taxes types, methods & budgeting process section 3 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 : 16
Which of the following are revenue receipts of Central Government budget?
- RBI paying dividend to govt. of India
- PSUs paying dividend to govt. of India
- PSUs earnings
- Proceeds from sale of govt. land
a) (i) & (ii) only
b) (i), (ii) & (iii) only
c) (i) only
d) All of the above
Answer »Answer: (a)
Dividend paid by PSUs is revenue receipts of govt. of India. RBI is also a body corporate and owned by govt. of India and its dividend is also revenue receipts for govt. of India.
PSUs business earnings are not part of govt. of India receipts rather it belongs to the PSU. Sale of govt. the land will be a capital receipt for govt. because govt’s assets get reduced.
Question : 17
When a portion of public debt falls due, refinancing of public debt is done by:
a) Extending maturity of debt by raising the interest payable on rate maturing debt
b) Raising taxes to provide funds to repay the maturing bonds
c) Selling new bonds and using proceeds to pay off holders of maturity bonds
d) Print additional paper currency to meet maturing obligations
Answer »Answer: (c)
Refinancing means replacing an existing loan with a new loan that pays off the debt of the old loan. So, when a governments debt (public debt) is due, to refinance it, the govt can issue/sell new bonds to raise money.
Alternative definition of refinance: A refinance occurs when an individual or business revises the interest rate, payment schedule, and terms of a previous credit agreement. Debtors will often choose to refinance a loan agreement when the interest rate environment has substantially changed, causing potential savings on debt payments from a new agreement. A refinance involves the re-evaluation of a person or business's credit terms and credit status.
Question : 18
‘Fiscal Drag’ expresses the impact of inflation on which of the following ?
a) Black money
b) Fiscal Deficit
c) Tax Revenue and GDP
d) Investment
Answer »Answer: (c)
Fiscal drag is an economics term referring to a situation where a government’s net fiscal position (equal to its spending less any taxation) does not meet the net savings goals of the private economy. Fiscal drag is a concept where inflation and earnings growth may push more taxpayers into higher tax bracket.
Question : 19 [UPSC (Pre) 2010]
Consider the following statements. In India, taxes on transactions in Stock exchanges and Futures Markets are
- Levied by the union
- Collected by the States
a) Both 1 and 2
b) Neither 1 nor 2
c) Only 1
d) Only 2
Answer »Answer: (c)
Question : 20 [CDS-2015-II]
Which one of the following is the major source of gross tax revenue (GTR) for the Government of India?
a) Customs duty
b) Income tax
c) Corporation tax
d) Service tax
Answer »Answer: (c)
Corporation tax in India is the major source of Gross Tax Revenue (GTR) for the Government of India. It provides higher tax collection in comparison to income tax, custom duty and service tax.
IMPORTANT indian economy mcq EXERCISES
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Top 500+ Indian Taxation System GK MCQ Quiz For SSC »
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Top 500+ Taxes Types & Budgeting Process GK MCQ Quiz PDF »
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499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
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New 499+ Indian Taxation Laws Budget Current GK MCQ Quiz »
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New 500+ Indian Income Tax Slab Laws Acts GK MCQ Quiz PDF »
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1000+ Indian Tax System Types Concepts MCQ Quiz For IBPS »
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
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» Taxes Types, Methods & Budgeting Process
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» Banking, Security Market & Insurance
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