Economics Test

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Economics Test - 24

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Weekly Quiz Competition

Question 1
5 / -1

Central Budget is presented in India on ______every year by the Finance Minister.

A
1^st January

B
1^st February

C
1^st March

D
1^st April

Solution

Budget is presented every year on first working day of February.
Question 2
5 / -1

In India _______ type of taxes are generally of no or little significance due to their very low revenue yield to government?

A
paper taxes

B
specific taxes

C
regressive taxes

D
indirect taxes

Solution

Paper taxes are almost not available in India.
Question 3
5 / -1

Production of goods which are socially harmful are discouraged by..............

A
reducing subsidy

B
imposing taxes

C
Both (a)and (b)

D
Neither (a) nor (b)

Solution

Heavy taxes are imposed on production of those goods which are socially not desirable.
Question 4
5 / -1

Surplus budget is when actual receipts exceeds estimated expenditures.

A
True

B
False

C
Partially true

D
Incomplete statement

Solution

Surplus budget is the state where estimated receipts exceeds estimated expenditure.
Question 5
5 / -1

In 2017 government of India brought an important reform in the tax system of the country by introducing GST.

Which of the following type of tax is GST?

A
Direct Tax

B
Indirect Tax

C
Gift Tax

D
Both (a) and (c)

Solution

GST is a type of indirect tax, as it is imposed on the production of goods and burden of this can be transferred to others.
Question 6
5 / -1

Rahul dies without a legal heir. His property stands transferred to the government. The income under this head will be referred to as ‘Special assessment’.

A
True

B
False

C
Partially true

D
Incomplete statement

Solution

It will be referred to as ‘escheat’. Special assessment is paid by those owners whose value of property has increased due to developmental activities of the government.
Question 7
5 / -1

Why gift tax is considered as a paper tax?

A
It is an indirect tax

B
It yields very low revenue

C
It is a direct tax

D
Both (b) and (c)

Solution

Revenue from this form of tax is negligible.
Question 8
5 / -1

The formula to calculate primary deficit is _______

A
Equal to borrowings

B
Borrowings - Interest Payments

C
Borrowings + Interest Payments

D
Interest Payment - Borrowings

Solution

Primary deficit is the excess of borrowings of current year over the interest payments of previous years.
Question 9
5 / -1

Expenditure on relief of earthquake victims is

A
plan expenditure

B
non-plan expenditure

C
Both (a)and (b)

D
None of the above

Solution

This kind of expenditures arises all of a sudden.
Question 10
5 / -1

Choose the incorrect statement from given below

A
Government budget is an annual statement of income and expenditure of government for current fiscal year.

B
Budget is prepared by all levels of government.

C
Government, through its budget tries to minimise income inequalities

D
Fiscal policy of government includes tax and expenditure policy of the government.

Solution

Government budget is prepared for upcoming fiscal year.

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Economics Test - 24

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Economics Test - 24

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SHARING IS CARING

Question 1

1st January

1st February

1st March

1st April

Solution

Question 2

paper taxes

specific taxes

regressive taxes

indirect taxes

Solution

Question 3

reducing subsidy

imposing taxes

Both (a)and (b)

Neither (a) nor (b)

Solution

Question 4

True

False

Partially true

Incomplete statement

Solution

Question 5

Direct Tax

Indirect Tax

Gift Tax

Both (a) and (c)

Solution

Question 6

True

False

Partially true

Incomplete statement

Solution

Question 7

It is an indirect tax

It yields very low revenue

It is a direct tax

Both (b) and (c)

Solution

Question 8

Equal to borrowings

Borrowings - Interest Payments

Borrowings + Interest Payments

Interest Payment - Borrowings

Solution

Question 9

plan expenditure

non-plan expenditure

Both (a)and (b)

None of the above

Solution

Question 10

Government budget is an annual statement of income and expenditure of government for current fiscal year.

Budget is prepared by all levels of government.

Government, through its budget tries to minimise income inequalities

Fiscal policy of government includes tax and expenditure policy of the government.

Solution

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1^st January

1^st February

1^st March

1^st April