Public Finance Questions and Answers for Exams

(1) Pakistan's fiscal year starts from:

[A] 1st September

[B] 1st January

[C] 1st April

[D] 1st July

Answer: 1st July

(2) The Federal budget is presented in the parliament by:

[A] Prime minister

[B] President

[C] Finance minister

[D] Commerce minister

Answer: Finance minister

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(3) Pakistan's Budget has parts:

[A] Current and development

[B] Revenue and expenditure

[C] Development and non-development

[D] Both (a) and (b)

Answer: Both (a) and (b)

(4) Federal government tax revenue collection includes:

[A] Divisible taxes with provinces

[B] Divisible taxes with district govt.

[C] Non-tax revenue

[D] All of the above

Answer: Divisible taxes with provinces

(5) Which is true:

[A] Federal govt. collects taxes and shares with provinces

[B] Provincial govt. collects taxes and shares with federal govt.

[C] Federal govt. collects taxes and shares with local govts

[D] Local govts. Collects, taxes and shares with federal govt.

Answer: Federal govt. collects taxes and shares with provinces

(6) Which is true?

[A] Federal govt. has the right to collect taxes

[B] Provincial govt. has the right to collect taxes

[C] Local govt. has the right to collect taxes

[D] All of the above is true

Answer: All of the above is true

(7) The most important body to collect taxes in Pakistan is:

[A] District govts

[B] State Bank

[C] Ministry of finance

[D] FBR

Answer: FBR

(8) According to total amount collected the taxes fall in this order:

[A] Custom, excise, sales

[B] Sales, custom, excise

[C] Custom, sales, excise

[D] Excise, sales, custom

Answer: Sales, custom, excise

(9) According to total amount collected the taxes fall in this order:

[A] Custom, sales tax, income tax

[B] Custom, income tax, sales tax

[C] Income tax, custom, sales tax

[D] Sales tax, custom, excise

Answer: Sales tax, custom, excise

(10) Which is true about amount of taxes collected in Pakistan:

[A] Direct taxes are more than indirect taxes

[B] Indirect taxes are more than direct taxes

[C] Provincial taxes are more than federal

[D] Provincial govts. Share taxes with federal govt.

Answer: Indirect taxes are more than direct taxes

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