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- 1. Multiple Choice
FOLLOWING IS AN EXAMPLE OF DIRECT TAX
GOODS AND SERVICE TAX
VALUE ADDED TAX
INCOME TAX
EXCISE DUTY
- 2. Multiple Choice
FOLLOWING IS AN EXAMPLE OF INDIRECT TAX
CORPORATION TAX
GOODS AND SERVICE TAX
WEALTH TAX
NONE OF THESE
- 3. Multiple Choice
FINANCIAL YEAR IN INDIA IS
APRIL 1 TO MARCH 31
JANUARY 1 TO DECEMBER 31
OCTOBER 1 TO SEPTEMBER 30
NONE OF THE ABOVE
- 4. Multiple Choice
A TAX SYSTEM IN WHICH THE RATE OF TAX DECREASES AS THE TAX BASE INCREASES IS CALLED
REGRESSIVE TAX SYSTEM
PROPORTIONAL TAX SYSTEM
PROGRESSIVE TAX SYSTEM
NONE OF THE THESE
- 5. Multiple Choice
Following is the feature of direct taxes
direct taxes are imposed on goods and services
their burden can be shifted to others
their impact and ultimate burden lie on the same person
they tend to raise the price of goods
- 6. Multiple Choice
Identify the revenue receipts from the following
receipt from sale of shares of a public sector undertaking
borrowing from public
loans from the world bank
interest received on loans
- 7. Multiple Choice
Identify capital receipt from the following
post office deposits
recovery of loans
disinvestment
all of the above
- 8. Multiple Choice
Revenue expenditure
does not create any asset for the government
reduces liability of the government
is non-recurring expenditure
increases productive capacity of the economy
- 9. Multiple Choice
Which one of the following is correct
indirect taxes are generally progressive in nature
GST is an indirect tax
Sales tax is a direct tax
Income tax is an indirect tax
- 10. Multiple Choice
Fill in the blank
Fiscal deficit - Primary deficit =
revenue deficit
borrowings requirements of the government
capital expenditure
interest payments
- 11. Multiple Choice
If tax revenue = 52 Arab, Non tax revenue = 14 Arab and revenue expenditure = 92 Arab, find out the revenue deficit
26 Arab
40 Arab
78 Arab
66 Arab
- 12. Multiple Choice
Which of the following is a capital receipt
Income Tax
Interest Income
Sale of shares of a public sector undertaking to Reliance Industries
Dividends from a PSU
- 13. Multiple Choice
Which one of the following is a part of capital expenditure?
Salary paid to government employees
Expenditure on construction of roads
Pension paid to retired government employees
Interest paid on national debt
- 14. Multiple Choice
Which is a component of Budget Receipts
Revenue receipts
Capital receipts
Both (a) and (b)
None of the above
- 15. Multiple Choice
Which is included in the direct tax
Income tax
Gift tax
both (a) and (b)
None of the above
- 16. Multiple Choice
The expenditure which do not create assets for the government is called
Revenue expenditure
Capital expenditure
Both (a) and (b)
None of the above
- 17. Multiple Choice
Borrowing in government budget is
Revenue deficit
Fiscal deficit
Primary deficit
Deficit in taxes
- 18. Multiple Choice
Dividend from PSUs is a part of
Non-tax Revenue
Revenue receipts
both (a) and (b)
neither (a) nor (b)
- 19. Multiple Choice
Which one of these is a revenue expenditure?
purchase of shares
loans advanced
subsidies
expenditure on acquisition of land
- 20. Multiple Choice
Which of the following statement is not true for fiscal deficit?
A fiscal deficit :
represents the borrowing of the government
is the difference between total expenditure and total receipts of the government
is the difference between total expenditure and total receipts
increase the future liability of the government
- 21. Multiple Choice
The non-tax revenue in the following is
export duty
import duty
dividends
excise
- 22. Multiple Choice
Primary deficit in a government budget is _________
Revenue expenditure- Revenue receipts
total expenditure - total receipts
revenue deficit - interest payment
fiscal deficit - interest payment
- 23. Multiple Choice
Direct tax is called direct because it is collected directly from _____
the producer on goods produced
the sellers on goods sold
the buyers of goods
the income earners
- 24. Multiple Choice
Disinvestment of equity in PSUs is a policy instrument
Monetary
Fiscal
Both (a) and (b)
neither (a) nor (b)
- 25. Multiple Choice
The government budget of a hypothetical economy presents the following information. Which of the following value represents budgetary deficit?
REVENUE EXPENDITURE (25,000)
CAPITAL EXPENDITURE (35,000)
CAPITAL RECEIPTS (30,000)
REVENUE RECEIPTS (20,000)
INTEREST PAYMENTS (10,000)
BORROWINGS (20,000)
12,000
10,000
20,000
NONE OF THE ABOVE
- 26. Multiple Choice
Which of the following statements is true?
loans from IMF is a revenue receipts
Higher revenue deficit necessarily leads to higher fiscal deficit
borrowings by a government represents a situation of fiscal deficit
revenue deficit is the excess of capital receipts over the revenue receipts
- 27. Multiple Choice
Fiscal deficit equals
Interest payments
Borrowings
Interest payments less borrowings
borrowings less interest payment
- 28. Multiple Choice
Primary deficit is borrowing requirement of government for making __
Interest Payment
other than interest payments
All types of payments
Some specific payments
- 29. Multiple Choice
Identify which of the following statements is true?
fiscal deficit is difference between planned revenue expenditure and planned revenue receipts
fiscal deficit is difference between total planned expenditure and total planned receipts
primary deficit is the difference between total planned receipts and interest payments
fiscal deficit is the sum of primary deficit and interest payment
- 30. Multiple Choice
Disinvestment by government means
selling of fixed capital assets
selling of shares of public enterprises held by it
selling of its building
all of the above
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