Saturday, May 30, 2015

Day 42 - Questions


Day 42 - GDP of India, New GDP method, Nominal and Real GDP

( GDP of India, New GDP method, Nominal and Real GDP )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  For calculating the GDP of India, which of the following is set as the new base year?
a.  2004 - 05
b.  2011 - 12
c.  2010 - 11
d.  2012 - 13

2.  With 2011 - 12 as the new base year, what is the growth rate of India in the fiscal year 2013 - 14?
a.  5 %
b.  5.5 %
c.  6.9 %
d.  7 %

3.  Which of the following body has determined the new base year for calculating GDP of India?
a.  Reserve Bank of India (RBI)
b.  Securities and Exchange Board of India (SEBI)
c.  Central Statistical Office (CSO)
d.  None of the above

4.  GDP without any adjustment of Inflation or Deflation influences is known as -
a.  Nominal GDP
b.  Real GDP
c.  Both (a) and (b)
d.  None of the above

5.  Real GDP is -
a.  GDP without any influence of inflation or deflation
b.  GDP with influence of inflation or deflation
c.  GDP compared to foreign countries
d.  None of the above





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Friday, May 29, 2015

Day 41 - Questions


Day 41 - GDP, GNP, NNP, NI

( Gross Domestic Product, Gross National Product, Net National Product, National Income )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  All domestic products, including international companies operating within territory of a country, and excluding domestic workers/companies operating in foreign countries, accounts for -
a.  Gross Domestic Product (GDP)
b.  Gross National Product (GNP)
c.  Net National Product (NNP)
d.  National Income (NI)

2.  Which of the following is true regarding GDP of India?
a.  GDP = domestic products - foreign income in India + Indian income in foreign countries
b.  GDP = domestic products + foreign income in India - Indian income in foreign countries
c.  GDP = domestic products
d.  None of the above

3.  If foreign income in India is deducted from and Indian income in foreign countries added with GDP, then it will be -
a.  GNP of India
b.  NNP of India
c.  NI of India
d.  None of the above

4.  Which of the following is true regarding GNP of India?
a.  GNP = GDP - foreign income in India + Indian income in foreign countries
b.  GNP = GDP + foreign income in India - Indian income in foreign countries
c.  GNP = GDP
d.  None of the above

5.  If the depreciation component is deducted from the Gross National Product (GNP), then it will be -
a.  GDP
b.  NI
c.  NNP
d.  None of the above

6.  Which of the following relation is true between GNP and NNP?
a.  NNP = GNP - depreciation
b.  NNP = GNP + depreciation
c.  NNP = GNP
d.  None of the above

7.  Which of the following is to be deducted from and added to NNP, respectively, to determine National Income?
a.  subsidies, indirect taxes
b.  indirect taxes, subsidies
c.  direct taxes, subsidies
d.  subsidies, direct taxes




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Thursday, May 28, 2015

Day 40 - Questions


Day 40 - National Income

( National Income, Method of calculation - Production, Income and Expenditure methods )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  National Income is calculated on -
a.  Raw materials for goods/services
b.  Intermediate stages of producing final goods/services
c.  Final goods/services
d.  None of the above

2.  Which of the following is not a method for calculation of National Income?
a.  Production Method
b.  Income Method
c.  Expenditure Method
d.  Profit Method

3.  The method that considers all spending in the economy by households and firms on final goods and services and spending by government to calculate National Income, is known as -
a.  Production method
b.  Income method
c.  Expenditure method
d.  None of the above

4.  The method that considers wages from employment, profits to firms, interests to lenders, rents to landlords, etc. to calculate National Income, is -
a.  Production method
b.  Income method
c.  Expenditure method
d.  None of the above

5.  The method that considers all the new and final output produced in all sectors of economy to calculate National Income, is -
a.  Production method
b.  Income method
c.  Expenditure method
d.  None of the above




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Wednesday, May 27, 2015

Day 39 - Questions


Day 39 - Finance Commission, Pay Commission, Bipartite Settlement

( Finance Commission, Pay Commission, Bipartite Settlement )


Recommended Study links - (Go through these topics before attempting MCQs)
  • No study link provided; Answers are highlighted


1.  Which of the following is/are the function(s) of Finance Commission?
a.  Distribution of net proceeds of taxes between Center and the States
b.  Determine factors governing Grants-in Aid to the States and the magnitude of the same
c.  To make recommendations to president as to the measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the state
d.  All of the above

2.  Who is the chairman of 14th Finance Commission (est. 2012, duration 2015-2020)?
a.  Raghuram Rajan
b.  Arun Jaitley
c.  Y.V.Reddy
d.  Suresh Prabhu

3.  Which of the following is the key recommendation of the 14th Finance Commission?
a.  To increase in the share of states in the center's tax revenue from the current 32 % to 40 %
b.  To increase in the share of states in the center's tax revenue from the current 32 % to 42 % 
c.  To increase in the share of states in the center's tax revenue from the current 32 % to 45 %
d.  To increase in the share of states in the center's tax revenue from the current 32 % to 50 %

