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IRDAI Assistant Manager Finance and Accounting (Specialist Stream) Flashcards
59 question-and-answer cards covering Finance and Accounting (Specialist Stream) as it is examined in IRDAI Assistant Manager. 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Finance and Accounting (Specialist Stream) deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
What is the contribution margin and the P/V (profit-volume) ratio?
Contribution = Sales − Variable cost. P/V ratio = (Contribution / Sales) × 100, indicating the proportion of each sales rupee available to cover fixed costs and profit.
What is marginal costing?
A costing technique where only variable costs are charged to products and fixed costs are treated as period costs (written off against contribution), used for decision-making.
What are Treasury Bills (T-Bills) and their available maturities in India?
T-Bills are short-term money market instruments issued by the Government of India at a discount to face value. They are issued in 91-day, 182-day, and 364-day maturities.
What is Commercial Paper (CP) and who issues it?
Commercial Paper is an unsecured, short-term money market instrument issued at a discount by corporates, primary dealers, and financial institutions to meet short-term funding needs (maturity 7 days to 1 year).
What is the difference between the money market and the capital market?
The money market deals in short-term instruments (maturity up to 1 year, e.g., T-Bills, CP, CDs); the capital market deals in long-term instruments (over 1 year, e.g., shares, bonds, debentures).
What is a derivative, and what are the four main types?
A derivative is a financial contract whose value is derived from an underlying asset. The four main types are Forwards, Futures, Options, and Swaps.
What is the difference between a forward contract and a futures contract?
A forward is a customized, OTC contract with counterparty (credit) risk; a futures contract is standardized, exchange-traded, marked-to-market daily, and guaranteed by a clearing house.
What is the difference between a call option and a put option?
A call option gives the holder the right (not obligation) to buy the underlying at the strike price; a put option gives the right to sell the underlying at the strike price.
What is hedging in the context of risk management?
Hedging is taking an offsetting position in a derivative or related asset to reduce or eliminate the risk of adverse price movements in an existing exposure.
What is a mutual fund and how is its Net Asset Value (NAV) calculated?
A mutual fund pools money from investors to invest in securities. NAV = (Total assets − Total liabilities) / Number of outstanding units.
What is the difference between an open-ended and a close-ended mutual fund?
An open-ended fund continuously issues and redeems units at NAV with no fixed maturity; a close-ended fund has a fixed maturity and a fixed number of units traded on the stock exchange.
Which regulator governs mutual funds in India and which body advises on industry standards?
SEBI (Securities and Exchange Board of India) regulates mutual funds; AMFI (Association of Mutual Funds in India) is the industry self-regulatory/advisory body.
What do credit rating symbols AAA and D indicate, and name two Indian credit rating agencies?
AAA indicates the highest safety/lowest credit risk; D indicates default. Indian credit rating agencies include CRISIL, ICRA, CARE, and India Ratings.
What is the relationship between bond prices and market interest rates, and what is Yield to Maturity (YTM)?
Bond prices move inversely to interest rates (rates up → prices down). YTM is the total annual return earned if the bond is held to maturity, equating the bond's price to the present value of all its future cash flows.
In microeconomics, what does the law of demand state and what is price elasticity of demand?
Law of demand: other things equal, as price rises quantity demanded falls (inverse relationship). Price elasticity of demand = % change in quantity demanded / % change in price.
What is the difference between GDP and GNP?
GDP (Gross Domestic Product) measures output produced within a country's borders; GNP (Gross National Product) = GDP + net factor income from abroad (income earned by residents abroad minus income earned by foreigners domestically).
What is the difference between demand-pull and cost-push inflation?
Demand-pull inflation occurs when aggregate demand exceeds supply (too much money chasing too few goods); cost-push inflation occurs when rising input costs (wages, raw materials) push up prices.
What do the monetary aggregates M1 and M3 represent in India?
M1 (narrow money) = Currency with public + Demand deposits + Other deposits with RBI. M3 (broad money) = M1 + Time (fixed) deposits with banks.
What is fiscal deficit and how is it calculated?
Fiscal deficit = Total expenditure − Total revenue (excluding borrowings). It indicates the total borrowing requirement of the government.
What is GST and what are its main components/tax slabs in India?
GST (Goods and Services Tax) is a destination-based indirect tax on supply of goods and services. Components: CGST, SGST, IGST (and UTGST). Main slabs are 0%, 5%, 12%, 18%, and 28%.
What is the difference between direct tax and indirect tax with examples?
Direct tax is levied on income/wealth and borne directly by the payer (e.g., income tax, corporate tax). Indirect tax is levied on goods/services and can be passed on to the consumer (e.g., GST, customs duty).
What is the Balance of Payments (BoP) and its two main accounts?
BoP is a systematic record of all economic transactions between residents of a country and the rest of the world over a period. Its two main accounts are the Current Account and the Capital Account.
What is the difference between the current account and the capital account in the BoP?
The current account records trade in goods/services, income, and transfers; the capital account records cross-border capital flows such as FDI, FPI, loans, and changes in foreign reserves.
What is the difference between currency appreciation and depreciation under a floating exchange rate?
Appreciation is a rise in a currency's value relative to another (e.g., USD/INR falls), making imports cheaper; depreciation is a fall in its value (USD/INR rises), making exports cheaper and imports costlier.
What this deck covers
The Finance and Accounting (Specialist Stream) deck follows the IRDAI Assistant Manager Finance and Accounting (Specialist Stream) syllabus — 4 chapters and 16 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 14.8 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 179 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Finance and Accounting (Specialist Stream) flashcards FAQ
How many Finance and Accounting (Specialist Stream) flashcards are in this IRDAI Assistant Manager deck?
59 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these IRDAI Assistant Manager flashcards free?
Yes. The preview here is free to read with no signup, and the full 59-card deck is free inside the Examius app.
What do the Finance and Accounting (Specialist Stream) cards cover?
They follow the IRDAI Assistant Manager Finance and Accounting (Specialist Stream) syllabus — 4 chapters and 16 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.