public finance fiscal & monetary policy section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Fiscal Policy, Public Finance and Monetary Policy topic of indian economy mcq
(a) Minimum alternative tax
(b) Dividend distribution tax
(c) Capital gains tax
(d) Estate duty
The correct answers to the above question in:
Answer: (d)
Estate duty is a tax on assets left behind by a person upon his dealt, whereas inheritance tax is tax on assets inherited by a person. It started in 1953 in India and was abolished in 1985.
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Question : 1
Interest on public debt is part of
a) Interest payments by households
b) Transfer payments by the government
c) Transfer payments by the enterprises
d) National income
Answer »Answer: (b)
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output.
Examples of certain transfer payments include welfare (financial aid), social security, and government making subsidies for certain businesses (firms). Government debt is the debt owed by a central government.
In the budget, it is listed among the transfer payments by the government.
Question : 2
Which of the following statements is/are correct in regards to Revenue budget?
- It consists of all capital receipts and expenditure such as domestic and foreign loans, loan repayment, foreign and etc
- It consists of all current receipts, such as taxation, dividends of public sector units (PSU’s) and expenditure of the government
a) 1 only
b) 1 and 2
c) 2 only
d) Neither 1 nor 2
Answer »Answer: (c)
Revenue budget contains information about taxation such as central excise, custom duty, corporation tax etc
Question : 3
Fiscal responsibility and Budget Management Act was enacted in India in the year
a) 2003
b) 2002
c) 2007
d) 2005
Answer »Answer: (a)
Question : 4
Which one of the following is the correct statement? Service tax is a/an:
a) direct tax levied by the Central Government.
b) indirect tax levied by the State Government.
c) indirect tax levied by the Central Government.
d) direct tax levied by the State Government.
Answer »Answer: (c)
All taxes which are the personal liability of an assessee come under direct taxes.
They include income tax, professional tax, wealth tax, securities transaction tax, commodity transaction tax and the like.
On the other hand, the taxes which a person can recover from some other person but the liability of which remains of the person collecting such taxes are indirect taxes.
These are custom duty, excise, service tax, vat, CST and the like
Question : 5
Consider the following statements Full convertibility of the rupee may mean
- Its free float with the international currencies.
- Its direct exchange with any other international currency at any prescribed place inside and outside the country. 3. It acts just like any other international currency.
a) 1 and 2
b) 2 and 3
c) 1 and 3
d) 1, 2 and 3
Answer »Answer: (d)
Question : 6
Match the following:
List | List II |
(Planets) | (Satellites) |
1. Fiscal deficit | A. Excess of total expenditure over total receipts less borrowing |
2. Budget deficit | B. Excess of total expenditure over total receipts |
3. Revenue deficit | C. Excess of revenue expenditure over revenue receipts |
4. Primary deficit | D. Excess of total expenditure over total receipts less borrowings and interest payments |
a) C A D B
b) A B C D
c) B A C D
d) D A B C
Answer »Answer: (b)
- Fiscal deficit is excess of total expenditure over total receipts less borrowing.
- Budget deficit is excess of total expenditure over total receipts.
- Revenue deficit is excess of revenue expenditure over revenue receipts.
- Primary deficit is excess of total expenditure over total receipts less borrowings and interest payments.
GET Fiscal Policy, Public Finance and Monetary Policy PRACTICE TEST EXERCISES
public finance fiscal & monetary policy section 1
public finance fiscal & monetary policy section 2
public finance fiscal & monetary policy section 3
public finance fiscal & monetary policy section 4
public finance fiscal & monetary policy section 5
public finance fiscal & monetary policy section 6
public finance fiscal & monetary policy section 7
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