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Indian Economy Test
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Indian Economy Test 8
Read Instructions for the test.
Negative marks are -0.33 per wrong answer
Right answer is 1 mark
No time limit but finish in 30 mins
Solution can be found at below chapters:
Test series is based on following chapters.
Indian Economy Chapter 8: BANKING CONCEPTS
Indian Economy Chapter 9: CONCEPT OF BUDGETING
Q1: The budget or Annual Financial Statement should separate ____ expenditure from the rest
Q2: Budget 2016 theme
make in India
Q3: Non tax revenues consist of
interest on loans
grants in aid from foreign bodies
payment for services, dividends from investment.
Q4: direct taxes like
Q5: Indirect taxes are
Q6: India follows a _____ taxation regime on income of individuals
Q7:corporate tax is a ____ tax
Q8:Revenue expenditure is
interest on borrowing
salaries, grants to other entities
Q9: Which is true ?
Non plan component is more that the plan component
Plan expenditure is incurred on central five year plans and state and UT five year plans
Q10:Non plan component is including
interest payment, defense
Loans raised by government from public, banks, RBI, selling of treasury bonds, foreign entities via external commercial borrowings.
Money received by selling shares of P.S.U.
Recoveries of loans given by central government
Q12: Capital expenditure includes
Loans to states and UT’s.
Expenditure on acquisition of land, machinery, building, shares.
Q13: Plan and non plan are components of
Q14:Fiscal responsibility and budget management act, 2003 mandates that along with the budget the following documents should also be presented:
Medium term fiscal policy statement
Fiscal policy strategy statement
Macroeconomic framework statement
Q15: ? = revenue expenditure – revenue income
Q16: difference between the government’s total expenditure and its total receipts including borrowing is
Q17: ? = net borrowing from home + borrowing from RBI + borrowing from abroad.
Gross fiscal deficit
net fiscal deficit
Q18: gross fiscal deficit – net interest payments = ?
Q19: Key features of budget 2017
Plan and non plan distinction to be removed.
Railway budget and general budget to be merged.
Post demonetization strategy to boost spending to be unveiled.
Q20: Vote on Account
This budget accounts for only the expenditure part and cannot have tax proposals.
it is passed during election year
Q21: Vote on Account needs approval of
Q22: Interim Budget is
passed by lok sabha only
rajya sabha can amend it
Q23: interim budget is
for expenditure only
contains taxation proposals only
is passed by caretaker government
Q24:Functions of financial markets
Mobilization of savings and channeling them into the most productive use:
Price discovery of a financial asset.
Provide liquidity to financial assets
Q25: Financial instruments traded in them mature in less than a year
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