Top 150+ Solved Public Finance MCQ Questions Answer
Q. The main source of revenue of federal government is:
a. property taxes
b. token taxes
c. customs duties
d. sales tax
Q. Who establishes the Finance Commission in India?
a. president
b. finance minister
c. parliament
d. governor of reserve bank of india
Q. Which of the following statements is not correct?
a. the first finance commission was constituted in 1951
b. chairman of the first finance commission was mr. santhanam
c. the chairman of the 12th finance commission was rangarajan
d. b and c
Q. Recommendations of first Finance Commission covered which of the following periods?
a. 1951-56
b. 952-57
c. 1953-58
d. 1954-59
Q. Who was the Chairman of the Seventh Finance Commission of India?
a. j. m. shelat
b. n. k. singh
c. n. k. singh
d. n. k. singh
Q. Horizontal equity incorporates the notion that
a. those earnings higher incomes should pay more in taxes
b. those earnings equal incomes should pay same in taxes
c. taxes paid should be unassociated with income levels
d. there should be no excess burden created by a tax
Q. Interim budget is also known as....
a. mini budget
b. vote on account
c. both a and b
d. none of these
Q. What is the biggest source of Income for the Central Government in the Union Budget 2020-21?
a. goods and services tax
b. corporation tax
c. income tax
d. borrowings and other liabilities
Q. Which of the following is not the rate of tax slab in the Union Budget 2020-21?
a. 10%
b. 15%
c. 25%
d. 40%