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Test: Public Finance


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15 Questions MCQ Test Business and Commercial Knowledge | Test: Public Finance

Test: Public Finance for CA CPT 2022 is part of Business and Commercial Knowledge preparation. The Test: Public Finance questions and answers have been prepared according to the CA CPT exam syllabus.The Test: Public Finance MCQs are made for CA CPT 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Public Finance below.
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Test: Public Finance - Question 1

Which of the following is a union tax?

Test: Public Finance - Question 2

Which of the following is not a union tax?

Detailed Solution for Test: Public Finance - Question 2

Tax is levied by government on their citizens to generate income for undertaking projects to boost the economy of the country and to raise the standard of living of its citizens. Union tax is a tax paid to central government. Stamp duties on financial documents, Taxes on railway freights and fares are not the examples of Union tax.

Test: Public Finance - Question 3

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.

Test: Public Finance - Question 4

The tax levied by the union government on income of individuals is known as

Detailed Solution for Test: Public Finance - Question 4

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.

Test: Public Finance - Question 5

The tax on net income of companies is

Detailed Solution for Test: Public Finance - Question 5

The tax on net income of companies is corporate tax. Tax rates are uniform for all categories of companies.

Test: Public Finance - Question 6

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

Detailed Solution for Test: Public Finance - Question 6

Wealth tax is collected from unproductive assets only. Estate duty was abolished in 1985.

Test: Public Finance - Question 7

Which of the following taxes is/are withdrawn or abolished?

Detailed Solution for Test: Public Finance - Question 7

Interest tax was withdrawn in 2000-01, estate duty abolished in 1985 and gift tax in 1998-99.

Test: Public Finance - Question 8

The most important source of revenue to the states is

Detailed Solution for Test: Public Finance - Question 8

Sales tax is the tax on sale of goods and is influenced by the value added tax system.

Test: Public Finance - Question 9

The tax levied on the interstate trade of goods is

Detailed Solution for Test: Public Finance - Question 9

The tax levied on the interstate trade of goods is the central sales tax.

Test: Public Finance - Question 10

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

Detailed Solution for Test: Public Finance - Question 10

The 14th finance commission was appointed in 2013. It is headed by Y V Reddy.

Test: Public Finance - Question 11

The difference between revenue expenditure and revenue receipts is

Detailed Solution for Test: Public Finance - Question 11

Revenue deficit= revenue expenditure “revenue receipts

Test: Public Finance - Question 12

The difference between revenue deficit and grants for creation of capital assets is called

Detailed Solution for Test: Public Finance - Question 12

Effective revenue deficit= revenue deficit-grants for creation of capital assets.

Test: Public Finance - Question 13

The difference between total expenditure and total receipts is

Detailed Solution for Test: Public Finance - Question 13

Budget deficit= total expenditure-total receipts

Test: Public Finance - Question 14

The difference between total expenditure and total receipts except loans and other liabilities is called

Detailed Solution for Test: Public Finance - Question 14

Fiscal deficit= total expenditure-total receipts except loans and other liabilities.

Test: Public Finance - Question 15

The difference between fiscal deficit and interest payment during the year is called

Detailed Solution for Test: Public Finance - Question 15

Primary deficit= fiscal deficit-interest payments.

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