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Ramesh Singh Test: Public Finance - UPSC MCQ


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20 Questions MCQ Test Indian Economy for UPSC CSE - Ramesh Singh Test: Public Finance

Ramesh Singh Test: Public Finance for UPSC 2024 is part of Indian Economy for UPSC CSE preparation. The Ramesh Singh Test: Public Finance questions and answers have been prepared according to the UPSC exam syllabus.The Ramesh Singh Test: Public Finance MCQs are made for UPSC 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Ramesh Singh Test: Public Finance below.
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Ramesh Singh Test: Public Finance - Question 1

Which of the following is a union tax?

Detailed Solution for Ramesh Singh Test: Public Finance - Question 1

Union taxes are given in the list of 7th schedule in the constitution.

Ramesh Singh Test: Public Finance - Question 2

Which of the following taxes is not levied by the Union Government?

Ramesh Singh 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.

Detailed Solution for Ramesh Singh Test: Public Finance - Question 3

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.

Ramesh Singh Test: Public Finance - Question 4

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

Detailed Solution for Ramesh Singh 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.

Ramesh Singh Test: Public Finance - Question 5

 The tax on net income of companies is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 5

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

Ramesh Singh 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 Ramesh Singh Test: Public Finance - Question 6

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

Ramesh Singh Test: Public Finance - Question 7

 Which of the following taxes is/are withdrawn or abolished?

Detailed Solution for Ramesh Singh Test: Public Finance - Question 7

Interest tax was withdrawn in 2000-01, estate duty abolished in 1985 and gift tax in 1998-99.

Ramesh Singh Test: Public Finance - Question 8

The most important source of revenue to the states is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 8

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

Ramesh Singh Test: Public Finance - Question 9

The tax levied on the interstate trade of goods is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 9

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

Ramesh Singh 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 Ramesh Singh Test: Public Finance - Question 10

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

Ramesh Singh Test: Public Finance - Question 11

The difference between revenue expenditure and revenue receipts is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 11

Revenue deficit= revenue expenditure –revenue receipts.

Ramesh Singh Test: Public Finance - Question 12

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

Detailed Solution for Ramesh Singh Test: Public Finance - Question 12

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

Ramesh Singh Test: Public Finance - Question 13

The difference between total expenditure and total receipts is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 13

Budget deficit= total expenditure-total receipts.

Ramesh Singh Test: Public Finance - Question 14

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

Detailed Solution for Ramesh Singh Test: Public Finance - Question 14

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

Ramesh Singh Test: Public Finance - Question 15

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

Detailed Solution for Ramesh Singh Test: Public Finance - Question 15

Primary deficit= fiscal deficit-interest payments.

Ramesh Singh Test: Public Finance - Question 16

Which of the following is a part of capital account?

Detailed Solution for Ramesh Singh Test: Public Finance - Question 16

Capital account is classified into 3 parts in India- private, banking and official capital.

Ramesh Singh Test: Public Finance - Question 17

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.

Detailed Solution for Ramesh Singh Test: Public Finance - Question 17

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.

Ramesh Singh Test: Public Finance - Question 18

The investment in productive assets and participation in management as stake holders in business enterprises is

Detailed Solution for Ramesh Singh Test: Public Finance - Question 18

The investment in productive assets and participation in management as stake holders in business enterprises is foreign direct investment.

Ramesh Singh Test: Public Finance - Question 19

 The portfolio investment by foreign institutional investors is called

Detailed Solution for Ramesh Singh Test: Public Finance - Question 19

The portfolio investment by foreign institutional investors is called foreign institutional investment.

Ramesh Singh Test: Public Finance - Question 20

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.

Detailed Solution for Ramesh Singh Test: Public Finance - Question 20

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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