introduction to indian economy section 14 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 14 EXERCISES
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) HDFC Bank
(b) SBI
(c) ICICI Bank
(d) Yes Bank
The correct answers to the above question in:
Answer: (c)
ICICI Bank has adopted Akodara village of Sabarkantha district under its ‘Digital Village’ pilot project to boost Centre’s ‘Digital India’ drive.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Development that meets the needs of the present, without compromising the ability of future generations to meet their own needs was the focal point of Brundtland Commission is
a) mitigation
b) sustainable development
c) disaster management
d) capacity building
Answer »Answer: (b)
As defined by the Brundtland Commission in its 1987 report Our Common Future, sustainable development is the “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”
Question : 2
Which of the following sets belongs to Central tax ?
a) Custom duty, Entertainment tax and Income tax
b) Excise duty, Custom duty and Income tax
c) Income tax, Custom duty and House tax
d) Excise duty, Sales tax and Custom duty
Answer »Answer: (b)
The Central Indian Government that is officially named the “Union Government” is responsible for the imposition of both direct taxes as well indirect taxes.
Listed below are some of the taxes that are levied by the Indian Government:
- Banking Cash Transaction Tax;
- Capital Gains Tax;
- Corporate Income Tax;
- Fringe Benefits Tax;
- Personal Income Tax; and
- Securities Transaction Tax.
The indirect taxes are:
- Customs Duty;
- Excise Duty and
- Service Tax.
Question : 3
The fourteen major banks in India were nationalised in the year
a) 1968
b) 1967
c) 1969
d) 1971
Answer »Answer: (c)
In 1969, 14 major private commercial banks were nationalized. This was followed by a second phase of nationalization in 1980, when Government of India acquired the ownership of 6 more banks, thus bringing the total number of nationalized Banks to 20.
Question : 4
Which of the following taxes is not shared between the Union and the states ?
a) Excise duty
b) Income tax
c) Corporation tax
d) Sales tax
Answer »Answer: (d)
A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax.
Sales tax can be levied either by the Central or State Government or Central Sales tax department.
The revenue from this tax was assigned to the States by amending Article 269 of the Constitution.
Thus, sale within the State (IntraState sale) is within the authority of State Government, while sale outside State (Inter-State sale) is within the authority of Central Government.
Question : 5
Which of the following are correct
- These measures include a reduction in spending.
- These measures include an increase in tax
- These measures include a reduction in the budget deficit.
a) 2 only
b) 3 only
c) 1 only
d) 1, 2 and 3
Answer »Answer: (d)
Austerity describes policies used by governments to reduce budget deficits during adverse economic conditions. These policies may include spending cuts, tax increases.
This is done in an economic crisis situation to improve the credit rating of the countries going through adverse economic conditions.
Question : 6
Consider the following statements in regard to Zero Base Budgeting (ZBB) :
- Existing Government programmes can be discarded under ZBB if they are found to be outdated.
- ZBB is difficult to be applied to Human Development programmes as the outcome of such programmes is intangible in nature.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (b)
Zero-based budgeting is an approach to planning and decision-making which reverses the working process of traditional budgeting. In zero-based budgeting, every line item of the budget must be approved, rather than only changes. During the review process, no reference is made to the previous level of expenditure.
Regarding Zero Base Budgeting (ZBB) Existing Government programmes can be discarded under ZBB if they are found to be outdated.
Moreover, ZBB is difficult to be applied to Human Development programmes as the outcome of such programmes is intangible in nature.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
introduction to indian economy section 10
introduction to indian economy section 11
introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
Introduction to Indian Economy Shortcuts and Techniques with Examples
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