introduction to indian economy section 14 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(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
The correct answers to the above question in:
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.
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Question : 1
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 : 2
Current Fiscal Deficit percentage in GDP is
a) 4
b) 7
c) 8
d) 1
e) None of These
Answer »Answer: (e)
The current Fiscal Deficit percentage in GDP (Gross Domestic Product) is 4 per cent.
Note: In his budgetary speech Finance Minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18.
Question : 3
Which of the following is not a method of estimating national income?
a) Output method
b) Expenditure method
c) Matrix method
d) Income method
Answer »Answer: (c)
The national income of a country can be measured by three alternative methods:
- Product Method,
- Income Method, and
- Expenditure Method.
Product Method: In this method, national income is measured as a flow of goods and services;
Income Method: Under this method, national income is measured as a flow of factor incomes;
Expenditure Method: In this method, national income is measured as a flow of expenditure.
Question : 4
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 : 5
Which bank launched the Digital Village Project in Akodara village in Gujarat?
a) HDFC Bank
b) SBI
c) ICICI Bank
d) Yes Bank
Answer »Answer: (c)
ICICI Bank has adopted Akodara village of Sabarkantha district under its ‘Digital Village’ pilot project to boost Centre’s ‘Digital India’ drive.
Question : 6
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.
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
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introduction to indian economy section 13
introduction to indian economy section 14
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