FISCAL SYSTEM MCQS SET 19

FISCAL SYSTEM MCQS SET 19

181) 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 is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Answer: Neither 1 nor 2

   
182) In India, the service tax was first introduced in the year:
A) 1998
B) 1996
C) 1994
D) 1992
Answer: 1994
 
   
183) In gross domestic saving by sector of origin, the four sectors in order of importance are:
A) Household Sector, Public Enterprises, Government Sector, Corporate Sector
B) Household Sector, Corporate Sector, Government Sector, Public Enterprises
C) Government Sector, Household Sector, Public Enterprises, Corporate Sector
D) Household Sector, Government Sector, Public Enterprises, Corporate Sector
Answer: Household Sector, Corporate Sector, Government Sector, Public Enterprises

   
184) The main reason for low growth rate in India, in spite of high rate of savings and capital
formation is:
A) high birth rate
B) low level of foreign aid
C) low capital/output ratio
D) high capital/output ratio
Answer: low capital/output ratio

   
185) Which among the following sectors received the largest Central plan outlay in the last few
Central Government annual budgets?
A) Energy
B) Agriculture and allied activities
C) Social Services
D) Communication
Answer: Energy
 

186) After the initiation of economic reforms in 1991 92 the percentage share of :
A) direct taxes increased and that of indirect taxes decreased in gross tax revenue
B) Both direct and indirect taxes increased in gross tax revenue
C) both direct and indirect taxes decreased in gross tax revenue
D) direct taxes decreased and that of indirect taxes increased in gross tax revenue
Answer: Both direct and indirect taxes increased in gross tax revenue

   
187) Which of the following statements about indirect taxes in India is/are true?
1. Yield from indirect taxes is much more than that from direct taxes
2. Indirect taxes have grown faster than direct taxes since independence
3. Indirect taxes are ultimately paid for by persons who do not actually pay the taxes to the Government
4. Increase in indirect taxes is a welcome feature in a developing country
A) 1,2 and 4
B) 1 and 2
C) 2 only
D) 1, 2 and 3
Answer: 1, 2 and 3

   
188) Which of the following is not an indirect tax?
A) Customs duties
B) Land revenue
C) Entertainment tax
D) Sales tax
Answer: Land revenue

   
189) Which of the following is not a direct tax?
A) Estate tax
B) Corporation tax
C) Sales tax
D) Wealth tax
Answer: Sales tax
 
   
190) All taxes come under:
A) revenue receipts
B) capital receipts
C) public debt
D) both (a) and (b)
Answer: revenue receipts