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 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

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

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

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

Public finance is related to the financing of the ___________ activities.

(a)

State

(b)

Central

(c)

Both (a) and (b)

(d)

None of the above

A ________ is a penalty imposed on an individual for violation of law.

(a)

Grants

(b)

Aids

(c)

Fine

(d)

fees

GST will mainly remove the _________

(a)

Cascading effect

(b)

VAT

(c)

CGST

(d)

Both (a) and (c)

The term 'Fiscal' is derived from ___________ word.

(a)

Latin

(b)

French

(c)

Greek

(d)

British

___________ state is a welfare state.

(a)

Economic

(b)

Political

(c)

Modern

(d)

Fiscal

The private sector aims to maximize __________

(a)

Benefit

(b)

Profit

(c)

welfare

(d)

Both 'a' and 'b'

There are _________ types of canons of taxation.

(a)

Two

(b)

Three

(c)

Four

(d)

Five

Budget Deficit = _________

(a)

Total Expenditure - Total Revenue

(b)

Total Expenditure + Total Revenue

(c)

Total Expenditure x Total Revenue

(d)

Total Expenditure \(\div \) Total Revenue

The term fiscal is derived from Greek word which means basket and symbolizes the………………?

(a)

public purse

(b)

tax

(c)

fees

(d)

public revenue

Find the author of following statement. “Public finance is an investigation into the nature and principles of the state revenue and expenditure”.

(a)

Ricardo

(b)

Dalton

(c)

Marshall

(d)

Adam Smith

The defence expenditure of the government was Rs.10,874 crores in ________ which increased significantly to Rs.2,95,511 crores in _________?

(a)

1950-51 and 2018-19

(b)

1990-91 and 2018-19

(c)

1980-81 and 2018-19

(d)

2000-01 and 2018-19

Grants from foreign countries are known as……………?

(a)

Global Aid

(b)

Foreign Aid

(c)

International Aid

(d)

All the above

Central Board of Direct Taxes is under control of …………..?

(a)

The Ministry of External Affairs

(b)

The Ministry of Finance

(c)

The Ministry of Urban Development

(d)

None of the above

Find the meaning of following statement. “Payable by the manufacturer who shifts the tax burden to retailers and wholesalers.”

(a)

Stamp Duty

(b)

Income Tax

(c)

Shifting Tax

(d)

Excise Duty

The existing Government may or may not continue for the year, on account of the fact that elections are due, then the Government places a __________.

(a)

Balanced Budget

(b)

Election Budget

(c)

Lame duck Budget

(d)

None of the above