Tag: social science

Questions Related to social science

The most important source of revenue to the states is _______.

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

  1. sales tax

  2. service tax

  3. excise duty

  4. none of the above

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Correct Option: A
Explanation:

Sales tax is the tax on sale of goods and is influenced by the value added tax system.

_________ is an example of direct tax.

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

  1. Excise duty

  2. Wealth tax

  3. Sales tax

  4. Gifts

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Correct Option: B
Explanation:

Wealth tax is an example of direct tax since the burden of tax cannot be transferred to different person. Wealth tax refers to the tax levied on personal capital.

When tax is charged on the basis of value of the goods being taxed it is called __________.

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

  1. Ad valorem taxes

  2. CENVAT

  3. tariff value

  4. regressive tax

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Correct Option: A

Which of the following is NOT true about indirect tax?

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

  1. Wealth tax is direct tax

  2. It is imposed by the central government but collected by the state government and handed over to central govt.

  3. In the budget of 2016-17, income tax collection was more than non tax revenue

  4. In the budget of 2016-17, income tax collection was 14% of total revenue of the central government

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Correct Option: B

Who of the following was appointed as the Additional Secretary in the Goods and Services Tax (GST) Council?

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

  1. C.K Asnani

  2. Arun Goyal

  3. Monika Kapil Mohta

  4. Mukund Choudha

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Correct Option: B

Which of the following tax is imposed by the central government but collected and kept by the state governments? 

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

  1. Excise duty

  2. Custom duty

  3. Stamp duty

  4. Wealth tax

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Correct Option: C

The practice of RBI lending to government through ad hoc treasury bills is _______.

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

  1. currently is vogue

  2. abolished

  3. will soon be abolished

  4. none of above

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Correct Option: B

Which of the following are direct taxes?
I. Income tax
II. Goods & Service Tax
III. Gift Tax
IV. Custom Duty

 V. Wealth tax. 

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

  1. II, IV &V only

  2. I only

  3. I & III only

  4. I, III &V only

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Correct Option: D

GDP at factor cost = ___________.

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

  1. GDP at market price + Subsidies

  2. GDP at market price + Subsidies - Indirect tax

  3. GDP at market price - Subsidies - Indirect tax

  4. GDP at market price + Subsidies + Indirect tax

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Correct Option: B

Which of the following equation is correct?

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

  1. Value at Factor Cost + Indirect Tax - Subsidies = Value at market prices

  2. Value at Factor Cost - Indirect Tax - Subsidies = Value at market prices

  3. Value at Factor Cost + Indirect Tax + Subsidies = Value at market prices

  4. Value at Factor Cost - Indirect Tax + Subsidies = Value at market prices

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Correct Option: A