ECONOMY MCQS SET 110

ECONOMY MCQS SET 110

1091) Consider the following taxes
1. Corporation tax
2. Customs duty
3. Wealth tax
4. Excise duty
Which of the statements given above is/are indirect taxes?
A) Only 1
B) 2 and 4
C) 1 and 3
D) 2 and 3
Correct Answer: 2 and 4
   
1092) Which one of the following is correctly matched?
A) Expenditure tax : Non progressive tax
B) Reserve funds and deposits : Other liabilities of the Central Government
C) Excise duty : Direct tax
D) None of the above
Correct Answer: Reserve funds and deposits : Other liabilities of the Central Government
   
1093) In the context of governance, consider the following
1. Encouraging foreign direct investment inflows.
2. Privatisation of higher educational institutions.
3. Down-sizing of bureaucracy.
4. Selling/offloading the shares of public sector undertakings.
Which of the above can be used as measures to control the fiscal deficit in India?
A) 1, 2 and 3
B) 2, 3 and 4
C) 1, 2 and 4
D) 2 and 3
Correct Answer: 1, 2 and 3
   
1094) Which one of the following financial instruments has used the LIBOR as a reference rate?
A) Interest rate swaps and inflation swaps
B) Floating rate notes and syndicated loans
C) Variable rate mortgages
D) All of the above
Correct Answer: All of the above
   
1095) Consider the following statements In India, stamp duties on financial transactions are
1. Levied and collected by the State Government.
2. Appropriated by the Union Government.
Which of the statements given above is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Neither 1 nor 2

1096) Which committee recommended abolition of tax rebates under section 88?
A) Chelliah Committee
B) Kelkar Committee
C) Shome Committee
D) None of the above
Correct Answer: Kelkar Committee
   
1097) Which of the following is/are the central sources of revenue?
1. Corporation Tax
2. Foreign loans
3. Reserve Bank of India
4. Post Office Savings Bank
5. Tolls
Choose the right answer from the following codes
A) 1, 3, 4 and 5
B) 1, 2, 3 and 5
C) 1, 2, 3 and 4
D) All of these
Correct Answer: 1, 2, 3 and 4
   
1098) Consider the following statements
1. Service Tax is a part of Central Excise in India.
2. The responsibility of collecting service Tax lies with the Central Board of Excise and Customs.
Which of the statements given above is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Both 1 and 2
   
1099) Which one of the following taxes is impose on the accumulated property of the Hindu Undivided Family?
A) Income Tax
B) Wealth Tax
C) Corporate tax
D) Estate duty
Correct Answer: Wealth Tax
   
1100) Consider the following statements
1. In the last five years, the revenue from the direct taxes constitute more than the half of revenue receipts in India.
2. The Corporation Tax constitutes more than 50% of the Direct Tax revenue source of the Central Government.
Which of the statements given above is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Both 1 and 2