Adam smith? a) Canon of equality b) Canon of certainty c) Canon of convenience d) Canon of simplicity . Consider the following statements and identify the correct ones. i.
Central government does not have exclusive power to impose tax which is not mentioned in state or concurrent list. M O D E L Q U E S T I O N S Part – A Multiple choice questions ii. The Constitution also provides for transferring certain tax revenues from union list to states. a) i only b) ii only c) both d) none .
GST is equivalence of a) Sales tax b) Corporation tax c) Income tax d) Local tax . The direct tax has the following merits except a) equity b) convenient c) certainty d) civic consciousness . Which of the following is a direct tax? a) Excise duty b) Income tax c) Customs duty d) Service tax .
Which of the following is not a tax under Union list? a) Personal Income Tax b) Corporation Tax c) Agricultural Income Tax d) Excise duty - - Fiscal Economics . “Revenue Receipts” of the Government do not include a) Interest b) Profits and dividends c) Recoveries and loans d) Rent from property . The difference between revenue expenditure and revenue receipts is a.
Revenue deficit b. Fiscal deficit c. Budget deficit d. Primary deficit .
The difference between total expenditure and total receipts including loans and other liabilities is called a. Fiscal deficit b. Budget deficit c. Primary deficit d.
Revenue deficit .The primary purpose of deficit financing is a) Economic development b) Economic stability c) Economic equality d) Employment generation . Deficit budget means a) An excess of government’s revenue over expenditure b) An excess of government’s current expenditure over its current revenue c) An excess of government’s total expenditure over its total revenue d) None of above . Methods of repayment of public debt is a) Conversion b) Sinking fund c) Funded debt d) All these . Conversion of public debt means exchange of a) new bonds for the old ones b) low interest bonds