Tag: economics

Questions Related to economics

The difference between revenue expenditure and revenue receipts is ______.

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. revenue deficit

  2. fiscal deficit

  3. budget deficit

  4. primary deficit

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Correct Option: A
Explanation:

Revenue deficit=revenue expenditure & revenue receipts

The major source of revenue for the government is _____.

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. loans

  2. fines

  3. taxes

  4. fees

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Correct Option: C
Explanation:

The individual income tax has been the largest single source of federal revenue since 1950, amounting to 46 percent of the total and 8 percent of gross domestic product (GDP) in 2014.

The term money held by public excludes money held by ________.

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. RBI

  2. Commercial banks

  3. Central Government

  4. All the three

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Correct Option: D

The Union Cabinet approved signing and ratification of tax agreement with which nation?

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. Samoa

  2. Fiji

  3. Palau

  4. Australia

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Correct Option: A

Which of the following panel was appointed to put forward recommendation of GAAR? 

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. Ready panel

  2. P. Shome panel

  3. Rangarajan panel

  4. None of these

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Correct Option: B

_______ is a compulsory contribution from a person to the expenses incurred by the State in common interest of all without reference to specific benefits conferred on any individual. 

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. Tax

  2. Fees

  3. Rates

  4. All of the above

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Correct Option: A

Which committee recommended simplification and rationalization of tax system in India?

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. Chelliah

  2. Boothalingam

  3. Both (a) & (b)

  4. Urjit Patel

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Correct Option: C

As part of Banking Sector Reforms in 1991, Priority Sector was enlarged to include -

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. Software

  2. Venture Capital

  3. Agro-Processing Industries

  4. All of the above

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Correct Option: D

The most important source of public revenue is ____________.

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. taxes

  2. interest

  3. dividend & profit

  4. license fees

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Correct Option: A
Explanation:

Public revenue is all the revenue receipts of the government. These revenue receipts consists of taxes, interest on loans etc. Majority of the revenue collected by the government is in the forms of taxes i.e. both direct taxes (income tax, wealth tax, property tax) and indirect taxes (GST, service tax). These taxes give revenue in huge quantity and hence it becomes the most important source of public revenue.

The income of the government through all its sources is called ____________.

economics public finance and budget black money and tax evasion meaning of tax direct taxes

  1. public expenditure

  2. public revenue

  3. public finance

  4. none of the above

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Correct Option: B