401. In pursuance of which one of the following was the General Insurance Corporation of India was formed?

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General Insurance Business (Nationalization) Act, 1972
Insurance Act, 1938
Insurance Amendment Act, 2002
IRDA Act 1999
✅ The correct answer is A.
The entire general insurance business in India was nationalized by the Government of India through the General Insurance Business (Nationalisation) Act of 197B.

398. The type of social network described as a community built around a common interest such as games, sports, music, and so on is called _________.

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general community
practice network
affinity community
interest-based social network
✅ The correct answer is D.
The type of social network described as a community built around a common interest such as games, sports, music, and so on is called interest-based social network. An interest-based network is exactly what it sounds like: a social network built around interests, using common threads to bring members of an audience together. Whether for travel, food, fashion or cats, interest-based networks are taking over the social media scene, and brands that get it stand to reap the benefits.

392. In activity based costing method implementation, an output unit level costs are classified as

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indirect costs
direct cost
labour cost
raw material cost
✅ The correct answer is A.
In activity based costing method implementation, an output unit level costs are classified as indirect costs. Indirect costs are costs used by multiple activities, and which cannot therefore be assigned to specific cost objects.

428. CG Co manufactures a single product T. Budgeted production output of product T during June is 200 units. Each unit of product T requires 6 labour hours for completion and CG Co anticipates 20 per cent idle time. Labour is paid at a rate of Rs7 per hour. The direct labour cost budget for March is

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Rs. 6,720
Rs. 8400
Rs. 10080
Rs. 10500
✅ The correct answer is D.
For every 100 hours that they pay for, there are 20 hours idle and therefore 80 hours worked.
So, for every 80 hours worked they will have to pay for 100 hours, again with 20 hours idle.

The idle time is 20/80 = 25% of the time worked.

So for this question they need 200 x 6 = 1200 hours of work.
Therefore they will have to pay for 1200 x 100/80 = 1500 hours.
This will cost them 1500 x Rs. 7 = Rs.10,500

423. With reference to Inflation, which of the following statement is not correct?

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Inflation leads to rise in prices
Inflation means more purchasing power
Inflation means erosion of money value
Inflation plays havoc
✅ The correct answer is B.
Inflation means more purchasing power. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you would be able to purchase.

386. Given below is a list of document to be submitted for a normal death claim by all beneficiaries in the event of death of life insured. Pick the odd one out which is additionally required to be submitted only in case of death by accident.

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Inquest report
Claim form
Certificate of burial cremation
Hospital’s certificate
✅ The correct answer is A.
An inquest is a judicial inquiry in common law jurisdictions, particularly one held to determine the cause of a person’s death. Inquest can also mean such a jury and the result of such an investigation. In general usage, inquest is also used to mean any investigation or inquiry.

383. Second step in binomial approach of option pricing is to define range of values

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at expiration
at buying date
at exchange closing time
at exchange opening time
✅ The correct answer is A.
Second step in binomial approach of option pricing is to define range of values at expiration. An expiration date in derivatives is the last day that a derivative, such as options or futures, is valid. On or before this day, investors will have already decided what to do with their expiring position.