Fiscal System Questions and answers

  1. General Knowledge
    1. Culture
    2. Economy
      1. Nature of Indian Economy
      2. Poverty and Unemployment
      3. Currency Inflation
      4. Banking System
      5. Fiscal System
      6. Industries and Infrastructure
      7. International Organisations
    3. General
    4. Geography
    5. History
    6. Indian Polity
    7. Politics
    8. Sports
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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