Indian Fiscal System General Awareness Multiple Choice Questions and Answers | Page-2

11 Fiscal Responsibility and Budget Management Act (FRBMA) ACT 2003 concerns :
A fiscal deficit only
B revenue deficit only
C both fiscal and revenue deficit
D neither fiscal nor revenue deficit

Answer: Option [C]
12 The temporary tax levied to obtain additional revenue is called :
A cess
B rate
C fee
D surcharge

Answer: Option [D]
13 What are the two main attributes of a formal organization ?
A esteern and prestige
B role and duties
C dominance and supremacy
D rules and regulations

Answer: Option [D]
14 Which is correct with respect to the following ?

If the price of an inferior good falls, its demand :

A rises
B falls
C remains constant
D can be any of the above

Answer: Option [C]
15 The existence of a Parallel Economy or Black Money :
A makes the economy more competitive
B makes the monetary policies less effective
C ensures a better distribution of income and wealth
D ensures increasing productive investment

Answer: Option [B]
16 The cause of low per capita income in India is :
A of population growth
B of price rise
C more people are in rural areas
D of regional imbalances

Answer: Option [A]
17 Which among the following formulates fiscal policy ?
B Finance Ministry
C President
D Planning Commission

Answer: Option [B]
18 Dear Money Policy relates to :
A high price level
B large money supply
C high production
D high interest rate

Answer: Option [D]
19 One of the problem in calculating the national income in India correctly is :
A under-er-employment
B inflation
C non-monetised consumption
D low saving

Answer: Option [C]
20 Companies pay Corporation Tax on their :
A investment
B production
C sales proceeds
D incomes

Answer: Option [D]

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