Tag: meaning and scope of public finance

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Questions Related to meaning and scope of public finance

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Which of the following s the benefit of adopting a social security system?

  1. Annual bonus

  2. Non financial incentives

  3. Old age pension

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

A social security system is designed to provide financial protection to individuals against risks like old age, disability, or unemployment. Old age pension is a classic example of such a benefit.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

The term public means ________.

  1. household, firm and local authorities

  2. non-Banking Financial Institution, Non-Departmental PSU

  3. reserve of foreign banks, Government and International Monetary fund

  4. all the three
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In the context of public finance and macroeconomics, the term 'public' is broad and encompasses the government, various public sector entities, and institutions that operate within the public sphere.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Which of these activity is not included in service sector?

  1. Tourism services.

  2. Education services.

  3. Mining services.

  4. Health and social welfare services.
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Mining is classified under the industrial sector (specifically the primary sector), whereas tourism, education, and health are categorized as service sector activities.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

On June $4, 2017$, which State Government launched single-woman pension scheme across the state, thereby becoming the first state in India to launch such scheme?

  1. Telangana

  2. Andhra Pradesh

  3. Punjab

  4. Haryana
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Telangana launched the 'Aasara' pension scheme, which included a specific category for single women, making it the first state in India to implement such a targeted social security measure in 2017.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

With reference to the Finance Commission of India, which of the following statements is correct?

  1. It encourages the inflow of foreign capital for infrastructure development

  2. It facilitates the proper distribution of finance among the public sector undertakings

  3. It ensures transparency in financial administration

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

The Finance Commission's primary constitutional mandate is to recommend the distribution of net tax proceeds between the Union and the States, and among the States themselves. None of the specific options provided (A, B, C) accurately describe its primary constitutional function.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Deficit financing involves ________.

  1. borrowings from India

  2. printing of more currency

  3. none of the above

  4. both (a) & (b) above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Deficit financing involves both borrowing from domestic sources including the RBI and printing additional currency to meet government expenditure when revenue falls short. Both methods increase money supply in the economy.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Fiscal responsibility and budget management Act aims at reducing gross fiscal deficit by _______ $\%$ of GDP in each financial year.

  1. $0.5\%$

  2. $1\%$

  3. $1.5\%$

  4. $2\%$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The FRBM Act, 2003, mandates that the central government reduce the fiscal deficit by at least 0.5% of GDP annually to ensure long-term fiscal stability.

Multiple choice economics meaning and scope of public finance public finance, budget and fiscal policy government budget and economy public finance and budget

Who among the following never hold the office of chairman of finance commission?

  1. Pranab Mukherjee

  2. Mahaveer Tyagi

  3. K.C. Pant

  4. C. Rangarajan
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Pranab Mukherjee served as Finance Minister but never held the position of Chairman of the Finance Commission. The other individuals listed have served as Chairmen of various Finance Commissions.