MCQs
Total Questions : 217
| Page 8 of 22 pages
Question 71. Which of the following statements is/are correct in regards to Revenue budget?
- It consists of all capital receipts and expenditure such as domestic and foreign loans, loan repayment, foreign and etc
- It consists of all current receipts, such as taxation, dividends of public sector units (PSU’s) and expenditure of the government
Answer: Option C. -> 2 only
Answer: (c)Revenue budget contains information about taxation such as central excise, custom duty, corporation tax etc
Answer: (c)Revenue budget contains information about taxation such as central excise, custom duty, corporation tax etc
Answer: Option D. -> Estate duty
Answer: (d)Estate duty is a tax on assets left behind by a person upon his dealt, whereas inheritance tax is tax on assets inherited by a person. It started in 1953 in India and was abolished in 1985.
Answer: (d)Estate duty is a tax on assets left behind by a person upon his dealt, whereas inheritance tax is tax on assets inherited by a person. It started in 1953 in India and was abolished in 1985.
Answer: Option C. -> Machinery and capital equipment on hire
Answer: (c)
Leasing is a process by which a firm can obtain the use of certain fixed assets for which it must pay a series of contractual, periodic, tax-deductible payments.
Equipment leasing is a financing alternative for businesses to acquire needed machinery while saving precious operating capital. Leasing provides opportunities to use available money to operate assets that can make more money over time.
There are many distinct differences between buying and leasing, regardless if such a transaction or agreement applies to property, machinery, equipment or other assets.
The difference lies in that a lease is conceptually very similar to the principle of “borrowing.” The ownership of the leased property (be it land, equipment, merchandise, or etc.) is not transferred under the terms of the lease agreement.
Answer: (c)
Leasing is a process by which a firm can obtain the use of certain fixed assets for which it must pay a series of contractual, periodic, tax-deductible payments.
Equipment leasing is a financing alternative for businesses to acquire needed machinery while saving precious operating capital. Leasing provides opportunities to use available money to operate assets that can make more money over time.
There are many distinct differences between buying and leasing, regardless if such a transaction or agreement applies to property, machinery, equipment or other assets.
The difference lies in that a lease is conceptually very similar to the principle of “borrowing.” The ownership of the leased property (be it land, equipment, merchandise, or etc.) is not transferred under the terms of the lease agreement.
Answer: Option B. -> tax imposed and collected by the State Government
Answer: (b)Taxes on tooth paste come under GST which is administered by State government.Sales tax is paid to sales tax authority in the state from where the goods are moved.
Answer: (b)Taxes on tooth paste come under GST which is administered by State government.Sales tax is paid to sales tax authority in the state from where the goods are moved.
Question 75. Which are the pre-requisites required by the Indian economy to implement convertibility of rupee on trade account as suggested by the Rangarajan Committee?
- There should be comfortable foreign exchange resources
- Low rate of inflation.
- Mechanism by which the government can pass on the changes in the price of imported goods to the consumers
- SLR and CRR must be low.
Answer: Option C. -> 1, 2 and 3
Answer: (c)
Answer: (c)
Answer: Option C. -> I-b, II-c, III-d, IV-a
Answer: (c)
Answer: (c)
Answer: Option D. -> Professional tax
Answer: (d)
A professional tax, also known as an occupation tax or a professional privilege tax, is a tax that a professional must pay to receive the right to practice a professional service.
Many state and local governments collect professional tax, and a professional who has clients in more than one state may owe professional taxes in several states.
Answer: (d)
A professional tax, also known as an occupation tax or a professional privilege tax, is a tax that a professional must pay to receive the right to practice a professional service.
Many state and local governments collect professional tax, and a professional who has clients in more than one state may owe professional taxes in several states.
Answer: Option C. -> SLR (Statutory Liquid Ratio)
Answer: (c)
SLR or the Statutory Liquidity Ratio is that ratio of total deposits which a commercial bank has to maintain with itself at any given point of time in the form of liquid assets like cash in hand, current balances with other banks and first-class securities which can be turned into cash (gold, cash or other approved securities).
This ratio at present is 25%. Some assets have to be in liquid form to take care of financial emergencies which every bank has to face. It regulates the credit growth in India.
Answer: (c)
SLR or the Statutory Liquidity Ratio is that ratio of total deposits which a commercial bank has to maintain with itself at any given point of time in the form of liquid assets like cash in hand, current balances with other banks and first-class securities which can be turned into cash (gold, cash or other approved securities).
This ratio at present is 25%. Some assets have to be in liquid form to take care of financial emergencies which every bank has to face. It regulates the credit growth in India.
Answer: Option D. -> 1, 2, 3 and 4
Answer: (d)Non-plan expenditures include non-developmental expenditure (interest payment, subsidies, defence expenditure, civil administration), developmental expenditure and expenditure incurred on projects which remained unfinished in the earlier plans.
Answer: (d)Non-plan expenditures include non-developmental expenditure (interest payment, subsidies, defence expenditure, civil administration), developmental expenditure and expenditure incurred on projects which remained unfinished in the earlier plans.
Answer: Option C. -> 2 only
Answer: (c)It is used to achieve the objectives of balanced economic development, full employment or to establish a welfare state Economics takes care of various needs and wants of life
Answer: (c)It is used to achieve the objectives of balanced economic development, full employment or to establish a welfare state Economics takes care of various needs and wants of life
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