Indian Economy Test 47

Result

Indian Economy Test 47

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Weekly Quiz Competition

Question 1
1 / -0

Consider the following taxes:
1. Sales tax
2. Value-added tax
3. Property tax
Which of the taxes given above are Ad valorem tax/taxes?

A
1 and 2

B
1 and 3

C
2 and 3

D
All of those

Solution

An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or in connection with another significant event (e.g. inheritance tax, expatriation tax, or tariff).
Question 2
1 / -0

Minimum Alternate Tax (MAT) is imposed by the Indian Government in addition to which one of the following tax?

A
Personal Income tax

B
Corporation tax

C
Service tax

D
Expenditure tax

Solution

Minimum Alternate Tax (MAT) is a tax effectively introduced in India by the Finance Act of 1987, vide Section 115J of the Income Tax Act, 1961 (IT Act), to facilitate the taxation of ‘zero tax companies’ i.e., those companies which show zero or negligible income to avoid tax. Under MAT, such companies are made liable to pay to the government, by deeming a certain percentage of their book profit as taxable income.
Question 3
1 / -0

Consider the following statements
1. India has attained self-sufficiency in almost all consumer goods.
2. In the term of capital goods, India still depends on the import.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both, 1 and 2

D
Neither 1 nor 2
Question 4
1 / -0

Consider the following statements about the Second Five Year Plan
1. Priorities were given in the production of iron and steel and heavy engineering and machine building industries.
2. Strengthened the oil exploration and Coal in India.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2

Solution

According to the Second Five Year Plan the priorities were given in the production of iron and steel and heavy engineering and also to strengthen the oil exploration and coal.
Question 5
1 / -0

Which among the following are the functions of Board for Reconstruction of Public Sector Enterprises?
1. Studying the proposals of all those units that are referred as sick industries and considering other loss making central PSUs either Suo moto or upon reference by the administrative ministry.
2. Advise the government on ways and means for strengthening PSUs in general and to make them more autonomous and professional.
3. Advise the government on disinvestment/closure/sale in respect of chronically sick/loss making companies which cannot be revived.
4. Attract foreign companies to set up factories in India and invest in the country's infrastructure.
Choose the correct answer using the codes given below

A
1 and 4

B
2 and 3

C
1,2 and 4

D
1,2 and 3
Question 6
1 / -0

Consider the following Public Sector Enterprises (PSEs)
1. Steel Authority of India Limited
2. Indian Oil Corporation Limited
3. Oil and Natural Gas Corporation Limited
4. Hindustan Aeronautics Limited
Which of the PSEs given above are Maharatna PSU in India?

A
1,2, 3 and 4

B
1,2 and 3

C
2 and 3

D
2 and 4
Question 7
1 / -0

Which one of the following is the prescribed investment limit for medium enterprises in the manufacturing sector as per the Micro, small and Medium Enterprises Development Act, 2016?

A
More than Rs 10 lakh and less than Rs 2 crore

B
More than Rs 2 crore and less than Rs 5 crore

C
More than Rs 5 crore and less than Rs 10 crore

D
More than Rs 10 crore
Question 8
1 / -0

Consider the following statements:
1. Value-added tax was Introduced for the first time in France.
2. Value-added tax is levied on the added value that results from each exchange.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2

Solution

VAT is a type of consumption tax placed on a product whenever value is added at a stage of production and at final sale. It was introduced for the first time in France in 1954.
Question 9
1 / -0

Consider the following statements
1. The Navaratna status is offered to Public Sector Enterprises by Department of Public Sector Enterprises.
2. A company must have be a Miniratna and have four independent directors on its board before it can be made a Navaratna.
Which of the above statements is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
None of them
Question 10
1 / -0

Consider the following statements about the Industrial Park permitted by Indian Government
1. It would comprise of a minimum of 10 units and no single unit shall occupy more than 50% of the allocable area.
2. The minimum percentage of the area to be allocated for industrial activity shall not be less than two third of the total allocable area.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2

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Re-Attempt Weekly Quiz Competition

Indian Economy Test 47

Result

Indian Economy Test 47

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Rank

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SHARING IS CARING

Question 1

1 and 2

1 and 3

2 and 3

All of those

Solution

Question 2

Personal Income tax

Corporation tax

Service tax

Expenditure tax

Solution

Question 3

Only 1

Only 2

Both, 1 and 2

Neither 1 nor 2

Question 4

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Solution

Question 5

1 and 4

2 and 3

1,2 and 4

1,2 and 3

Question 6

1,2, 3 and 4

1,2 and 3

2 and 3

2 and 4

Question 7

More than Rs 10 lakh and less than Rs 2 crore

More than Rs 2 crore and less than Rs 5 crore

More than Rs 5 crore and less than Rs 10 crore

More than Rs 10 crore

Question 8

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Solution

Question 9

Only 1

Only 2

Both 1 and 2

None of them

Question 10

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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