2nd August 2023 Current Affairs Quiz: Welcome to the Current Affairs Quiz for 2nd August 2023! In this engaging quiz, we will test your knowledge of the latest events, developments, and headlines that have shaped the world over the past 24 hours. Stay updated with global affairs and put your awareness to the test as you tackle a range of questions covering politics, science, culture, and more. Sharpen your wits and dive into the dynamic landscape of current affairs to see how well you are attuned to the pulse of the world. Let’s begin and discover how well you’ve been keeping up with today’s most pressing and intriguing topics!
2nd August 2023 Current Affairs | Today GK Quiz
1. What was the Purchasing Managers’ Index (PMI) for India’s manufacturing sector in July 2023?
A) 56.8
B) 58.7
C) 57.7
D) 59.2
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Answer: C) 57.7
Explanation: The PMI for India’s manufacturing sector in July 2023 was 57.7, as stated in the passage. The PMI figure indicates expansion in the sector despite a slight dip from previous months.
2. What factor contributed to the acceleration of input cost inflation in the manufacturing industry in July 2023?
A) Decreased labor expenses
B) Reduced demand for raw materials
C) Lower production output
D) Higher raw material costs and rising labor expenses
Answer: D) Higher raw material costs and rising labor expenses
Explanation: Input cost inflation accelerated in July 2023, primarily driven by higher raw material costs, such as cotton, and rising labor expenses.
3. What was the percentage increase in the number of Income Tax Returns (ITRs) filed for Assessment Year 2023-24 compared to the previous year?
A) 8.2%
B) 12.5%
C) 16.1%
D) 20.3%
Answer: C) 16.1%
Explanation: There was a significant growth of 16.1% Year-on-Year in the filing of Income Tax Returns (ITRs) for Assessment Year 2023-24.
4. Which type of ITR saw the highest percentage of filings among the total ITRs filed for Assessment Year 2023-24?
A) ITR-1
B) ITR-2
C) ITR-3
D) ITR-4
Answer: A) ITR-1
Explanation: The distribution of ITRs by type for Assessment Year 2023-24 indicates that ITR-1 had the highest number of filings, accounting for 49.18% of the total ITRs filed.
5. What is the primary objective behind the Indian Army’s recent change in uniform regulations for senior officers with the rank of Brigadier and above?
A) To emphasize regimental affiliations
B) To promote diversity within the Army
C) To establish a common identity and fairness
D) To introduce new lanyard patterns
Answer: C) To establish a common identity and fairness
Explanation: The decision to standardize the uniform for senior officers aims to foster a common identity and uphold the Indian Army’s character as a fair and equitable organization, as mentioned in the passage.
6. Which element of the senior officers’ uniform will no longer be worn according to the new uniform regulation?
A) Headgear
B) Shoulder rank badges
C) Gorget patches
D) Lanyards
Answer: D) Lanyards
Explanation: Senior officers with flag ranks (Brigadier and above) will no longer wear any lanyards, which are braid patterns worn on the shoulders of uniforms to denote the wearer’s qualification or regimental affiliation.
7. What is the primary significance of the gross goods and services tax (GST) collection surpassing the Rs 1.65 lakh crore mark for July 2023?
A) It reflects a decline in domestic economic activities.
B) It indicates a potential reduction in tax burdens on essential goods.
C) It marks the second instance of GST revenue crossing this threshold.
D) It shows a decrease in compliance by businesses.
Answer: B) It indicates a potential reduction in tax burdens on essential goods.
Explanation: Continuous increase in GST collections signals a favorable environment for the consideration of rate rationalization for various goods and services, potentially leading to a reduction in tax burdens on essential goods and services.
8. Which component of GST revenue contributes the most to the total collection for July 2023?
A) CGST (Central Goods and Services Tax)
B) SGST (State Goods and Services Tax)
C) IGST (Integrated Goods and Services Tax) from domestic transactions
D) Cess from imports
Answer: C) IGST (Integrated Goods and Services Tax) from domestic transactions
Explanation: IGST (Integrated Goods and Services Tax), including Rs 41,239 crore from the import of goods, is Rs 85,930 crore, contributing significantly to the total gross GST revenue collected in July 2023.
9. What is the primary objective behind the recent decision of allowing trade between India and Malaysia to be conducted using the Indian Rupee (INR) as a mode of settlement?
A) To reduce reliance on the US dollar for international trade.
B) To encourage larger transactions between the two countries.
C) To promote a more favorable exchange rate for the Indian Rupee.
D) To impose additional administrative burden on businesses.
Answer: A) To reduce reliance on the US dollar for international trade.
Explanation: The decision to trade in local currencies, including the Indian Rupee, aims to reduce reliance on the US dollar as the dominant currency for international trade, as mentioned in the passage.
10. What potential risk is associated with trading in local currencies, as mentioned in the passage?
A) Increase in transaction costs for businesses.
B) Greater exposure to currency fluctuations for SMEs.
C) Complexity in currency conversion for large transactions.
D) Administrative burden for large corporations.
Answer: B) Greater exposure to currency fluctuations for SMEs.
Explanation: One concern with trading in local currencies is that it could lead to greater volatility in exchange rates, particularly for small and medium-sized enterprises (SMEs) that may not have the resources to manage currency risk effectively.
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