This quiz works best with JavaScript enabled. Home > Indian Polity > Finance > 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 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 9Indian Budget Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books