Indian Economy Test 50

Result

Indian Economy Test 50

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Weekly Quiz Competition

Question 1
1 / -0

The Union Government and RBI decided to introduce one billion pieces of Rs 10 Bank notes made of plastic on a field trial basis In which of the following cities ?
1. Mumbai
2. Mysore
3. Shimla
4. Jaipur
Select the answer from codes given below.

A
1 and 4

B
2 and 4

C
2, 3 and 4

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

Consider the following statements
1. Service Tax is a part of Central Excise in India.
2. The responsibility of collecting Service Tax lies with the Central Board of Excise and Customs.
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 3
1 / -0

Which one of the following is tho major source of the revenue to State Government in India ?

A
Agricultural Income Tax

B
Professional Tax

C
General Sales Tax

D
Stamp Duties
Question 4
1 / -0

Which one of the following Is correct about the component of the State Government's Budget in India ?
1. The first pan consist the current receipts and expenditure.
2. The second part consist the capital receipts and expenditure.
3. The third part consist market borrowings and grants receipts from the Union Government.
Select the correct answer using the codes given below

A
1 and 2

B
1 and 3

C
2 and 3

D
All of these
Question 5
1 / -0

Consider the following statements
1. The General Sale Tax is imposed on all the goods passing through the hands of dealer on his total turnover.
2. Selective Sales tax is imposed on the some selective article in the some states.
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 6
1 / -0

Consider the following statements
1. Central Excise duty is imposed on the goods produced in the country.
2. The commodities on which State Government impose excise duties are exempted from the Central Excise duties.
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 7
1 / -0

Consider the following statements
1. The Union Government of India passed the General Sales Tax in 1956.
2. The General Sales Tax in the State is imposed at special rate On the sale of goods in Inter-state trade.
Which of the statements give above is/are correct ?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2
Question 8
1 / -0

Consider the following Taxes/duties
1. Stamp and Registration Duties
2. Land Revenue
3. Tax on Urban Immovable properly
4. General Sales Tax
Which of the taxes/duties given above are the main sources of the revenue from the property and capital transaction of the State Government In India ?

A
1, 2, 3 and 4

B
1, 2 and 3

C
2 and 3

D
2 and 4
Question 9
1 / -0

With reference to Fiat Money, consider the following statements:
1) It is the money declared by a government to be legal tender.
2) It is the money without intrinsic value.
3) It is the state issued money which is neither legally convertible to any other thing, nor fixed in value terms of any objective standard.
Which of the statements given above is/are correct?

A
1 and 2

B
Only 1

C
Only 2

D
All of these

Solution

Fiat money is currency that has the government backing and is declared by it to be legal tender. It is not backed by a physical commodity and thus doesn't have any intrinsic value. Its value is derived from the relationship between demand and supply rather than the value of the material that the money is made of.
Question 10
1 / -0

Consider the following statements
1. The basic defect of the Sale Tax is that it is regressive in nature.
2. The basic defect of the sales tax is that it is easily evade in the high priced goods.
Which of the statements given above is/are the main defect/defects of the Sales Tax in India ?

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 50

Result

Indian Economy Test 50

Score

-

Rank

-

SHARING IS CARING

Question 1

1 and 4

2 and 4

2, 3 and 4

1, 2 and 3

Question 2

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 3

Agricultural Income Tax

Professional Tax

General Sales Tax

Stamp Duties

Question 4

1 and 2

1 and 3

2 and 3

All of these

Question 5

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 6

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 7

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 8

1, 2, 3 and 4

1, 2 and 3

2 and 3

2 and 4

Question 9

1 and 2

Only 1

Only 2

All of these

Solution

Question 10

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

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Question Analysis

My Perfomance

Score

-

Rank

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