Federal Finance System MCQs - Chapter-wise Economics Objective Type Questions with Answers

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

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Answer: Option [D]

62 The ‘Canons of Taxation’ were propounded by

A Dalton

B J. M. Keynes

C Adam Smith

D Edwin Canon

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Answer: Option [C]

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

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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

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Answer: Option [A]

65 Beyond a certain point deficit financing will certainly lead to

A Inflation

B Deflation

C Recession

D Economic stagnation

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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

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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

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Answer: Option [D]

68 Multinational Corporation is also called

A Finance Corporation

B Trading Corporation

C Trans-national Corporation

D International Corporation

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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

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Answer: Option [B]

70 Parallel economy emerges due to

A Tax Estimation

B Tax Compliance

C Tax Evasion

D Tax Avoidance

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Answer: Option [C]

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

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