Indian Economy- 1 - Free MCQ Practice Test with solutions, Class 8 GK Olympiad

The monetary values of all tangible assets tend to reduce gradually over time due to factors like wear and tear.
The meaning of depreciation, in very simple words, is the rate at which this value drops. Hence, it compares an asset’s current value with its original cost at the time of acquisition or purchase.

The first bank of India is Bank of Hindustan which was established in the year 1770. It was established at Calcutta under European management. 

Devaluation is the planned or market force reduction in the value of a currency's exchange value. It may improve the country's balance of payments situation by enhancing exports and reducing imports, however, it aggravates inflation for imported goods or those having significant import content. Thus, devaluation is the deliberate downward adjustment of a country's currency value. It is the decision of the government of a country to opt this method in order to help reduce trade deficit.

The infrastructure is the basic foundation or underlying framework of an organization or system. This word was formed as a compound in English, using the prefix infra which translates to 'below' or 'underneath'.

Tata Iron and Steel Company Limited, now known as Tata Steel Processing and Distribution Limited has headquarters in Kolkata, West Bengal, India. Its largest plant is in Jamshedpur, Jharkhand.

The British Pound or Pound Sterling is the oldest existing currency, with origins that can be traced back to continental Europe. In the foreign exchange market, you will find the British pound represented as GBP while the symbol used to represent it is £. 
The pound sterling falls fourth in line as one of the world’s most often traded currencies and is the third most held currency in reserve around the globe.

Indian Bank’s Association (IBA) is an association of Indian banks and financial institutions. Its objective is to strengthen, develop and foster coordination among Indian banking stakeholders.
Usha Ananthasubramanian, MD and CEO of Allahabad Bank, was elected the first woman chairman of Indian Banks’ Association (IBA) for the year 2017-18.

Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services and  has replaced many indirect tax laws that previously existed in India.
There are 3 taxes applicable under this system viz. CGST, SGST and IGST. CGST is collected by the Central Government on an intra-state sale
(Example : transaction happening within Maharashtra), SGST is collected by the State Government on an intra-state sale (Example: transaction happening within Maharashtra) IGST is collected by the Central Government for inter-state sale (Example: Maharashtra to Tamil Nadu).

The Qatari riyal (sign: QR or code: QAR) is the currency of the State of Qatar. It is divided into 100 dirhams. 

The quetzal is the currency of Guatemala, named after the national bird of Guatemala, the resplendent quetzal.