Public Finance MCQs and Notes

V

Vijay Sangwan • 28.62K Points
Instructor II

Q 1. Which of the following is not the rate of tax slab in the Union Budget 2020-21?

(A) 10%

(B) 15%

(C) 25%

(D) 40%

P

Priyanka Tomar • 35.28K Points
Coach

Q 2. What is the biggest source of Income for the Central Government in the Union Budget 2020-21?

(A) goods and services tax

(B) corporation tax

(C) income tax

(D) borrowings and other liabilities

V

Vijay Sangwan • 28.62K Points
Instructor II

Q 3. Interim budget is also known as....

(A) mini budget

(B) vote on account

(C) both a and b

(D) none of these

G

Gopal Sharma • 38.32K Points
Coach

Q 4. Horizontal equity incorporates the notion that

(A) those earnings higher incomes should pay more in taxes

(B) those earnings equal incomes should pay same in taxes

(C) taxes paid should be unassociated with income levels

(D) there should be no excess burden created by a tax

R

Rakesh Kumar • 28.44K Points
Instructor II

Q 5. Who was the Chairman of the Seventh Finance Commission of India?

(A) j. m. shelat

(B) n. k. singh

(C) n. k. singh

(D) n. k. singh

S

Shiva Ram • 30.44K Points
Instructor I

Q 6. Recommendations of first Finance Commission covered which of the following periods?

(A) 1951-56

(B) 952-57

(D) 1954-59

A

Admin • 36.95K Points
Coach

Q 7. Which of the following statements is not correct?

(A) the first finance commission was constituted in 1951

(B) chairman of the first finance commission was mr. santhanam

(C) the chairman of the 12th finance commission was c. rangarajan

(D) b and c

P

Praveen Singh • 36.81K Points
Coach

Q 8. How many Finance Commissions have been constituted so far?

(A) 12

(B) 13

(C) 14

(D) 15

R

Ranjeet • 34.60K Points
Instructor I

Q 9. Who establishes the Finance Commission in India?

(A) president

(B) finance minister

(C) parliament

(D) governor of reserve bank of india

V

Vinay • 28.75K Points
Instructor II

Q 10. The main source of revenue of federal government is:

(A) property taxes

(B) token taxes

(C) customs duties

(D) sales tax