Tag: government and taxes

Questions Related to government and taxes

Who of the following was appointed as the Additional Secretary in the Goods and Services Tax (GST) Council?

social science government and taxes types of tax types of taxes government budget and taxation

  1. C.K Asnani

  2. Arun Goyal

  3. Monika Kapil Mohta

  4. Mukund Choudha

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Correct Option: B

Which of the following tax is imposed by the central government but collected and kept by the state governments? 

social science government and taxes types of tax types of taxes government budget and taxation

  1. Excise duty

  2. Custom duty

  3. Stamp duty

  4. Wealth tax

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Correct Option: C

The practice of RBI lending to government through ad hoc treasury bills is _______.

social science government and taxes types of tax types of taxes government budget and taxation

  1. currently is vogue

  2. abolished

  3. will soon be abolished

  4. none of above

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Correct Option: B

Which of the following are direct taxes?
I. Income tax
II. Goods & Service Tax
III. Gift Tax
IV. Custom Duty

 V. Wealth tax. 

social science government and taxes types of tax types of taxes government budget and taxation

  1. II, IV &V only

  2. I only

  3. I & III only

  4. I, III &V only

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Correct Option: D

GDP at factor cost = ___________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. GDP at market price + Subsidies

  2. GDP at market price + Subsidies - Indirect tax

  3. GDP at market price - Subsidies - Indirect tax

  4. GDP at market price + Subsidies + Indirect tax

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Correct Option: B

Which of the following equation is correct?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Value at Factor Cost + Indirect Tax - Subsidies = Value at market prices

  2. Value at Factor Cost - Indirect Tax - Subsidies = Value at market prices

  3. Value at Factor Cost + Indirect Tax + Subsidies = Value at market prices

  4. Value at Factor Cost - Indirect Tax + Subsidies = Value at market prices

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Correct Option: A

Excise Duty, Customs Duty, Service Tax, Sales Tax, Purchase Tax, Entry Tax, etc. are examples of ______________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. direct taxes

  2. indirect taxes

  3. both (a) and (b)

  4. neither (a) nor (b)

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Correct Option: B

In which year Income Tax was first introduced ________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. 1860

  2. 1873

  3. 1948

  4. 1950

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Correct Option: A

Income Tax is an example of ____________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. direct tax

  2. indirect tax

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: A

Which of the following is a Direct Tax?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Property Tax

  2. Income Tax

  3. Sales Tax

  4. Custom Duty

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Correct Option: B