Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice meaning and importance of taxes government and taxes tax civics economics

From the following information calculate interest coverage ratio: Profit after Tax Rs. 2,70,000; Tax Rs. 30,000; Interest on long term funds Rs.50,000

  1. 5 times

  2. 8 times

  3. 7 times

  4. 5.5 times
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Interest coverage ratio is given by =EBIT/Interest Expense

Therefore in this case EBIT= 270000+30000+50000=350000
Interest expenses= 50000
Interest coverage ratio will be 7 times

Multiple choice meaning and importance of taxes government and taxes tax civics economics

$NDP _{MP}$ - Indirect Taxes+ Subsides =

  1. $NNP _{MP}$
  2. $NDP _{FC}$
  3. $NNP _{FC}$

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

NDPMP is defined as the market value of final goods and services produced in the domestic territory of a country by its residents and non residents in an accounting year less depreciation. NDPMP= GDPMP-Depreciation

NNPFC= NDPMP-Indirect taxes+Subsidies
NNPFC is defined by total factor incomes earned by the factors of production.

Multiple choice meaning and importance of taxes government and taxes tax civics economics

MODVAT is:

  1. Modern Value Added Tax

  2. Modified Value Added Tax

  3. Monopoly Value Added Tax

  4. Method of Deduction of VAT
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

MODVAT (modified value added tax) was introduced in India in 1986. MODVAT was re-named as CENVAT. The system was termed as MODVAT, as it was restricted upto manufacturing stage and credit of only excise duty paid on manufacturing products (and corresponding CVD paid on imported goods) was available.

Multiple choice meaning and importance of taxes government and taxes tax civics economics

The following section/s of the Indian Income Tax govern the receipt of income by way of dividend by companies

  1. SEc 80k

  2. Sec. 80M

  3. Sec. 80N

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Sections 80K, 80M, and 80N of the Income Tax Act all relate to deductions or provisions concerning dividends received by companies, making 'All of the above' the correct choice.

Multiple choice meaning and importance of taxes government and taxes tax civics economics

If final good attracts an excise duty of Rs. 8000 and Rs. 1000 has already been paid on inputs then the firm will pay the Rs. 7,000 towards excise duty. It is paying tax according to________.

  1. VAT

  2. CENVAT

  3. MODVAT

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

Under CENVAT scheme the credit of the excise duty/additional duty of customs paid on inputs and capital goods and service tax paid on input services allowed to be utilized for the payment of the excise duty on the final products or service tax on output services in order to avoid cascading effect of the duty/tax. 

Multiple choice economics introduction to statistical method and econometrics estimating angles ict, investigations and problem solving-1 terms used in statistics

The statistical data are of two types. These types are

  1. technical data and presentation data

  2. primary data and secondary data

  3. primary data and personal data

  4. none of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Consider the statically data,

There are two types of statically data,

1-An advantage of using primary data is that researchers are collecting information for the specific purposes of their study. In essence, the questions the researchers ask are tailored to elicit the data that will help them with their study. Researchers collect the data themselves, using surveys, interviews and direct observations.

2-There are several types of secondary data. They can include information from the national population census and other government information collected by Statistics Canada. One type of secondary data that’s used increasingly is administrative data. This term refers to data that is collected routinely as part of the day-to-day operations of an organization, institution or agency. There are any number of examples: motor vehicle registrations, hospital intake and discharge records, workers’ compensation claims records, and more.

Hence this is the answer.

Multiple choice economics introduction to statistical method and econometrics estimating angles ict, investigations and problem solving-1 terms used in statistics

The statistical data are of two types. These types are

  1. technical data and presentation data

  2. primary data and secondary data

  3. primary data and personal data

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

The statistical data are two type .These are

1.Primary data-The primary data is the first hand  information that collect and published by the organisation.
2.Secondary Data-The secondary data is the second hand information that is already collected by someone for some purpose. 

Multiple choice economics introduction to statistical method and econometrics estimating angles ict, investigations and problem solving-1 terms used in statistics

Primary data in statistics is the data collected from : 

  1. Primary sources

  2. Secondary sources

  3. Both

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

Primary data is data originated for the first time by the researcher through direct efforts and experience.

So it is collected from primary sources.

Multiple choice economics introduction to statistical method and econometrics estimating angles ict, investigations and problem solving-1 terms used in statistics

Identify the two types of the statistical data.

  1. Technical data and presentation data

  2. Primary data and secondary data

  3. Primary data and personal data

  4. None of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
There are two types of data:-
a) Primary Data: Data extracted by surveying and it is used for that purpose for which surveying is done. 

b) Secondary Data: Data is extracted for another purpose best in using for another purpose. 
Multiple choice economics ict, investigations and problem solving-1 estimating angles terms used in statistics definition, scope, importance and limitation of statistics

Secondary data in statistics is the data collected from :

  1. Primary sources

  2. Secondary sources

  3. Both

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

Data is classified as both primary and the secondary data.


Primary data is the data which is collected for the first time.
Secondary data is the data which are collected by someone else (secondary sources) and passed through the statistical process.