Tag: wealth, capital and money

Questions Related to wealth, capital and money

Input tax credit is not available on ___________ ?

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

  1. Goods used for personal use

  2. Trading goods

  3. Capital goods

  4. Fixed capital

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Correct Option: A

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

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

  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

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Correct Option: B

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

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

  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

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Correct Option: B

Transfer of Possession of Goods is ______________.

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

  1. Actual Tax Point

  2. Basic Tax Point

  3. Either of the above

  4. None of the Above

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Correct Option: B

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:

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

  1. Sales Return

  2. Deemed Supply of Goods

  3. Purchase return

  4. None of the Above

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Correct Option: B

The factor which does not cause any increase in demand for Goods and Services is ______________.

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

  1. Reduction in taxation

  2. Increase in exports

  3. Increase in population

  4. Hoarding/Malpractices of goods

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Correct Option: B
Explanation:

Increase in exports does not cause any increase in demands of goods and services.

Which is a not comfort want?

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

  1. Furniture

  2. Fan

  3. Air-Conditioner

  4. Cycle

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Correct Option: D
Explanation:

Any society requires basic commodities like food, clothing and shelter. Air-Conditioner, furniture, and fan among the given options are examples of luxurious goods and cycle is necessity.

Which of the following is an economic good?

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

  1. Sunshine

  2. Air

  3. Rainfall

  4. A bottle of water

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Correct Option: D
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.

Choose the incorrect statement.

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

  1. Wants are recurring

  2. Wants are variable

  3. Wants are limited

  4. Wants are gradable

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Correct Option: C
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.

Which of the following comes under luxury want?

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

  1. Fan

  2. Education

  3. Gold Jewellery

  4. Cycle

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Correct Option: C
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.