FISCAL SYSTEM MCQS SET 18

FISCAL SYSTEM MCQS SET 18

171) Which of the following is an indirect tax?
A) Corporation Tax
B) Excise Duty
C) Wealth Tax
D) Capital Gains Tax
Answer: Excise Duty

   
172) Customs duties, export duties, corporation taxes, taxes on capital value of assets
(excluding agricultural land of individuals and companies) are:
A) taxes and duties levied by the Centre but collected by the States
B) taxes and duties levied by the Centre but wholly appropriated by the States
C) taxes levied and collected by the Union but shared with the States
D) taxes and duties that accrue wholly to the Union Government
Answer: taxes and duties that accrue wholly to the Union Government

   
173) Which one of the following taxes is levied by the Union and collected and appropriated by
the States?
A) Passenger and Goods Tax
B) Estate Duty
C) Stamp Duties
D) Taxes on Newspapers
Answer: Stamp Duties

   
174) Math the following:
List I       List II
A. Income Tax       1. Levied and collected by the Central Government
B. Corporation       2. Levied and collected Tax by the Central Government and shared with the State Governments
C. Professional       3. Levied by the Central Tax Government but collected and appropriated by the State Governments
D. Stamp Duties      4. Levied and collected by the State Governments
      5. Levied and collected by the local bodies
Below codes are given in A B C D order
A) 1 2 3 4
B) 1 2 3 5
C) 2 1 4 3
D) 2 1 5 3
Answer: 2 1 4 3
 
   
175) Which of the following is not part of state tax?
A) Land revenue
B) Entertainment tax
C) Sales and purchase of newspapers
D) Stamp duty other than financial documents
Answer: Sales and purchase of newspapers


176) VAT is alternate of:
A) state tax
B) central tax
C) both (a) and (b)
D) neither (a) nor (b)
Answer: central tax

   
177) Which of the following is not a direct tax?
A) Tax on income
B) Tax on wealth
C) Tax on expenditure
D) Tax on entertainment
Answer: Tax on entertainment

   
178) In economic terms, which of the following factors determine the 'Individual's demand' of a product/commodity?
A. Price of a commodity
B. Income of the individual
C. Utility and quality of a commodity
A) Only A
B) Only B
C) Only C
D) All A, B, & C
Answer: All A, B, & C

   
179) Share of Direct tax in post economic reform is:
A) increasing
B) decreasing
C) can't say anything
D) fluctuating
Answer: increasing
 
   
180) Many times we see in financial journals/ bulletins a term M3. What is M3?
A) Currency in circulation on a particular day
B) Total value of foreign exchange on a particular day
C) Total value of export credit on a given date
D) None of these
Answer: None of these