Tag: goods, wealth and welfare

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Questions Related to goods, wealth and welfare

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

What is the consequence of non-return of semi-finished goods within the specified period?

  1. Job worker pays GST on return of goods

  2. Principal Manufacturer pays back the input tax credit claimed on such goods

  3. Principal manufacturer pays GST on return of goods

  4. Job worker claims credit of goods received on job work
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If goods sent for job work are not returned within the prescribed time limit, the transaction is treated as a supply, and the principal manufacturer must reverse the input tax credit previously claimed.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Principal entitled for input tax credit on capital goods if sent for job work __________________________.

  1. If goods sent are returned within one year

  2. If goods sent are returned within three years

  3. If goods sent are returned within six months

  4. If goods sent are returned within nine months
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under GST regulations, capital goods sent for job work must be returned within three years to maintain the entitlement to the input tax credit.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Transfer of Possession of Goods is ______________.

  1. Actual Tax Point

  2. Basic Tax Point

  3. Either of the above

  4. None of the Above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In tax law, the transfer of possession is often considered the basic tax point, as it marks the moment when control over the goods shifts, triggering potential tax liability.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Suppose, one dealer has sent some goods to another dealer for Sales on Approval Basis. In absence of any confirmation even after 6 months, it will be treated as:

  1. Sales Return

  2. Deemed Supply of Goods

  3. Purchase return

  4. None of the Above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If goods sent on an approval basis are not returned or purchased within the specified time (usually six months), the transaction is deemed a supply for tax purposes.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Which of the following is an economic good?

  1. Sunshine

  2. Air

  3. Rainfall

  4. A bottle of water
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Goods are divided as free goods and economic goods. Free goods are those goods which are free of cost and economic goods are available for a particular price. Among the given options, sunshine, rainfall and air are examples of free goods and a bottle of water is an example of economic good.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Choose the incorrect statement.

  1. Wants are recurring

  2. Wants are variable

  3. Wants are limited

  4. Wants are gradable
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Among the given options, the incorrect option is the statement which says that the ‘wants are limited’. In fact, wants are unlimited but resources to satisfy all human wants are not sufficient. Hence, we can say that the wants are unlimited but resources are limited.

Multiple choice economics ancient indian economic concepts goods, wealth and welfare major definitions of economics wealth, capital and money

Which of the following comes under luxury want?

  1. Fan

  2. Education

  3. Gold Jewellery

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

Basic needs are those needs which are necessary for survival of a human being. Food clothing and shelter fall under this category. Among the given options, fan, education and cycle are essentials or comforts required. Gold jewelry falls under luxury goods.