ECONOMY MCQS SET 116

ECONOMY MCQS SET 116

1151) Consider the following statements about the Direct Tax Codes
1.The exemption limit for the senior citizens will be higher.
2. The tax imposed on women will be eliminated altogether to bring gender equality in our society.
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: Only 1
   
1152) Consider the following important sources of tax revenue for the central government.
1. Corporation tax
2. Taxes on income other than corporation tax.
3. Customs
4. Consumer price Index for urban Non manual employees.
Which of the above indices is/are compiled by Central Statistical Organisation (CSO)?
A) 3 and 4
B) 1, 2 and 3
C) Only 4
D) 1, 2, 3 and 4
Correct Answer: 1, 2 and 3
   
1153) Which of the following method is not used in determining National income of a country?
A) Income Method
B) Output Method
C) Input Method
D) Investment Method
Correct Answer: Investment Method   
 
1154) The controlling authority of government expenditure is the
A) RBI
B) Planning Commission
C) Finance Ministry
D) Finance Commission
Correct Answer: Finance Ministry   
 
1155) Match the following
Finance Commission      Chairman
A. First       1. C Rangarajan
B. Fifth       2. NKP Salve
C. Seventh       3. KC Neogy
D. Ninth       4. Mahavir Tyagi
E. Twelfth       5. JM Shelat
Below the codes are given in A B C D E order
A) 3 4 5 2 1
B) 2 3 1 4 5
C) 5 4 3 2 1
D) 1 2 3 4 5
Correct Answer: 3 4 5 2 1
 
1156) The Pension Fund Regulatory and Development Authority (PFRDA) has introduced changes in the new pension scheme. Which of the following is/are part of the new pension scheme?
1. The investors are allowed to opt for deferred withdrawal of their money at the time of exit, as against the current practice of phased withdrawal.
2. Subscribers can defer or time the entire lump sum withdrawal maximum of 60% at the time of exit from NPS.
3. No fresh contributions will be accepted and also no partial withdrawals will be allowed during such a period of deferment.
Select the correct answer using the codes given below
A) Only 1
B) Only 2
C) 2 and 3
D) All of these
Correct Answer: All of these   
 
1157) Which one of the following statement is incorrect?
A) India is the third largest importer of the defence equipments
B) India meets more than 50% of its requirement at the defence equipments through imports.
C) Defence budget of 2015 16 accounts for less than 2% of GDP.
D) Certain financial powers are delegated to the vice-Chief of Army staff for campital acquisitions.
Correct Answer: India is the third largest importer of the defence equipments   
 
1158) Which one of the following is the major source at Gross Tax Revenue (GTR) for the Government at India?
A) Income Tax
B) Corporation Tax
C) Custom Duty
D) Service Tax
Correct Answer: Corporation Tax
   
1159) Which one of the following represents a progressive tax structure?
A) Tax rate is the same across all incomes
B) Tax rate increases as income increases
C) Tax rate decreases as Income increases
D) Each household pays equal amount of tax
Correct Answer: Tax rate increases as income increases   
 
1160) A decrease in tax to GDP ratio of a country indicates which of the following?
1. Slowing economic growth rate.
2. Less equitable distribution of national chrome.
Select the correct answer using the codes given below.
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Only 1