taxes types, methods & budgeting process section 2 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 : 1
Consider the following statements regarding Goods and Services Tax (GST):
- Taxes need to be paid at each point in the value chain
- It will have an input tax credit mechanism
- The total taxes will be passed on to the consumers
a) (i) & (iii) only
b) (ii) & (iii) only
c) (i) & (ii) only
d) All of the above
Answer »Answer: (d)
Question : 3
Consider the following statements regarding 'Contingency Fund of India'
- The fund is at the disposal of the president of India
- The fund is at the disposal of the Prime Minister of India
- The funds spent shall ultimately be approved by the parliament
- The funds spent are recouped from the Consolidated Fund of India
a) (ii) & (iv) only
b) (i), (iii) & (iv) only
c) (i) only
d) (i) & (iv) only
Answer »Answer: (b)
This fund is in the nature of an imprest (a fixed fund for a specific purpose) account and is kept at the disposal of the President of India (by the Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs) to enable the government to meet unforeseen expenses pending authorization by the Parliament.
The money is used to provide immediate relief to victims of natural calamities and also to implement any new policy decision taken by the Government pending its approval by the Parliament.
Question : 4
Tax revenue collection in our country mainly depends on which of the following:
- Nominal GDP
- Real GDP
a) (ii) only
b) Both (i) & (ii)
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (c)
Most of the taxes in the country are imposed on value (Quantity X Price) and not on quantity.
So, tax revenue collection depends on the value of production i.e. Nominal GDP
Question : 5 [UPSC (Pre) 2018]
Consider the following items.
- Cereal grains hulled
- Chicken eggs cooked
- Fish processed and canned
- Newspapers containing advertising material
a) Only 2 and 3
b) Only 1, 2 and 4
c) Only 1
d) 1, 2, 3 and 4
Answer »Answer: (c)
IMPORTANT indian economy mcq EXERCISES
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499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
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Taxes Types, Methods & Budgeting Process Shortcuts »
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indian economy MCQ CATEGORIES
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» Introduction to Indian Economy
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» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
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» Poverty & Unemployment
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» Introduction to Micro Economics
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» Introduction to Macro Economics
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» Macro fundamentals, GDP, Investment, Growth
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» Demand & Supply, Profit Loss, Inflation & Price Index
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» 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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