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Indian Fiscal System General Knowledge MCQ Questions & Answers

1 Income tax, corporate tax, inheritance tax etc. are incident on the person or organisation. These taxes are called :
A local tax
B indirect tax
C direct tax
D rate

Answer: Option [C]
2 Rate of growth of an economy is measured in terms of :
A per capita income
B industrial development
C number of people who have been lifted above the poverty line
D national income

Answer: Option [D]
3 Which of the following represent the standard of living in a country ?
A National income
B Per capita income
C Poverty ratio
D Unemployment rate

Answer: Option [B]
4 Which is the best measure of economic growth of a country ?
C Net revenue
D None of these

Answer: Option [B]
5 By which bill does the government make arrangement for the collection of revenues for a year ?
A Supplementary Budget
B Finance Bill
C Fiscal Budget
D Economic Bill

Answer: Option [B]
6 National income of a country is determind on the basis of:
A Total revenue of the state
B Net profit earned and expenditure incurred by the state
C Production of goods and services
D All of the above

Answer: Option [C]
7 Which of the following is not a method of estimating national income ?
A income method
B Value-added method
C Expenditure method
D Export-import method

Answer: Option [D]
8 The national income of India is calculated mainly through :
A production method alone
B expenditure method alone
C production and expenditure methods
D production and income method

Answer: Option [D]
9 An ad valorem duty is a tax on the basis of :
A the price of a commodity
B the value added
C the advertisement expenditure
D the unit of the commodity

Answer: Option [A]
10 The system of the budget was introduced in india during the viceroyalty of :
A Canning
B Dalhouseie
C Ripon
D Elgin

Answer: Option [A]


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