This quiz works best with JavaScript enabled. Home > Indian Polity > Finance > Budget > Indian Budget – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Budget Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who is the current home minister of India? ? ? A) Narendra Modi. B) Amit Shah. C) Shanmukham Chetty. D) None of above. Show Answer Correct Answer: B) Amit Shah. 2. When incidence and burden of tax falls on different persons that type of tax is called: A) Direct tax. B) Indirect tax. C) Regressive tax. D) None of these. Show Answer Correct Answer: B) Indirect tax. 3. Gift tax is a paper tax because ..... A) It is an indirect tax. B) It is a direct tax. C) It does not have significant revenue yield. D) Both B and C. Show Answer Correct Answer: C) It does not have significant revenue yield. 4. A balance budget is a balanced one when ..... A) Total expenditure = Total receipts. B) Total expenditure < Total receipts. C) Total expenditure > Total receipts. D) None of these. Show Answer Correct Answer: A) Total expenditure = Total receipts. 5. Capital expenditure is the expenditure on A) Research and development. B) Machinery. C) Equipment. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. Direct tax is called direct because it is collected directly from: A) The producers on goods produced. B) The sellers on goods sold. C) The buyers of goods. D) The income earners. Show Answer Correct Answer: D) The income earners. 7. India remains Lower-Middle Income Nation for a year 2020-21.In this regard, consider the following statement . 1.World Bank assign World economies to various income groups. 2.Grouping is done on the basis of Gross National Income per capita A) 1 only. B) 2 only. C) Both 1 and 2. D) None of above. Show Answer Correct Answer: C) Both 1 and 2. 8. FINANCIAL YEAR IN INDIA IS A) APRIL 1 TO MARCH 31. B) JANUARY 1 TO DECEMBER 31. C) OCTOBER 1 TO SEPTEMBER 30. D) NONE OF THE ABOVE. Show Answer Correct Answer: A) APRIL 1 TO MARCH 31. 9. Tax that is imposed on value added at the various stages of production is known as: A) Corporate profit tax. B) Direct personal tax. C) Value added tax. D) None of these. Show Answer Correct Answer: C) Value added tax. 10. Who is the current finance minister of India . A) Narendra Modi. B) Manmohan Singh. C) Arun jaitley. D) Nirmala Sitharaman. Show Answer Correct Answer: D) Nirmala Sitharaman. 11. GST received by the government is a A) Revenue receipt. B) Capital receipt. C) An indirect tax. D) Both 1 and 3. Show Answer Correct Answer: D) Both 1 and 3. 12. The revenue generated by the government through tax and non-tax source is A) Revenue expenditure. B) Tax Revenue. C) Non Tax revenue. D) Revenue Reciepts. Show Answer Correct Answer: D) Revenue Reciepts. 13. Which bank has sole right of issuing notes A) ADB. B) SBI. C) RBI. D) UBI. Show Answer Correct Answer: C) RBI. 14. The government budget has a revenue deficit. This gets financed by:A. Borrowings B. Disinvestment C. Tax revenue D. Indirect Tax A) A and D. B) C and D. C) A and B. D) C and D. Show Answer Correct Answer: C) A and B. 15. What is the biggest item of income of the central government in 2019-20 budget? A) Goods and Service Tax. B) Corporation tax. C) Borrowings and other liabilities. D) A and b both are equal. Show Answer Correct Answer: D) A and b both are equal. 16. Which of the following regulates the working of share Market in India. A) FERA. B) SEBI. C) NIFTY. D) FEMA. Show Answer Correct Answer: B) SEBI. 17. As per the Interim Budget 2019-20, Individual tax payers with taxable income of up to what amount will get full tax rebate from now on? A) Rs 3 lakh. B) Rs 5 lakh. C) Rs 7 lakh. D) Rs 9 lakh. Show Answer Correct Answer: B) Rs 5 lakh. 18. In ..... method respondent has to judge two advertisements at a time A) Percentage of sales. B) Limit of sales. C) Task. D) Paired comparison. Show Answer Correct Answer: D) Paired comparison. 19. The advertising ..... sets a limit on the advertising expenditure A) Budget. B) Cost. C) Plan. D) None of above. Show Answer Correct Answer: A) Budget. 20. Meaning of the word Economics is drived from which of the Greek word. A) Oikomonia. B) Oikonomia. C) Oikonomist. D) Oikonomini. Show Answer Correct Answer: B) Oikonomia. ← PreviousNext →Related QuizzesFinance QuizzesIndian Polity QuizzesIndian Budget Quiz 1Indian Budget Quiz 2Indian Budget Quiz 3Indian Budget Quiz 4Indian Budget Quiz 5Indian Budget Quiz 7Indian Budget Quiz 8Indian Budget Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books