Top 150+ Solved Fiscal System of India MCQ Questions Answer
Q. Since 1951, in India:
a. national income has increased but per capita income has decreased
b. national and per capita incomes have both increased fast
c. national income has increased and per capita income has also increased but at a slower rate
d. national income and per capita income have increased every year
Q. Once the demands for grants and expenditure of different departments are passed by the Parliament, a bill to draw money from Consolidated Fund India for these purposes is introduced. This bill is called:
a. finance bill
b. money bill
c. appropriation bill
d. credit budget bill
Q. By which bill does the government make arrangement for the collection of revenues for a year?
a. Supplementary Budget
b. Finance Bill
c. Fiscal Budget
d. Economic Bill
Q. Grants or advances made by the House to enable the government to carry on until thevoting of the demands for grants and passing of the General Appropriation Bill is called:
a. vote on account
b. complementary budget
c. supplementary budget
d. contingency budget
Q. On account of some national emergency or in order to carry out some secret mission, the government sometimes requires funds but may not give the details of the expenditure estimates. The House grants some lumpsum for this called :
a. emergency budget
b. vote of Credit
c. contingency bill
d. supplementary budget
Q. Consider the following statements: (A) In India since independence the share of the primary sector has been declining while the shares. of the secondary and tertiary sectors have been increasing (B) This trend shows that Indian economy is passing through the transition from an agricultural to an industrial economy While one of the following is correct?
a. both A and Bare correct
b. both A and Bare wrong
c. A is correct, B is wrong
d. A is wrong, B is correct
Q. Which of the following is wrongly matched?
a. Cess-a compulsory levy collected by the government for a particular purpose from all persons
b. Rate-a compulsory levy collected by the government from the beneficiaries of particular schemes
c. Corporation tax-levied by corporations for civic amenities
d. Proportional tax-a tax levied at the same time at all levels of the base
Q. The basic attribute of a formal organization is : [CPO AC 2003]
a. esteem and prestige
b. roles and duties
c. dominance and supremacy
d. rules and regulations
Q. If the price of an inferior good falls, its demand: [CPO SI 2003]
a. rises
b. falls
c. remains constant
d. can be any of the above
Q. The existence of a Parallel Economy or Black Money: [CPO SI 2003]
a. makes the economy more competitive
b. makes the monetary policies less effective
c. ensures a better distribution of income and wealth
d. ensures increasing productive investment
Q. Put the main sources of revenue of the Central Government in ascending order ofimportance: 1. Income tax 2. Corporation tax 3. Customs 4. Excise duties
a. 1, 2, 3, 4
b. 3, 2, 4, 1
c. 4, 3, 1, 2
d. 4, 3, 2, 1
Q. The highest sector wise contribution to gross domestic saving comes from:
a. private corporate sector
b. household sector
c. public sector
d. cooperative sector
Q. An amount given by a government agency or even private body to encourage aparticular economic activity is a :
a. grant
b. loan
c. subsidy
d. mutual fund