The modern state is

(a)

Laissez-faire state

(b)

Aristocratic state

(c)

Welfare state

(d)

Police state

One of the following is NOT a feature of private finance

(a)

Balancing of income and expenditure

(b)

Secrecy

(c)

Saving some part of income

(d)

Publicity

The tax possesses the following characteristics

(a)

Compulsory

(b)

No quid pro quo

(c)

Failure to pay is offence

(d)

All the above

Which of the following canons of taxation was not listed by 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.
(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

"Revenue Receipts" of the Government do not include

(a)

Interest

(b)

Profits and dividents

(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 for higher interest bonds

(c)

Long term bonds for short term bonds

(d)

All the above

The word budget has been derived from the French word "bougette" which means

(a)

A small bag

(b)

An empty box

(c)

A box with papers

(d)

None of the above

Which one of the following deficits does not consider borrowing as a receipt?

(a)

Revenue deficit

(b)

Budgetary deficit

(c)

Fiscal deficit

(d)

Primary deficit

Finance Commission determines

(a)

The finances of Government of India

(b)

The resources transfer to the states

(c)

The resources transfer to the various departments

(d)

None of the above

Consider the following statements and identify the right ones.
(i) The finance commission is appointed by the President
(ii) The tenure of Finance commission is five years

(a)

i only

(b)

ii only

(c)

both

(d)

none