Tag: government budget and taxation

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Questions Related to government budget and taxation

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Which of these is major component of external debt?

  1. Short term debt

  2. Long term debt

  3. Commercial borrowings

  4. NRI deposits
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

External debt is the portion of a country's debt that was borrowed from foreign lenders, including commercial banks, governments, or international financial institutions. These loans, including interest, must usually be paid in the currency in which the loan was made.

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

The word budget is derived from the ___________ word 'bougette'.

  1. Latin

  2. German

  3. French

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The word budget is derived from a french word 'bougette' which means 'little bag' from where the budget concept was derived and after years of development the budget for every single country was started getting prepared. 

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Budget is a/an _____________ statement of expenditure and revenue of the government prepared by the financial authority of the country.

  1. annual

  2. semi-annual

  3. quarterly

  4. monthly
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. Budget is usually prepared annually keeping in mind the financial year. 
Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

____________ of the Constitution of India, requires the central government to prepare the 'Annual Financial Statement' of the country.

  1. Article 172

  2. Article 116

  3. Article 112

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to Article 112 of the Constitution of India, the central government has to prepare the annual financial statement of the country following the standard format and mentioning the required details adhering to the budget of the country. 

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Which of the following are the constituents of the budget in India?

  1. Annual statement of accounts for the current year.

  2. Annual statement of accounts for the preceding year.

  3. Estimates of revenue and expenditure for the current year.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. In India, budget is prepared for three consecutive years: preceding year, current year and estimated budget of the upcoming year. 
Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Budget period is the __________.

  1. Period of budget committee

  2. Period of budget centers

  3. Period for which a budget is prepared

  4. Period of budget officer
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A budget period is the specific timeframe for which a budget is prepared, approved, and implemented, typically aligning with a fiscal year or a specific project duration.

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

The ultimate responsibility of framing and executing economic policies is that of ________.

  1. govt

  2. RBI

  3. state govt

  4. none of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Economic policies refers to those policies which are required for efficient functioning of an economy in proper law and order. These policies are framed and implemented by the government of the country in order to run the economy effectively. Therefore, the ultimate responsibility of framing and executing economic policies is that of the government of the country. 

Multiple choice legal studies government and taxes types of tax types of taxes government budget and taxation

The salary/emoluments of which of the following is exempted from income tax?

  1. The President

  2. The Chief Justice of India

  3. The Election Commissioner

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The President is the first citizen of the country and also the highest official. The salary and emoluments is decided by the President's (Emoluments and) Pensions Act, $1951$ which was amended recently where the President's salary was hiked to five lakhs and is tax free.