4.  What is the main function of Pay Commission of India?
a.  To recommend salary structure of government employees
b.  To recommend salary structure of private company employees
c.  To recommend tax shares from central government to state governments
d.  None of the above

5.  Who is the chairman of 7th Pay Commission?
a.  Vivek Rae
b.  Justice Ashok Kumar Mathur
c.  Raghuram Rajan
d.  Arun Jaitley

6.  The 7th Pay Commission will recommend the salary of government employees for the period of -
a.  2016 - 2026
b.  2016 - 2021
c.  2015 - 2025
d.  2015 - 2020

7.  Salary of bank employees is settled by -
a.  Pay Commission
b.  Finance Commission
c.  Bipartite Settlement
d.  independent banks

8.  Bipartite Settlements are signed by which two parties -
a.  Indian Bank's Association (IBA) and United Forum of Bank Unions (UFBU)
b.  Government and UFBU
c.  IBA and government
d.  None of the above

9.  10th Bipartite Settlement (BPS) is for the period of -
a.  2015 - 2020
b.  2012 - 2017
c.  2015 - 2025
d.  2012 - 2022




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Tuesday, May 26, 2015

Day 38 - Questions


Day 38 - Goods and Services Tax (GST)

( Goods and Services Tax )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  What is the full form of GST?
a.  Goods and Sales Tax
b.  Goods and Services Tax
c.  Goods and Social Tax
d.  Goods and Simple Tax

2.  GST will replace -
a.  Direct Taxes
b.  Indirect Taxes
c.  Both (a) and (b)
d.  None of the above

3.  Which of the following is/are advantages of GST?
a.  Simple uniform tax structure
b.  It can increase tax revenue for government
c.  It can boost export
d.  All of the above

4.  All goods and services will be brought under the purview of GST, except -
a.  Consultation services
b.  Entertainment
c.  Alcoholic liquor for human consumption
d.  banking services

5.  Central government will compensate states for loss of revenue arising on account of implementation of the GST for a period of -
a.  3 years
b.  4 years
c.  5 years
d.  6 years



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Monday, May 25, 2015

Day 37 - Questions


Day 37 - Taxation in India

( Taxation - Direct Taxes and Indirect Taxes )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  If the liability to pay a tax and the burden of the tax falls on the same person, then it is -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

2.  If the liability to pay a tax is imposed on one person and the burden of the tax falls on some other person, then it is -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

3.  Which of the following can make laws on Income Tax?
a.  Central government
b.  State government
c.  Both central and state government
d.  None of the above

4.  Individuals with total income up to what limit per year are not liable to pay Income Tax (as per 2015-16)?
a.  Rs. 2 lakh
b.  Rs. 2.5 lakh
c.  Rs. 3 lakh
d.  Rs. 3.5 lakh

5.  An individual, whose total income falls in the income tax slab of Rs. 5 - 10 lakh, have to pay income tax at what rate?
a.  10 % of total income
b.  20 % of total income
c.  30 % of total income
d.  None of the above

6.  In General Budget 2015-16, government has reduced the Corporate Tax from 30 % to -
a.  20 %
b.  25 %
c.  15 %
d.  10 %

7.  Which of the following tax is abolished in General Budget 2015-16?
a.  Gift Tax
b.  Wealth Tax
c.  Octroi
d.  Service Tax

8.  Which of the following is not a Direct Tax?
a.  Gift Tax
b.  Corporate Tax
c.  Income Tax
d.  Service Tax

9.  Sales Tax is levied on -
a.  income of an individual
b.  sales of movable goods
c.  service provided
d. All of the above

10.  What is the full form of VAT?
a.  Valued Attached Tax
b.  Valued Added Tax
c.  Verified Assessed Tax
d.  Verified Attached Tax

11.  VAT is a type of -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

12.  Which of the following attracts service tax?
a.  Advertisement
b.  Restaurant
c.  Consultancy services
d.  All of the above

13.  In General Budget 2015-16, government has decided to increase Service tax to 14 % from previous -
a.  12 %
b.  12.36 %
c.  12.5 %
d.  13 %

14.  Excise Duty is levied on -
a.  goods imported to India
b.  goods exported from India
c.  goods produced or manufactured in India
d.  None of the above

15.  Customs Duty is levied on -
a.  goods imported to India
b.  goods exported to India
c.  goods produced or manufactured in India
d.  Both (a) and (b)

16.  Octroi is the entry tax, which is levied on -
a.  goods entering a particular jurisdiction, generally a municipality, for consumption, sale or use
b.  goods exporting to foreign countries
c.  goods importing from foreign countries
d.  none of the above

17.  Which of the following are examples of Indirect Taxes?
a.  Octroi
b.  Service Tax
c.  VAT
d.  All of the above

18.  An extra tax that may be added to the existing tax calculation is -
a.  Service Tax
b.  Surcharge
c.  Sales Tax
d.  None of the above

19.  Which of the following is the apex authority for Direct Taxes?
a.  CBDT
b.  CBEC
c.  RBI
d.  SEBI

20.  Which of the following is the apex authority for Indirect Taxes?
a.  CBDT
b.  CBEC
c.  RBI
d.  SEBI




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