Fiscal System Questions and answers

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21). The system of Budget was introduced in India during the viceroyalty of :
A). Canning
B). Dalhousie
C). Ripon
D). Elgin
22). Of the total revenue of the Union Government, the Indirect Taxes account for nearly :
A). 0.7
B). 0.75
C). 0.8
D). 0.85
23). Temporary tax levied to obtain additional revenue is called :
A). cess
B). rate
C). fee
D). surcharge
24). Which of the following is wrongly matched?
A). Cess - a compulsory levy collected by the government for a particular purpose
from all persons
B). Rate - a compulsory levy collected by the government from the beneficent of
particular schemes
C). Corporation tax - levied by corporations for civic amenities
D). Proportional tax - a tax levied at the sae time at all levels of the base
25). The basic attribute of a formal organization is :
A). esteem and prestige
B). roles and duties
C). dominance and supremacy
D). rules and regulations


26). If the price of an inferior good falls, its demand :
A). rises
B). falls
C). remains constant
D). can be any of the above
27). The existence of a Parallel Economy or Black Money :
A). makes the economy more competitive
B). makes the monetary policies less effective
C). ensures a better distribution of income and wealth
D). ensures increasing productive investment
28). Put the main sources of revenue of the Central Government in ascending order of importance:
1. Income tax
2. Corporation tax
3. Customs
4. Excise duties

A). 1, 2, 3, 4
B). 3, 2, 4, 1
C). 4, 3, 1, 2
D). 4, 3, 2, 1
29). The highest sector wise contribution to gross domestic saving comes from :
A). private corporate sector
B). household sector
C). public sector
D). corporative sector
30). An amount given by a government agency or even private body to encourage a particular economic activity is a :
A). grant
B). loan
C). subsidy
D). mutual fund
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Total Pages : 27