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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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

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

Comment

Answer: Option [A]

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