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 : 11
Which of the following figures are presented as part of the Budget presentation in Parliament?
- Budgeted receipts and expenses for the next Financial Year (FY)
- Budgeted receipts and expenses for the current FY
- Revised receipts and expenses for the current FY
- Actual receipts and expenses for the last FY
a) (i) & (ii) only
b) (i), (ii), & (iii) only
c) (i) only
d) All of the above
Answer »Answer: (d)
Question : 13
Which of the following taxes fall under the state list of Indian Constitution?
- Entertainment tax
- Luxury tax
- Stamp Duty
- Custom Duty
a) 2, 4 and 5
b) 1 and 2
c) 1, 3 and 4
d) 1, 2 and 4
Answer »Answer: (b)
Customs duties-Export duty and import duty are levied by Central Government.
Question : 14
Which of the following statements are true regarding “Deficit Financing”?
- It raises aggregate demand in the economy
- It may result in inflation in the economy
- It is used as a developmental tool by developing countries
- It is done by issuing government bonds
a) (i), (ii) & (iii) only
b) (iii) & (iv) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (d)
Deficit financing is the budgetary situation where expenditure is higher than the receipts.
The expenditure revenue gap is financed by either printing of currency or through borrowing. Nowadays most governments both in the developed and developing world are having deficit budgets and these deficits are often financed through borrowing.
Hence the fiscal deficit is the ideal indicator of deficit financing. Deficit financing is very useful in developing countries like India because of revenue scarcity and development expenditure needs.
Since government spends more than receipts, it leads to an increase in demand and may result in inflation also.
Question : 15
The Public Debt of the Government of India includes which of the following:
- Treasury Bills
- External Commercial Borrowing (ECB)
- NRI deposits
- Foreign Direct Investment in India (FDI)
a) (i) & (iii) only
b) (i), (ii) & (iii) only
c) (i) only
d) (ii) & (iv) only
Answer »Answer: (c)
Public Debt of Govt. of India is Central Government's internal and external debt.
Treasury Bill is Govt. of India's debt because these are bonds issued by GoI.
ECB and FDI relates to companies and PSUs. And NRI deposits are in banks and it is not a debt of Govt. of India.
So, only (i) statement is correct.
IMPORTANT indian economy mcq EXERCISES
-
Top 500+ Indian Taxation System GK MCQ Quiz For SSC »
-
Top 500+ Taxes Types & Budgeting Process GK MCQ Quiz PDF »
-
499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
-
New 499+ Indian Taxation Laws Budget Current GK MCQ Quiz »
-
New 500+ Indian Income Tax Slab Laws Acts GK MCQ Quiz PDF »
-
1000+ Indian Tax System Types Concepts MCQ Quiz For IBPS »
Taxes Types, Methods & Budgeting Process Shortcuts »
Click to Read...taxes types, methods & budgeting process section 1 Online Quiz
Click to Start..Taxes Types, Methods & Budgeting Process Shortcuts and Techniques with Examples
indian economy MCQ CATEGORIES
-
» Introduction to Indian Economy
-
» Planning, Economic Development & Five year Plans
-
» National Income & Human Development Index
-
» Agriculture Sector, Subsidy and Food Processing
-
» Industries, Manufacturing & Service Sectors
-
» Inclusive growth, Sustainable development and employment
-
» Poverty & Unemployment
-
» Introduction to Micro Economics
-
» Introduction to Macro Economics
-
» Macro fundamentals, GDP, Investment, Growth
-
» Demand & Supply, Profit Loss, Inflation & Price Index
-
» Fiscal Policy, Public Finance and Monetary Policy
-
» Money Supply, Banking and Financial Institutions
-
» Taxes Types, Methods & Budgeting Process
-
» Banking, Security Market & Insurance
RECENT BLOGS
Recently Added Subject & Categories For All Competitive Exams
New 100+ Compound Interest MCQ with Answers PDF for IBPS
Compound Interest verbal ability questions and answers solutions with PDF for IBPS RRB PO. Aptitude Objective MCQ Practice Exercises all competitive exams
Continue Reading »
100+ Mixture and Alligation MCQ Questions PDF for IBPS
Most importantly Mixture and Alligation multiple choice questions and answers with PDF for IBPS RRB PO. Aptitude MCQ Practice Exercises all Bank Exams
Continue Reading »
IBPS Profit and Loss Questions Solved Problems with PDF
Most important Profit and Loss multiple choice questions and answers with PDF for IBPS RRB PO. 100+ Aptitude MCQ Practice Exercises all competitive exams
Continue Reading »
100+ Average Aptitude Questions Answers solutions MCQ PDF
New Average multiple choice questions and answers with PDF for IBPS RRB PO. 100+ Quantitative Aptitude MCQ Practice Exercises all competitive exams
Continue Reading »