MCQ 11 MarkWhich of the following taxes is subsumed by $\text{GST }?$AIncome TaxBGift TaxCWealth Tax✓Service TaxAnswerCorrect option: D. Service TaxView full question & answer→
MCQ 21 MarkWhich of the following concepts of deficit does not have policy importance in India?ARevenue deficitBBudgetary deficitCFiscal deficit✓Primary deficitAnswerCorrect option: D. Primary deficitView full question & answer→
MCQ 31 MarkUpon whose recommendations do the States get a share from revenues of the Centre ?APlanning Commission✓Finance CommissionC$\text{NITI}$ AyogDCentral governmentAnswerCorrect option: B. Finance CommissionView full question & answer→
MCQ 41 MarkWhat does the government do with its expenditure during Inflation ?A Keeps it stable✓ Reduces itC Increases itDMakes it zeroAnswerCorrect option: B. Reduces itView full question & answer→
MCQ 51 MarkEducation is the responsibility of which government ?✓ Central GovernmentB State GovernmentC Local governmentD Joint responsibility of Central & StateAnswerCorrect option: A. Central GovernmentView full question & answer→
MCQ 61 MarkWho of the following favored the concept of Balanced Budget ?✓ Adam SmithB MarshallC KeynesD HicksAnswerCorrect option: A. Adam SmithView full question & answer→
MCQ 71 MarkWhat is meant by a 'Panchayat' ?A An assembly of $5$ persons✓ An assemble of peopleC An assembly of $500$ peopleD An assembly of $5$ VillagesAnswerCorrect option: B. An assemble of peopleView full question & answer→
MCQ 81 MarkHow many tires of government are mentioned in Indian constitution ?A One tireB Two tire✓ Three tireD Zero tireAnswerCorrect option: C. Three tireView full question & answer→
MCQ 91 MarkWhose permission is to be taken by the government in democratic country ?✓ Representative of the Elected membersB Planning commissionC Finance ministryD Supreme Court AnswerCorrect option: A. Representative of the Elected membersView full question & answer→
MCQ 101 MarkWho has the right to collect Excise duty $\&$ Octroi in India ?A State govt.✓ Central govt.C Local self govt. instituteD CombinedAnswerCorrect option: B. Central govt.View full question & answer→
MCQ 111 MarkFrom the following which country has inseparable financial body ?✓ IndiaB BritainC FranceD ChinaAnswerCorrect option: A. IndiaView full question & answer→
MCQ 121 MarkWhen is surplus budget inevitable ?✓ In extreme InflationB In depressionC In inflationary pressureD In developmentAnswerCorrect option: A. In extreme InflationView full question & answer→
MCQ 131 MarkFrom the following which constituent is directly connected to the citizens ?A Central govt.B State govt✓ Local Self govt InstituteD Union territoryAnswerCorrect option: C. Local Self govt InstituteView full question & answer→
MCQ 141 MarkWhat is the important source of income for Gram Panchayat ?A Entertainment taxB Octroi✓ land$-$Property taxD Grant$-$in$-$AidAnswerCorrect option: C. land$-$Property taxView full question & answer→
MCQ 151 MarkWhich type of deficit is called deficit supplement ?A Revenue deficit✓ Budgetary deficitC Fiscal deficitD Primary deficitAnswerCorrect option: B. Budgetary deficitView full question & answer→
MCQ 161 MarkIn terms of economy which concept of deficit is very important ?A PrimaryB Budgetary✓ FiscalD RevenueAnswerCorrect option: C. FiscalView full question & answer→
MCQ 171 MarkWhich is the basic unit of local self government organization✓ Gram PanchayatB Taluka PanchayatC District PanchayatD State development committeeAnswerCorrect option: A. Gram PanchayatView full question & answer→
MCQ 181 MarkWhat type of Budget is it when Estimated Income is more than Estimated Expenditure ?A Deficit✓ SurplusC BalancedD ZeroAnswerCorrect option: B. SurplusView full question & answer→
MCQ 191 MarkWhich deficit is obtained if payment of interest is deducted from Fiscal deficit ?A Revenue deficitB Capital deficit✓ Primary deficitD Budgetary deficitAnswerCorrect option: C. Primary deficitView full question & answer→
MCQ 201 MarkFiscal deficit $= .........$ATotal income $–$ total expenditureBTotal expenditure $–$ total incomeCTotal expenditure $–$ total income $($Including market borrowings$)$✓Total expenditure $–$ total income $($Excluding market borrowings$)$AnswerCorrect option: D. Total expenditure $–$ total income $($Excluding market borrowings$)$View full question & answer→
MCQ 211 MarkDuring budgetary deficit when the state government borrows more from the central government it is calledALoanBBorrowing✓OverdraftDAll of theseAnswerCorrect option: C. OverdraftView full question & answer→
MCQ 221 MarkThe central government incurs deficit financing to meet deficit.✓BudgetaryBRevenueCFiscalDPrimaryAnswerCorrect option: A. BudgetaryView full question & answer→
MCQ 231 MarkTotal expenditure on revenue account $>$ total receipts $= .........$ABudgetary deficitBPrimary deficitCFiscal deficit✓Revenue deficitAnswerCorrect option: D. Revenue deficitView full question & answer→
MCQ 241 MarkHow many types of budget deficits are there?A$2$B$3$✓$4$D$6$AnswerCorrect option: C. $4$View full question & answer→
MCQ 251 MarkThe states provide finance to the Panchayats as per the recommendation of $.........$ACentral governmentBNiti Aayog✓State Finance CommissionsDCentral ReserveAnswerCorrect option: C. State Finance CommissionsView full question & answer→
MCQ 261 MarkGrants received from state government and borrowed capitals are recorded in $.........$ADebit side of capital account✓Credit side of capital accountCDebit side of current accountDCredit side of current accountAnswerCorrect option: B. Credit side of capital accountView full question & answer→
