public finance fiscal & monetary policy section 2 Practice Questions Answers Test with Solutions & More Shortcuts

Question : 1

Which of the following statements is/are correct as per Article 114(3) of the Constitution?

1. No money can be taken out of consolidated fund without the approval of the Rajya Sabha
2. No money can be taken out of consolidated fund without the approval of the Lok Sabha
3. Money can be taken out of consolidated fund without any approval

a) 1 only

b) 3 only

c) 2 only

d) 1, 2 and 3

Question : 2

Consider the following:

1. Market borrowing
2. Treasury bills
3. Special securities issued to RBI

a) 1 only

b) 2 only

c) 1 and 2

d) 1, 2 and 3

Question : 3 [SSC DEO 2009]

In an economy, the sectors are classified into public and private on the basis of

a) use of raw materials

b) nature of economic activities

c) employment conditions

d) ownership of enterprises

Question : 4 [SSC GL 2013]

Value-added means value of

a) goods and services less cost of intermediate goods and services

b) output at market prices

c) output at factor cost

d) goods and services less depreciation

Question : 5

Which of the following has been introduced as a very important component of Direct Tax code with the objective of preventing such deals and transactions?

1. General Avoidance Rules
2. General Anti Affect Rules
3. General Anti Avoidance Rules
4. General Arm Affect Rules

a) 1 only

b) 3 only

c) 2 only

d) 1, 2 and 4