Tag: social science

Questions Related to social science

Which one of the following is an indirect tax?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Income tax

  2. Wealth tax

  3. Excise duty

  4. Corporation tax

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Correct Option: C
Explanation:

Excise tax is an inland tax on the sale, or production for sale, of specific goods. Excises are distinguished from customs duties, which are taxes on imports.

Which of the following is a direct tax?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Corporation Tax

  2. Custom duty

  3. Excise duty

  4. Service tax

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Correct Option: A

Which of the following is/are indirect tax(es)?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Customs duty

  2. Excise duty

  3. Corporation tax

  4. Both (A) & (B)

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Correct Option: D

__________ is a direct tax; _________ is an indirect tax.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Sales tax ; Gift tax

  2. Income tax; Service tax

  3. Gift tax ; Wealth tax

  4. Excise duty ; Sales tax

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Correct Option: B

Who imposes corporate tax in India?

social science government and taxes types of tax types of taxes government budget and taxation

  1. State govt

  2. Central govt

  3. State and Central both

  4. Local govt

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Correct Option: B

Levy of excise duty on a product has_____.

social science government and taxes types of tax types of taxes government budget and taxation

  1. income and substitution effect thus causing reduction in demand

  2. income effect only

  3. substitution effect only

  4. black marketing of the goods

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Correct Option: A

In a developing economy ________ plays a role.

social science government and taxes types of tax types of taxes government budget and taxation

  1. no taxation

  2. regressive taxation

  3. progressive taxation

  4. proportional taxation

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Correct Option: C

Which of the following is true about service tax in India?

social science government and taxes types of tax types of taxes government budget and taxation

  1. It was started in 1994-95

  2. Currently its rate is 15%

  3. It is the biggest contributor of Indian GDP

  4. All of the above are true

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Correct Option: D

A tax that takes away a higher proportion of ones income, as the income rises is termed as __________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Progressive Tax

  2. Proportional tax

  3. Regressive tax

  4. Indirect tax

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Correct Option: A

Which of the following taxes are included in price?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Direct tax

  2. Wealth tax

  3. Income tax

  4. Indirect tax

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Correct Option: D