Ramesh Singh: Public Finance
20 Questions MCQ Test Indian Economy for UPSC CSE | Ramesh Singh: Public Finance
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Union taxes are given in the list of 7th schedule in the constitution.
Which of the following taxes is not levied by the Union Government?
Consider the following statements and identify the right ones.
i. Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.
ii. The constitution also provides for transferring certain tax revenues from union list to states.
i. Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list.
ii. The constitution also provides for transferring certain tax revenues from union list to states.
Central government has exclusive power to impose tax which is not mentioned in state or concurrent list.
The constitution also provides for transferring certain tax revenues from union list to states list.
The tax levied by the union government on income of individuals is known as
It is based on the principle of ability to pay. The tax levied by the union government on income of individuals is known as income tax.
The tax on net income of companies is corporate tax. Tax rates are uniform for all categories of companies.
Consider the following statements and identify the right ones.
i. Wealth tax is collected from productive as well as unproductive assets
ii. Estate duty was a type of inheritance tax of large estates
Wealth tax is collected from unproductive assets only. Estate duty was abolished in 1985.
Which of the following taxes is/are withdrawn or abolished?
Interest tax was withdrawn in 2000-01, estate duty abolished in 1985 and gift tax in 1998-99.
The most important source of revenue to the states is
Sales tax is the tax on sale of goods and is influenced by the value added tax system.
The tax levied on the interstate trade of goods is the central sales tax.
Consider the following statements and identify the right ones.
i. The 14th finance commission is headed by C. Rangarajan
ii. The recommendations of the commission will come into effect from April, 1, 2015
The 14th finance commission was appointed in 2013. It is headed by Y V Reddy.
The difference between revenue expenditure and revenue receipts is
Revenue deficit= revenue expenditure –revenue receipts.
The difference between revenue deficit and grants for creation of capital assets is called
Effective revenue deficit= revenue deficit-grants for creation of capital assets.
The difference between total expenditure and total receipts is
Budget deficit= total expenditure-total receipts.
The difference between total expenditure and total receipts except loans and other liabilities is called
Fiscal deficit= total expenditure-total receipts except loans and other liabilities.
The difference between fiscal deficit and interest payment during the year is called
Primary deficit= fiscal deficit-interest payments.
Which of the following is a part of capital account?
Capital account is classified into 3 parts in India- private, banking and official capital.
Consider the following statements and identify the right ones.
i. A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of trade
ii. All transactions related to goods, services or income are classified as capital account.
A double entry system of record of all economic transactions between the residents of a country and rest of the world is called balance of payments. All transactions related to goods, services or income are classified as current account.
The investment in productive assets and participation in management as stake holders in business enterprises is
The investment in productive assets and participation in management as stake holders in business enterprises is foreign direct investment.
The portfolio investment by foreign institutional investors is called
The portfolio investment by foreign institutional investors is called foreign institutional investment.
Consider the following statements and identify the right ones.
i. India adopted LERMS in 1992
ii. In 1993, dual exchange rate system was replaced by a unified floating exchange rate.
Liberalized Exchange Rate Management System was a dual exchange rate system in which 40% of forex earnings were converted at official exchange rate and 60% at market determined exchange rate.
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131 videos|328 docs|135 tests
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