Public Finance

1.The word tax comes from a Latin word “taxo”.:True/False.

• True

• False

2.A _____ is a mandatory fee charged by a government on an individual or an organization to collect revenue for the benefit of the population

• Indirect Tax

• tax

• VAT

3. which tax is a type of tax levied on individuals or entities directly by the government?

• Direct Tax

• Indirect Tax

• Regression Tax

• Proportional Tax

4.Which year Gift Tax Act, was established ?

• 1954

• 1956

• 1958

• 1959

5.______ is a consumption tax levied on the sale of goods and services.

• GST

• Sales tax

• Service Tax

• VAT

6.______ is also called as Central Value Added Tax .

• Custom Duty

• Excise Duty

• Tax

7.Taxes should be levied and collected in such a manner that it provides the greatest convenience not only to the taxpayer but also to the government:True/False

• True

• False

8.________is the total amount, including total liabilities, borrowed by the government to meet its development budget.

• Public Revenue

• Public Expenditure

• Public Debt

9.The government’s borrowing within the country is known as ____ debt.

• External

• Productive

• Internal

10.If government collects any fund to pay back the debts, then the amount of that fund subtracted from the total debt and whatever left is called net debt:True/False.

• True

• False