This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Polity > Finance > Commission > Finance Commission India – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Finance Commission India Quiz 1 (22 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Under the Article ..... of the Constitution of India has made provision for the appointment of a Finance Commission. A) 281. B) 270. C) 240. D) 280. Show Answer Correct Answer: D) 280. 2. As per the recommendations of the 15th Commission, Horizontal devolution refers to the ..... A) Allocation between the states. B) Devolution of Taxes of the Union to States. C) GST tax collections from individual states. D) Allocation of import duties. Show Answer Correct Answer: A) Allocation between the states. 3. Wilson Green sells home security systems. He earns an 11 percent commission on every system he sells. Wilson's sales for this month totaled $ 4265. What is Wilson's commission? A) $ 4, 691.50. B) $ 18, 750. C) $ 46, 915. D) $ 387.72. Show Answer Correct Answer: B) $ 18, 750. 4. As per the 15th Finance Commission, in context to the performance based indicators and grants to states, which of the following is true? A) Grants revolve around social sectors like education. B) Performance based incentives for the power sector (not grants, but additional borrowing window). C) Governance and administrative reforms under which it has recommended grants for judiciary, statistics and aspirational districts and blocks. D) All of the above. Show Answer Correct Answer: D) All of the above. 5. Robert earns 3% commission on the sale of a $ 512, 800 home. What is his commission? A) $ 1, 538, 400. B) $ 153, 840. C) 170, 933.33. D) $ 15, 384. Show Answer Correct Answer: D) $ 15, 384. 6. For horizontal devolution, the 15th Commission suggested ..... weightage to demographic performance, ..... to income, ..... each to population and area, 10% to forest and ecology and ..... to tax and fiscal efforts. A) 45%; 15%; 12%; 2.5. B) 45%; 12.5%; 15%; 2.5%. C) 25%; 34%; 15%; 2.4%. D) 12.5%; 45%; 15%; 2.5%. Show Answer Correct Answer: D) 12.5%; 45%; 15%; 2.5%. 7. Danielle sells beauty supplies and earns a base salary of $ 450 per week plus a 9% commission on sales. During one particular week, she sells $ 895 worth of beauty supplies. How much money does she earn that week? A) $ 530.55. B) $ 40.50. C) $ 1, 345. D) $ 80.55. Show Answer Correct Answer: A) $ 530.55. 8. So far ..... Finance Commissions have been constituted. A) 11. B) 10. C) 14. D) 15. Show Answer Correct Answer: D) 15. 9. Robert earns a weekly salary of $ 350 plus a 7% commission on sales. Last week, his sales totaled $ 3200. What was his TOTAL pay? commission + salary = total pay A) $ 248.50. B) $ 224. C) $ 574. D) $ 24.50. Show Answer Correct Answer: C) $ 574. 10. Total 15th Finance Commission transfers (devolution + grants) constitutes about ..... of estimated Gross Revenue Receipts to the Union, leaving adequate fiscal space to meet its resource requirements and spending obligations on national development priorities. A) 50%. B) 15%. C) 30%. D) 34%. Show Answer Correct Answer: D) 34%. 11. Randy gets fixed salary of $ 2000 per month and a commission of 2% on sales. If his total sales are $ 30, 000 for the month, find his total salary for the month. A) $ 32, 000. B) $ 2, 040. C) $ 2, 600. D) $ 2, 000. Show Answer Correct Answer: C) $ 2, 600. 12. Derek sells appliances. He is paid a 6.5 percent commission on every appliance he sells. Derek sold $ 9, 732.00 worth of appliances this week. What is Derek's commission? A) $ 632.58. B) $ 6, 325.80. C) $ 63.258. D) $ 143.38. Show Answer Correct Answer: A) $ 632.58. 13. The 15th Finance Commission was constituted in November 2017 under the chairmanship of ..... . A) N.K. Singh. B) PM Narendra Modi. C) Manmohan Singh. D) Bibek Debroy. Show Answer Correct Answer: A) N.K. Singh. 14. Emma earns 8% commission on all clothing she sells. Last month she earned $ 192 in commission. How much merchandise did she have to sell in total? A) $ 19. B) $ 15.36. C) $ 176.64. D) $ 2, 400. Show Answer Correct Answer: D) $ 2, 400. 15. Felipe earns 5% commission on his sales at Best Buy. One week his sales totaled $ 9, 650. What was his commission for the week? A) $ 482.50. B) $ 487.50. C) $ 965. D) $ 9, 167.50. Show Answer Correct Answer: A) $ 482.50. 16. Jay makes $ 9 an hour plus a 12.5% commission selling jewelry. How much does she earn on an 8 hour shift in which she sells $ 380 worth of jewelry? A) $ 389. B) $ 380. C) $ 119.50. D) $ 47.50. Show Answer Correct Answer: C) $ 119.50. 17. Pierre, an art dealer, earns 25% commission of the dollar value of the art pieces that he sells at the Bizzell Gallery. Pierre earns $ 10, 800 this month. What is the total dollar value of the art that he sells? A) $ 270, 000. B) $ 10, 800. C) $ 2, 700. D) $ 43, 200. Show Answer Correct Answer: D) $ 43, 200. 18. As per the 15th FC, Million-Plus City Challenge Fund (MCF) amount is linked to the performance of these cities in improving their ..... and meeting the service level benchmarks for urban ....., ..... and ..... . A) Soil quality; drinking water supply, sanitation and solid waste management. B) Air quality; drinking water supply, sanitation and solid waste management. C) Air quality; police stations, courts and rehabilitation centres. D) Shopping malls; drinking water supply, sanitation and solid waste management. Show Answer Correct Answer: B) Air quality; drinking water supply, sanitation and solid waste management. 19. Which one of the following is the function of Finance Commission? A) Impose penalties on local governments for not sharing the revenue with the centre on. B) Recommend the distribution of net tax proceeds and allocation of shares of such proceeds between the Union and the States. C) Devolve bonuses to the state government employees. D) To review the performance of the exports by supplementing export oriented industries. Show Answer Correct Answer: B) Recommend the distribution of net tax proceeds and allocation of shares of such proceeds between the Union and the States. 20. Ms. DeMedici earns a weekly salary of $ 290 plus a 5.5% commission on sales at a gift shop. How much would she make in a week (TOTAL PAY) if she sold $ 5700 worth of merchandise? commission + salary = total pay A) $ 329.45. B) $ 313.50. C) $ 15.95. D) $ 603.50. Show Answer Correct Answer: D) $ 603.50. 21. *A little more challenging* A salesperson made $ 890.50 selling $ 6850 worth of electronic equipment. Find the commission rate. A) 13%. B) 6.850%. C) 75%. D) 8.905%. Show Answer Correct Answer: A) 13%. 22. It has recommended post-devolution revenue deficit grants amounting to about Rs. ..... over the five-year period ending FY26. A) 11 Trillion. B) 10 Trillion. C) 3 Trillion. D) 5 Trillion. Show Answer Correct Answer: C) 3 Trillion. Related QuizzesFinance QuizzesIndian Polity Quizzes 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books