Budget is placed before:

1. Lok Sabha.
2. Rajya Sabha.
3. Both Lok Sabha and Rajya Sabha.
4. Parliament.

________ taxes do not depend on the level of income.

1. Direct
2. Indirect
3. Progressive
4. Lumpsum

Find direct tax among the following taxes:

1. Personal income tax.
2. Excise duty.
3. Sales tax.
4. Service tax.

High___________ gives a warning to the government either to cut its expenditure or increase its tax receipts.

1. budget
2. revenue deficit
3. primary deficit
4. fiscal deficit

Among the following types of taxes, find the indirect one

1. Gift tax.
2. Corporate income tax.
3. VAT.
4. Wealth tax.

Which objective of government budget increases equality in the society?

1. Re-distribution of income and wealth.
2. Economic stability.
3. Allocation of resources.
4. Economic growth.

In a government budget, revenue deficit is 50,000 crore and borrowings are ₹ 75,000 crore. How much is the fiscal deficit?

1. 50000 crore.
2. 75000 crore.
3. 25000 crore.
4. 25000 crore.

Direct tax is called direct because it is collected directly from: (Choose the correct)

1. The producers on goods produced.
2. The sellers on goods sold.
3. The buyers of goods.
4. The income earners.

A Government budget is prepared for a fiscal year running from:

1. 1st January to 31st December.
2. 1st April to 31st December.
3. 1st April to 31st March.
4. 1st January to 30th April.

________ increases the liability of the government.

1. Capital receipts
2. Capital expenditure
3. evenue receipts
4. Revenue expenditure