taxes types, methods & budgeting process section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
- Levied and collected by the state
- Appropriated by the Union Government
(a) Only 2
(b) Both 1 and 2
(c) Only 1
(d) Neither 1 nor 2
The correct answers to the above question in:
Answer: (d)
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Question : 1
Which of the following are part of Capital Budget of Govt. of India?
- Proceeds received in the public account of India
- PSUs purchasing capital equipment
- Establishment of “India Post Payment Bank”
a) (ii) & (iii) only
b) (i) & (iii) only
c) (i) only
d) None of the above
Answer »Answer: (b)
Money received in Public Account of India creates liability on Govt. of India and hence it’s a part of capital receipt/budget.
India Post Payment Bank is a PSU and expenditures done by Govt. to create a PSU (an asset) will come under capital budget/expenditure of Govt. of India. A PSU purchasing a capital equipment is not part of Govt. of India budget.
Question : 2
Which of the following tax is levied by Union but collected and appropriated by States?
a) Passenger & Goods Tax
b) Taxes on Newspapers
c) Stamp Duties
d) None of the above/More than one of the above
Answer »Answer: (c)
Question : 3
The term “Pump Priming” means:
- It is a way to stimulate the economy by reducing tax
- It is done in economic slowdown by increasing government spending
- RBI prints extra money
a) (i) & (ii) only
b) (iii) only
c) (i) only
d) All of the above
Answer »Answer: (a)
Pump priming is the action taken to stimulate an economy, usually during a recessionary period, through government spending and tax reductions.
The term pump-priming is derived from the operation of older pumps - a suction valve had to be primed with water so that the pump would function properly.
Question : 4
Fiscal Policy in India is formulated by
a) the Finance Ministry
b) the Reserve Bank of India
c) the Planning Commission
d) the Securities and Exchange Board of India
Answer »Answer: (a)
The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Question : 5
Service Tax in India was introduced in the year
a) 1996-97
b) 1998-99
c) 1994-95
d) 1991-92
Answer »Answer: (c)
Question : 6
Agricultural Income Tax is assigned to the State Government by
a) The National Development Council
b) The Inter-State Council
c) The Finance Commission
d) The Constitution of India
Answer »Answer: (d)
GET Taxes Types, Methods & Budgeting Process PRACTICE TEST EXERCISES
taxes types, methods & budgeting process section 1
taxes types, methods & budgeting process section 2
taxes types, methods & budgeting process section 3
taxes types, methods & budgeting process section 4
taxes types, methods & budgeting process section 5
taxes types, methods & budgeting process section 6
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