MCQ 271 Mark$.........$ is a part of credit side of current account of Municipal Corporation.AOctroiBEducation lessCProperty tax✓All of theseAnswerCorrect option: D. All of theseView full question & answer→
MCQ 281 MarkWhich is a non$-$developmental expenditure?ARepayment of loansBCapital expenditure on social serviceCAdvances to local✓Both $(A)$ and $(C)$AnswerCorrect option: D. Both $(A)$ and $(C)$View full question & answer→
MCQ 291 MarkWhich of the following is recorded on the credit side of current account?ALand revenueBInternal debtCState excise✓Both $(A)$ and $(C)$AnswerCorrect option: D. Both $(A)$ and $(C)$View full question & answer→
MCQ 301 MarkSince $.........$ the expenditure of central government is classified into plan and non-plan expenditures.A$1991$B$2001$✓$2016$D$2013$AnswerCorrect option: C. $2016$View full question & answer→
MCQ 311 MarkWhich of the following is recorded as expenditure in the current account of union budget?ANon$-$plan grantsBAssistance given to union territoriesCSubsidies✓Both $(A)$ and $(C)$AnswerCorrect option: D. Both $(A)$ and $(C)$View full question & answer→
MCQ 321 MarkWhich of the following is recorded is the income side of the capital account , of central government?ARevenue from direct taxesBAssistance received from abroadCInterest income✓None of theseAnswerCorrect option: D. None of theseView full question & answer→
MCQ 331 MarkThe union budget is presented in the Lok Sabha in $.........$AFirst week of MarchBFirst week of April✓Last week of FebruaryDLast week of JanuaryAnswerCorrect option: C. Last week of FebruaryView full question & answer→
MCQ 341 MarkThe Indian budget is effective between $.........$ADiwali to next Diwali✓$1^{st}$ April to $31^{st}$ MarchC$1^{st}$ January to $31^{st}$ DecemberD$1^{st}$ March to $31^{st}$ April of next yearAnswerCorrect option: B. $1^{st}$ April to $31^{st}$ MarchView full question & answer→
MCQ 351 MarkHow many accounts are there on the debit side of the budget?A$1$✓$2$C$3$D$4$AnswerCorrect option: B. $2$View full question & answer→
MCQ 361 MarkBorrowings from the market are recorded in $.........$ARevenue incomeBCurrent expenditure✓Capital incomeDCapital expenditureAnswerCorrect option: C. Capital incomeView full question & answer→
MCQ 371 MarkThe credit side of the budget records $.........$ACurrent incomeBRevenue expenditureCCapital income✓Both $(A)$ and $(C)$AnswerCorrect option: D. Both $(A)$ and $(C)$View full question & answer→
MCQ 381 MarkWhich of the following is a demerit of deficit budget?AIt shows that the governments do not have control on expenditures.BGovernments borrow more and increase debts.CPeople are made to pay more taxes to enhance government incomes.✓Both $(A)$ and $(B)$AnswerCorrect option: D. Both $(A)$ and $(B)$View full question & answer→
MCQ 391 MarkIn reality, most governments do not have $.........$ budgets.✓SurplusBUnbalancedCDeficitDBalancedAnswerCorrect option: A. SurplusView full question & answer→
MCQ 401 MarkIn present times, government budgets are mostly budgets.ASurplus✓DeficitCBalancedDUnbalancedAnswerCorrect option: B. DeficitView full question & answer→
MCQ 411 MarkOne of the merits of the balanced budgets is that✓It ensures financial stabilityBPromotes development and welfare activitiesCIt is useful in times of inflationDBoth $(B)$ and $(C)$AnswerCorrect option: A. It ensures financial stabilityView full question & answer→
MCQ 421 MarkWhich budget practically does not exist?ADeficit budgetBUnbalanced budgeCSurplus budget✓Balanced budgetAnswerCorrect option: D. Balanced budgetView full question & answer→
MCQ 431 MarkWhich of the following is a form of unbalanced budget?ADeficit budgetBPrimary budgetCSurplus budge✓Both $(A)$ and $(C)$AnswerCorrect option: D. Both $(A)$ and $(C)$View full question & answer→
MCQ 441 MarkBasically, a budget is of $.........$ types.AOnly $1$✓$2$C$4$D$5$AnswerCorrect option: B. $2$View full question & answer→
MCQ 451 MarkWhich of the following is not the purpose of a budget?ATo get an idea regarding available resources and areas that require expensesBProvide direction for allocating resources✓For knowledge of the governmentDFor obtaining approval of the body of elected representativesAnswerCorrect option: C. For knowledge of the governmentView full question & answer→
MCQ 461 Mark$.........$ can declare a budget.AFinance minister of countryBHead of the governing body✓Finance minister of stateDAll of theseAnswerCorrect option: C. Finance minister of stateView full question & answer→
MCQ 471 MarkWhich of the following is not a responsibility of the state?ACensusBLaw and orderCForests✓SanitationAnswerCorrect option: D. SanitationView full question & answer→
MCQ 481 MarkWhich of the following is not a responsibility of the central government?✓Foreign affairBCensusCRailwaysDPublic healthAnswerCorrect option: A. Foreign affairView full question & answer→
MCQ 491 MarkIn a democracy, the government needs to take an approval from $.........$ for undertaking activities, incur expenses and raise incomes.AThe President✓The elected representativesCThe Prime MinisterDBoth $(A)$ and $(C)$AnswerCorrect option: B. The elected representativesView full question & answer→
MCQ 501 MarkPlanning commission is now replaced byANiti Shashtra✓Niti AayogCGadh NitiDNiti TantraAnswerCorrect option: B. Niti AayogView full question & answer→