Current Affairs Quiz 20 December 2022
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Current Affairs Quiz 20 December 2022 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements about Surety Bond.
1. A surety bond is a legally binding contract entered into by three parties—the principal, the obligee, and the surety.
2. Surety bonds are mainly aimed at infrastructure development.
Which of the above statement is/are correct?CorrectAnswer: C
What is a Surety Bond?
• A surety bond is a legally binding contract entered into by three parties—the principal, the obligee, and the surety.
• The obligee, usually a government entity, requires the principal, typically a business owner or contractor, to obtain a surety bond as a guarantee against future work performance.
• Surety bonds are mainly aimed at infrastructure development, mainly to reduce indirect cost for suppliers and work-contractors thereby diversifying their options and acting as a substitute for bank guarantee.
• Surety bond is provided by the insurance company on behalf of the contractor to the entity which is awarding the project.
• Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal. They guarantee the performance of a variety of obligations, from construction or service contracts to licensing and commercial undertakings.IncorrectAnswer: C
What is a Surety Bond?
• A surety bond is a legally binding contract entered into by three parties—the principal, the obligee, and the surety.
• The obligee, usually a government entity, requires the principal, typically a business owner or contractor, to obtain a surety bond as a guarantee against future work performance.
• Surety bonds are mainly aimed at infrastructure development, mainly to reduce indirect cost for suppliers and work-contractors thereby diversifying their options and acting as a substitute for bank guarantee.
• Surety bond is provided by the insurance company on behalf of the contractor to the entity which is awarding the project.
• Surety bonds protect the beneficiary against acts or events that impair the underlying obligations of the principal. They guarantee the performance of a variety of obligations, from construction or service contracts to licensing and commercial undertakings. - Question 2 of 5
2. Question
Consider the following statements about carbon markets.
1. Carbon markets are essentially a tool for putting a price on carbon emissions — they establish trading systems where carbon credits or allowances can be bought and sold.
2. Article six of the 2015 Paris Agreement provides for the use of international carbon markets by countries to fulfil their nationally determined contributions (NDC) to keep global warming within 2°C.Which of the above statement is/are correct?
CorrectAnswer: C
What are carbon markets?
• Carbon markets are essentially a tool for putting a price on carbon emissions — they establish trading systems where carbon credits or allowances can be bought and sold.
• Article six of the 2015 Paris Agreement provides for the use of international carbon markets by countries to fulfil their nationally determined contributions (NDC) to keep global warming within 2°C.IncorrectAnswer: C
What are carbon markets?
• Carbon markets are essentially a tool for putting a price on carbon emissions — they establish trading systems where carbon credits or allowances can be bought and sold.
• Article six of the 2015 Paris Agreement provides for the use of international carbon markets by countries to fulfil their nationally determined contributions (NDC) to keep global warming within 2°C. - Question 3 of 5
3. Question
The Global Environment Facility (GEF) serves as financial mechanism for the following conventions/protocols
1) UN Convention to Combat Desertification (UNCCD)
2) Stockholm Convention on Persistent Organic Pollutants (POPs)
3) Minamata Convention on Mercury
Select the correct answer using the codes below.CorrectCorrect Answer : C
Answer Justification :
Learning: An independently operating financial organization (with 183 countries), the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants. It was established in 1992 on the eve of Rio Summit.
The GEF also serves as financial mechanism for the following conventions:
Convention on Biological Diversity (CBD) United Nations Framework Convention on Climate Change (UNFCCC) UN Convention to Combat Desertification (UNCCD) Stockholm Convention on Persistent Organic Pollutants (POPs) Minamata Convention on Mercury The GEF, although not linked formally to the Montreal Protocol on Substances that Deplete the Ozone Layer (MP), supports implementation of the Protocol in countries with economies in transition. The GEF also manages two separate adaptation-focused funds under the UNFCCC— the Least Developed Countries Fund and the Special Climate Change Fund— which mobilize funding specifically earmarked for activities related to adaptation.IncorrectCorrect Answer : C
Answer Justification :
Learning: An independently operating financial organization (with 183 countries), the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants. It was established in 1992 on the eve of Rio Summit.
The GEF also serves as financial mechanism for the following conventions:
Convention on Biological Diversity (CBD) United Nations Framework Convention on Climate Change (UNFCCC) UN Convention to Combat Desertification (UNCCD) Stockholm Convention on Persistent Organic Pollutants (POPs) Minamata Convention on Mercury The GEF, although not linked formally to the Montreal Protocol on Substances that Deplete the Ozone Layer (MP), supports implementation of the Protocol in countries with economies in transition. The GEF also manages two separate adaptation-focused funds under the UNFCCC— the Least Developed Countries Fund and the Special Climate Change Fund— which mobilize funding specifically earmarked for activities related to adaptation. - Question 4 of 5
4. Question
Aichi Targets sometimes seen in news is related to?
CorrectAnswer : c
• The world hasn’t met a single Aichi biodiversity target, according to the leaked CBD’s Global Biodiversity Outlook 5, UN Report.
• There are 20 Aichi Biodiversity Targets agreed on by national governments through the United Nations Convention on Biological Diversity (CBD).
• These 20 time-bound, measurable targets has to be met by the year 2020.
• At the global level, none of the 20 targets have been fully achieved, though six targets have been partially achieved.IncorrectAnswer : c
• The world hasn’t met a single Aichi biodiversity target, according to the leaked CBD’s Global Biodiversity Outlook 5, UN Report.
• There are 20 Aichi Biodiversity Targets agreed on by national governments through the United Nations Convention on Biological Diversity (CBD).
• These 20 time-bound, measurable targets has to be met by the year 2020.
• At the global level, none of the 20 targets have been fully achieved, though six targets have been partially achieved. - Question 5 of 5
5. Question
Which of the following is statement is not correct about GST?
CorrectAns;- 2) GST will abolish all the direct tax levied in India
Explanation:
GST will abolish all the Indirect Tax levied in India.
The GST became applicable from 1st July 2017 after the enactment of the 101st Constitution Amendment Act, 2016. With GST, a large number of central and state indirect taxes merged into a single tax.
GST Council decided to tax services under four slabs of 5%, 12%, 18% and 28%.IncorrectAns;- 2) GST will abolish all the direct tax levied in India
Explanation:
GST will abolish all the Indirect Tax levied in India.
The GST became applicable from 1st July 2017 after the enactment of the 101st Constitution Amendment Act, 2016. With GST, a large number of central and state indirect taxes merged into a single tax.
GST Council decided to tax services under four slabs of 5%, 12%, 18% and 28%.
