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Indian Economy – Test Set 13 (Fiscal System of India)

1. Which is the best measure of economic growth of a country ?
(a) GNP
(b) GDP
(c) Net revenue
(d) None of these

Ans: (a)




2. A tax Which is paid by the person on whom the tax is incident is called a :
(a) local tax
(b) indirect tax
(c) direct tax
(d) rate

Ans: (c)

3. Rate of growth of an economy is measured in terms of:
(a) per capita income
(b) industrial development
(c) number of people who have been lifted above the poverty line
(d) national income

Ans: (d)

4. The standard of living in a country is represented by its:
(a) national income
(b) per capita income
(c) poverty ratio
(d) unemployment rate

Ans: (b)

5. Temporary tax levied to obtain additional revenue is called:
(a) cess
(b) rate
(c) fee
(d) surcharge

Ans: (d)




6. 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

Ans: (c)

7. Which of the following expenses do not require the sanction of Parliament?
I. Salary and allowances of the President and CAG

II. Debt charges of the Government
III. Defence expenditure
IV. Maintenance expenditure of embassies
(a) I, II, III, IV
(b) I, II, III
(c) I, II
(d) II, IV

Ans: (c)

8. 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

Ans: (c)




9. 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

Ans: (b)

10. Grants or advances made by the House to enable the government to carry on until the
voting 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

Ans: (a)

 

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