Tag: civics

Questions Related to civics

From the following information calculate interest coverage ratio: Profit after Tax Rs. 2,70,000; Tax Rs. 30,000; Interest on long term funds Rs.50,000

meaning and importance of taxes government and taxes tax civics economics

  1. 5 times

  2. 8 times

  3. 7 times

  4. 5.5 times

Show answer
Correct Option: C
Explanation:

Interest coverage ratio is given by =EBIT/Interest Expense

Therefore in this case EBIT= 270000+30000+50000=350000
Interest expenses= 50000
Interest coverage ratio will be 7 times

$NDP _{MP}$ - Indirect Taxes+ Subsides =

meaning and importance of taxes government and taxes tax civics economics

  1. $NNP _{MP}$

  2. $NDP _{FC}$

  3. $NNP _{FC}$

  4. None of the above

Show answer
Correct Option: B
Explanation:

NDPMP is defined as the market value of final goods and services produced in the domestic territory of a country by its residents and non residents in an accounting year less depreciation. NDPMP= GDPMP-Depreciation

NNPFC= NDPMP-Indirect taxes+Subsidies
NNPFC is defined by total factor incomes earned by the factors of production.

MODVAT is:

meaning and importance of taxes government and taxes tax civics economics

  1. Modern Value Added Tax

  2. Modified Value Added Tax

  3. Monopoly Value Added Tax

  4. Method of Deduction of VAT

Show answer
Correct Option: B
Explanation:

MODVAT (modified value added tax) was introduced in India in 1986. MODVAT was re-named as CENVAT. The system was termed as MODVAT, as it was restricted upto manufacturing stage and credit of only excise duty paid on manufacturing products (and corresponding CVD paid on imported goods) was available.

The following section/s of the Indian Income Tax govern the receipt of income by way of dividend by companies

meaning and importance of taxes government and taxes tax civics economics

  1. SEc 80k

  2. Sec. 80M

  3. Sec. 80N

  4. All of the above

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Correct Option: D

If final good attracts an excise duty of Rs. 8000 and Rs. 1000 has already been paid on inputs then the firm will pay the Rs. 7,000 towards excise duty. It is paying tax according to________.

meaning and importance of taxes government and taxes tax civics economics

  1. VAT

  2. CENVAT

  3. MODVAT

  4. None of the above

Show answer
Correct Option: B
Explanation:

Under CENVAT scheme the credit of the excise duty/additional duty of customs paid on inputs and capital goods and service tax paid on input services allowed to be utilized for the payment of the excise duty on the final products or service tax on output services in order to avoid cascading effect of the duty/tax. 

We need to _________ each others feelings.

civics understanding our relations family, their types and inheritance family and society the family and society family values family values and its importance

  1. Misunderstand

  2. Understand

  3. Misinterpret

  4. Misconceive

Show answer
Correct Option: B
Explanation:

In a family, it is very important that members should understand each other feelings and respect those feelings. The family should be formed by trust, love and mutual understanding.

The word family tree indicates that many generations spread out and grow just like the many branches of the tree.

civics understanding our relations family, their types and inheritance family and society the family and society family values family values and its importance

  1. True

  2. False

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Correct Option: A
Explanation:

Family tree is a diagram or representation showing the relationship between people in many generations of a family. It helps us relating ourselves from any person from our family. It is a historical data.

When you talk about resemblances, you are taking about people or things that look alike in same way.

civics understanding our relations family, their types and inheritance family and society the family and society

  1. True

  2. False

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Correct Option: A

"A man is born free and everywhere he chains" Whose words are these ?

civics understanding our relations family, their types and inheritance family and society the family and society family values family values and its importance

  1. Rousseau

  2. Austin

  3. Plato

  4. Hegel

Show answer
Correct Option: A
Explanation:

Jean Jacques Rousseau wrote the quote "A man is born free but everywhere he is in chains". Rousseau was a influential philosopher, writer and composer of eighteen century Europe. In his quote Rousseau tries to state that all humans are born with equal rights but some are deprived of these rights and enslaved by the chains of compulsion force. The chains of slavery, poverty, class, sect are the indicators that man is enslaved at some level.

Joint family came into being in ______.

civics understanding our relations family, their types and inheritance family and society the family and society family values family values and its importance

  1. Industrial society

  2. Agricultural society

  3. Modern society

  4. Feudal society

Show answer
Correct Option: D
Explanation:
In Feudalism Lands were exchanged with services. Lands were granted to peasants as long as they provide services. Peasants used to work hard on small plots granted to them by the land Lords and they remained in possession of land as long as they provided services. It led to the gathering of Families of a holder to live and serve together. They were known as serfs (slaves) and were allowed very little mobility. 
While a small family and nuclear family came into being in Modern society which is basically marked by Industrialisation.