taxes types, methods & budgeting process section 1 Practice Questions Answers Test with Solutions & More Shortcuts
Taxes Types, Methods & Budgeting Process PRACTICE TEST [6 - 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
Question : 3 [UPPCS (Pre) 1998]
Which among the following are the sources of revenue for the central Government?
- Corporate Tax
- Profit from Public Enterprises
- Sale of National Savings Certificates
- Loans received from the World Bank
- Excise duties
a) 2, 3 and 4
b) 3, 4 and 5
c) 1, 2 and 3
d) All of the above
Answer »Answer: (d)
Question : 4
Which of the following are part of capital budget of Govt. of India?
- Issuance of Sovereign Gold Bonds
- Receipt from Gold Monetization
a) (ii) only
b) Both (i) & (ii)
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (b)
In the case of Sovereign Gold Bonds, the government issues/creates the gold bond and in return, it gets money from the public.
This money will come under capital receipt because the gold bond is a kind of liability for the govt. which the govt. must pay in future. Principal payment will come under capital expenditure and interest payment will come under revenue expenditure.
The physical gold which the govt. receives from the pubic in case of gold monetization scheme becomes a liability for the govt. (in return for the physical gold, govt issues a paper which is basically liability for the govt.) which the govt. will have to pay in future either in physical gold form or in cash.
Question : 5
PAN card issued by the Income Tax Department can’t be used for which of the following purpose?
a) proof of registered tax payer
b) proof of address
c) proof of identity
d) proof of date of birth
Answer »Answer: (b)
Permanent Account Number (PAN)card is a unique alphanumeric combination. It is issued by the Indian Income Tax Department. It serves as an important ID proof, date of birth proof and proof of taxpayer.
However, it can’t be used for the purpose of address proof, as the address is not mentioned on the PAN card.
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Taxes Types, Methods & Budgeting Process Shortcuts and Techniques with Examples
indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
-
» Planning, Economic Development & Five year Plans
-
» National Income & Human Development Index
-
» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
-
» Poverty & Unemployment
-
» Introduction to Micro Economics
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» Introduction to Macro Economics
-
» Macro fundamentals, GDP, Investment, Growth
-
» Demand & Supply, Profit Loss, Inflation & Price Index
-
» Fiscal Policy, Public Finance and Monetary Policy
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» Money Supply, Banking and Financial Institutions
-
» Taxes Types, Methods & Budgeting Process
-
» Banking, Security Market & Insurance
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