1011. Which of the following is not a pre-requisite for launching a complaint with ombudsman?

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The complaint must be made by an individual on a ‘Personal Lines’ insurance
The complaint must be lodged within 1 year of the insurer rejecting the complaint
Complainant has to approach a consumer forum prior to ombudsman
The total relief sought must be within an amount of Rs. 20 lakh
✅ The correct answer is C.
A person can directly lodge a complaint with ombudsman. Hence, it is not a pre-requisite that complainant has to approach a consumer forum prior to ombudsman.

1027. A modified internal rate of return is considered as present value of costs and is equal to

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PV of hurdle rate
FV of hurdle rate
PV of terminal value
FV of terminal value
✅ The correct answer is C.
A modified internal rate of return is considered as present value of costs and is equal to PV of terminal value. The present value (PV) of the terminal value is then added to the PV of the free cash flows in the projection period to arrive at an implied firm value.

1024. In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as

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split off product
joint product
sunk product
main product
✅ The correct answer is B.
In a joint process of production, two or more products that yield high volume of sales as compared to total sales of other products are classified as joint product. A joint product is a product that results jointly with other products from processing a common input. A joint product can be the output of a process with fixed or variable proportions.

1022. Which of the following markets comes closest to perfect market?

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Wheat market
Cigarette market
Cold drinks market
Stock market
✅ The correct answer is A.
Wheat market comes closest to perfect market. A perfectly competitive firm is called a price taker, because the pressure of competing firms forces them to accept the prevailing equilibrium price in the market. When a wheat grower wants to know what the going price of wheat is, he or she has to go to the computer or listen to the radio to check.

1021. Payment of security if it is made at end of each period such as beginning of year is classified as

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annuity due
payment fixed series
ordinary annuity
deferred annuity
✅ The correct answer is A.
Payment of security if it is made at end of each period such as beginning of year is classified as annuity due. An annuity due is a repeating payment that is made at the beginning of each period, such as a rent payment.

1019. In the case of an inferior good, the income elasticity of demand is

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Positive
Zero
Negative
Infinite
✅ The correct answer is C.
In the case of an inferior good, the income elasticity of demand is Negative. A negative income elasticity of demand is associated with inferior goods; an increase in income will lead to a fall in the demand and may lead to changes to more luxurious substitutes.