MCQs
Total Questions : 217
| Page 7 of 22 pages
Answer: Option C. -> there is not direct relationship between the tax payer and the government.
Answer: (c)
The term indirect tax has more than one meaning.
In the colloquial sense, an indirect tax (such as sales tax, a specific tax, value-added tax (VAT), or goods and services tax (GST)) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
The intermediary later files a tax return and forwards the tax proceeds to the government with the return.
In this sense, the term indirect tax is contrasted with a direct tax which is collected directly by the government from the persons (legal or natural) on which it is imposed.
Answer: (c)
The term indirect tax has more than one meaning.
In the colloquial sense, an indirect tax (such as sales tax, a specific tax, value-added tax (VAT), or goods and services tax (GST)) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer).
The intermediary later files a tax return and forwards the tax proceeds to the government with the return.
In this sense, the term indirect tax is contrasted with a direct tax which is collected directly by the government from the persons (legal or natural) on which it is imposed.
Question 62. Consider the following statements in regard to the goods and service tax:
- If GST being levied then excise, VAT, Octroi, Service Tax, etc. will likely go away to make a single taxation system.
- GST in India will be divided between the state & centre.
Answer: Option D. -> 1 and 2 both
Answer: (d)It GST being levied then excise, VAT, Octroi, Service Tax etc will likely go away to make a single taxation system. GST in India will be divided between state & centre.
Answer: (d)It GST being levied then excise, VAT, Octroi, Service Tax etc will likely go away to make a single taxation system. GST in India will be divided between state & centre.
Answer: Option A. -> 1 only
Answer: (a)
There are two types of budgets
i.e., Revenue budget and Capital budget. The revenue budget contains all current receipts, such as taxation, (central excise, customs duty, corporation tax) dividends of public sector units (PSU’s) and expenditure of the government.
The capital budget consists of all capital receipts and expenditures such as domestic and foreign loans, loan repayment, foreign and etc.
Answer: (a)
There are two types of budgets
i.e., Revenue budget and Capital budget. The revenue budget contains all current receipts, such as taxation, (central excise, customs duty, corporation tax) dividends of public sector units (PSU’s) and expenditure of the government.
The capital budget consists of all capital receipts and expenditures such as domestic and foreign loans, loan repayment, foreign and etc.
Answer: Option B. -> I-b, II-c, III-a
Answer: (b)
The tax to GDP ratio (centre and states together) was 6 percent in 1950-51, rose to 11.89 in 2007-08 and is currently around 10.60%
Answer: (b)
The tax to GDP ratio (centre and states together) was 6 percent in 1950-51, rose to 11.89 in 2007-08 and is currently around 10.60%
Question 65. Match the following:
List
List II
(Planets)
(Satellites)
1. Fiscal deficit
A. Excess of total expenditure over total receipts less borrowing
2. Budget deficit
B. Excess of total expenditure over total receipts
3. Revenue deficit
C. Excess of revenue expenditure over revenue receipts
4. Primary deficit
D. Excess of total expenditure over total receipts less borrowings and interest payments
Select the answer using the following codes: 1 2 3 4
List
List II
(Planets)
(Satellites)
1. Fiscal deficit
A. Excess of total expenditure over total receipts less borrowing
2. Budget deficit
B. Excess of total expenditure over total receipts
3. Revenue deficit
C. Excess of revenue expenditure over revenue receipts
4. Primary deficit
D. Excess of total expenditure over total receipts less borrowings and interest payments
Select the answer using the following codes: 1 2 3 4
Answer: Option B. -> A B C D
Answer: (b)
Fiscal deficit is excess of total expenditure over total receipts less borrowing.
Budget deficit is excess of total expenditure over total receipts.
Revenue deficit is excess of revenue expenditure over revenue receipts.
Primary deficit is excess of total expenditure over total receipts less borrowings and interest payments.
Answer: (b)
Fiscal deficit is excess of total expenditure over total receipts less borrowing.
Budget deficit is excess of total expenditure over total receipts.
Revenue deficit is excess of revenue expenditure over revenue receipts.
Primary deficit is excess of total expenditure over total receipts less borrowings and interest payments.
Answer: Option C. -> 2 only
Answer: (c)Service tax was introduced in 1994-95 to address the asymmetric and distortionary treatment of goods and services in tax framework and to widen the tax net
Answer: (c)Service tax was introduced in 1994-95 to address the asymmetric and distortionary treatment of goods and services in tax framework and to widen the tax net
Answer: Option D. -> intended investment equals intended investment
Answer: (d)
In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences, the (equilibrium) values of economic variables will not change.
The condition of equilibrium of income is the equality of intended saving and intended investment. An economy is in equilibrium when total savings equal total investment.
Answer: (d)
In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences, the (equilibrium) values of economic variables will not change.
The condition of equilibrium of income is the equality of intended saving and intended investment. An economy is in equilibrium when total savings equal total investment.
Question 68. Consider the following statements Full convertibility of the rupee may mean
- Its free float with the international currencies.
- Its direct exchange with any other international currency at any prescribed place inside and outside the country. 3. It acts just like any other international currency.
Answer: Option D. -> 1, 2 and 3
Answer: (d)
Answer: (d)
Answer: Option C. -> indirect tax levied by the Central Government.
Answer: (c)
All taxes which are the personal liability of an assessee come under direct taxes.
They include income tax, professional tax, wealth tax, securities transaction tax, commodity transaction tax and the like.
On the other hand, the taxes which a person can recover from some other person but the liability of which remains of the person collecting such taxes are indirect taxes.
These are custom duty, excise, service tax, vat, CST and the like
Answer: (c)
All taxes which are the personal liability of an assessee come under direct taxes.
They include income tax, professional tax, wealth tax, securities transaction tax, commodity transaction tax and the like.
On the other hand, the taxes which a person can recover from some other person but the liability of which remains of the person collecting such taxes are indirect taxes.
These are custom duty, excise, service tax, vat, CST and the like
Answer: Option B. -> Transfer payments by the government
Answer: (b)
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output.
Examples of certain transfer payments include welfare (financial aid), social security, and government making subsidies for certain businesses (firms). Government debt is the debt owed by a central government.
In the budget, it is listed among the transfer payments by the government.
Answer: (b)
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. These payments are considered to be exhaustive because they do not directly absorb resources or create output.
Examples of certain transfer payments include welfare (financial aid), social security, and government making subsidies for certain businesses (firms). Government debt is the debt owed by a central government.
In the budget, it is listed among the transfer payments by the government.
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