closing balance of a particular time period are given then in such circumstances, take the closing balance only for preparing the bank reconciliation statement.

i. Current Account

ii. Pass Book

iii. IFSC (Indian Financial System Code)

iv. Bank Reconciliation Statement

v. Overdraft as per Pass Book

Genrally, differences between the Cash Book and the Pass Book arise due to the reason that items have not been recorded in the Cash Book. In order to ascertain the correct Cash Book balance, we need to prepare corrected (Adjusted) Cash Book. 

The below given steps are involved in the preparation of corrected (Adjusted) Cash Book.

Step 1: Note down the bank balance as per the Cash Book. 

Step 2: Rectify all the errors committed in the Cash Book. 

Step 3: Enter those transactions in the debit of the Cash Book, in the that are only in the debit of the Pass Book. 

Step 4: Enter those transactions in the credit of the Cash Book that are only in the debit of the Pass Book. 

Step 5: The Cash Book is totalled and balancing figure is calculated. This balancing figure is use for preparing BRS.

(a) No 

(b) No 

(c) No 

(d) No 

(e) Yes

(d) Reconciliation statement is prepared only at the end of the accounting period

A current account is opened by a trader in Bank for his business operation.

(a) Debit balance as per cash book: Balance of cash as per pass book called debit balance, 

(b) Credit balance as per cash book: Overdrawn cash balance o,f bank balance as per pass book called credit balance. 

Correct option is (c) current

The main reasons for preparing bank reconciliation statement are:

1. To identify the reasons for the difference between the bank balance as per the cash book and bank balance as per bank statement. 

2. To identify the delay in the clearance of cheques. 

3. To ascertain the correct balance of bank column of cash book.

Favourable balance (Debit Balance), as per the Cash Book, is an asset to an account holder. It is also known as debit balance as per the Cash Book. Favourable balance is the excess of total of debit side over total of credit side of a bank column of a Cash Book. In other words, favourable balance means excess of deposits over withdrawals.

Following are the three reasons for differences in the balance as per cashbook and as per passbook :

1. Cheques deposited / paid into bank but not credited.
2. Cheques drawn / issued but not paid by bank.
3. Transactions recorded in passbook but not recorded in cashbook.