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Federal Finance System in India - General Knowledge Multiple Choice Questions and Answers | Page-7

Questions
61 ‘Quota’ is
A Tax levied on imports
B Imports of capital goods
C Limit on the quantity of exports
D Limit on the quantity of imports

Answer: Option [D]
62 The ‘Canons of Taxation’ were propounded by
A Dalton
B J. M. Keynes
C Adam Smith
D Edwin Canon

Answer: Option [C]
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63 ‘PROTECTION’ means
A Protection to home industries
B Restrictions imposed on import trade
C No free exchange of goods and services between two countries
D All of the above

Answer: Option [D]
64 Agricultural income tax is a source of revenue to
A State Government
B Central Government
C Local Administration
D Centre and State Governments

Answer: Option [A]
65 Beyond a certain point deficit financing will certainly lead to
A Inflation
B Deflation
C Recession
D Economic stagnation

Answer: Option [A]
66 The tax levied on gross sales revenue from business transactions is called
A Sales Tax
B Turnover Tax
C Corporation Tax
D Capital Gains Tax

Answer: Option [B]
67 The duties levied on alcoholic liquors, narcotic drugs and opium come under-
A Land Revenue
B State Excise Duty
C General Sales Tax
D Central Excise Duty

Answer: Option [D]
68 Multinational Corporation is also called
A Finance Corporation
B Trading Corporation
C Trans-national Corporation
D International Corporation

Answer: Option [C]
69 Corporation tax is a tax imposed on
A The corporate properties
B The net incomes of the companies
C The utilities provided by the Corporation
D Tax imposed by the Corporation on individual properties

Answer: Option [B]
70 Parallel economy emerges due to
A Tax Estimation
B Tax Compliance
C Tax Evasion
D Tax Avoidance

Answer: Option [C]
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