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WorksheetsClass 12 commerce Economics
Total questions: 59
Worksheet time: 52mins
A Govt. Budget is prepared for a fiscal year running from :
1st January to 31st December
1st April to 31st December
1st April to 31st March
1st January to 30th April
Direct tax is called direct because it is collected directly from :
The producers on goods produced
the sellers on goods sold
The buyers of goods
The income earners
Which of the following is an indirect tax?
Corporation tax
Value Added tax
Income tax
Wealth tax
Pension payment is an example of :
Plan expenditure
Revenue expenditure
Capital expenditure
Non-plan expenditure
Subsidies are an example of :
Revenue expenditure
Capital expenditure
Plan expenditure
None of them
Which out of the following is a non-developmental expenditure?
Scientific research
Social Welfare
Administration
None of them
Repayment of loan is an example of :
Capital expenditure
Non plan expenditure
Revenue expenditure
Plan expenditure
Interest payment are subtracted from which deficit to arrive at Primary Deficit :
Revenue Deficit
Capital deficit
Fiscal Deficit
None of these
Borrowing in government budget is :
Revenue Deficit
Fiscal deficit
Primary Deficit
Deficit in taxes
Which of the following statement is true?
Loan from IMF is a Revenue Receipt
Higher revenue deficit necessarily leads to higher fiscal deficit
Borrowing by a government represents a situation of fiscal deficit.
Revenue deficit is the excess of capital receipts over the revenue receipts
While financing a deficit, under which measure government can print more currency :
Deficit financing
Disinvestment
By issuing bonds
none of them
Identify which of the following statement is true?
Fiscal deficit is difference between planned revenue expenditure and planned revenue receipts.
Fiscal deficit is difference between total planned expenditure and total planned receipts
Primary deficit is the difference between total planned receipt and interest payment
Fiscal deficit is the sum of primary deficit and interest payment
The receipts which neither create any liability nor lead to any reduction in assets are called
revenue receipts
capital receipts
both (a) and (b)
none of these
In the government budget, if revenue receipts = ₹100 lakh, capital receipt = ₹50 lakh and revenue deficit = ₹25 lakh, how much is the revenue expenditure?
75 lakh
150 lakh
125 lakh
50 lakh
In government, budget primary deficit is ₹10000 crore, interest payment is ₹5000 crore, then fiscal deficit is ₹ _______ crore.
15000
16000
18000
5000
Construction of flyover is a capital expenditure of the government.
True
False
Capital expenditure increases the liabilities of the government.
True
False
Primary deficit indicates the government's inability to meet its regular and recurring expenditure.
True
False
Which of the following is not true for fiscal deficit? A fiscal deficit:
represents the borrowings of the government
is the difference between total expenditure and total receipts of the government
is the difference between total expenditure and total receipts other than borrowings
increase future liability of the government
Which of the following is a non tax eceipts?
Gift tax
sale tax
Donations
Excise duty
Which of the fololowing are the objective of government budget?
Distrtibution of Income nd wealth
Economic stability
GDP growth
all of these
Ptrogressive tax is a tax whch is-
Charged at decreasing rate when income of individual increase
Charged at increaing rate when income of individual increase
A fixed percentage of an individual income
none of these.
Which of following is diret tax?
Income tax
Excise duty
Custom duty
Sale tax
Capital receipts is that receipts of the Government-
creats a liability
reduce the assets
Both (1) and (2)
none
Which of the following are capital receipts of the Government?
Recovery of loan
Borrowings
Disinvestment
all of these
Deficit budget refers to that situation in which governments budget expenditure is -
less than its budget receipts
more than its budget receipts
equal its budget receipts
none of these
Fiscal deficit =
Total expenditure - total receipts other than borrowing
revenue expenditure - revenue receipts
capital expenditure - capital receipts
fiscal deficit - intrest payment
In which of the following ways , can deficit in budget be financed?
Borrowings from RBI
Borrowing from public
Borrowing from IMF
all of the above
Difference between fiscal deficit and intrest payment is called-
revenue deficit
fiscal deficit
primary deficit
none of the above
(a) receipts do not create any corresponding liability for the government.
(a) Expenditure creats assets for the government.
The programme and polocies of the government as presented in the budget are know as (a) policy of the government.
If increase in income leads to reduction in tax rate , such types og tax system is know as---------
(a)
Which of the following is not non tax revenue receipts of government?
Excise duty
Escheat
Special assessment
Fees and fines
Recovery of loan is:
Revenue receipt
Capital receipt
Revenue expenditure
Capital expenditure
Payment of loan is:
Revenue expenditure
Capital expenditure
Revenue receipts
Capital receipts
When incidence and burden of tax falls on different persons that type of tax is called:
Direct tax
Indirect tax
Regressive tax
None of these
Fiscal deficit is equal to
Direct tax
Interest
Borrowings
All of these
Primary deficit=fiscal deficit_
Loan
Interest payments
Borrowings
None of these
When budget receipts are greater than budget expenditure such type of budget is called:
Balanced budget
Deficit budget
Surplus budget
None of these
Union budget is budget of
Central government
Local government
State government
Union territory government
Surplus budget
Is good for developing country
Controls inflation
Don't control inflation
Don't promote economic stability
Balanced budget is not suitable for (a) country
Capital gain tax is
Direct tax
Progressive tax
Regressive tax
Value added tax
Which of the following is a non tax eceipts?
Gift tax
sale tax
Donations
Excise duty
Which of the fololowing are the objective of government budget?
Distrtibution of Income nd wealth
Economic stability
GDP growth
all of these
Ptrogressive tax is a tax whch is-
Charged at decreasing rate when income of individual increase
Charged at increaing rate when income of individual increase
A fixed percentage of an individual income
none of these.
Which of following is diret tax?
Income tax
Excise duty
Custom duty
Sale tax
Which of the following is a part of the revenue expenditure in the indian government budget?
Intreast payment
Defence Purchase
Wage bill of the Government
All of these
Capital receipts is that receipts of the Government-
creats a liability
reduce the assets
Both (1) and (2)
none
Which of the following are capital receipts of the Government?
Recovery of loan
Borrowings
Disinvestment
all of these
Deficit budget refers to that situation in which governments budget expenditure is -
less than its budget receipts
more than its budget receipts
equal its budget receipts
none of these
Fiscal deficit =
Total expenditure - total receipts other than borrowing
revenue expenditure - revenue receipts
capital expenditure - capital receipts
fiscal deficit - intrest payment
In which of the following ways , can deficit in budget be financed?
Borrowings from RBI
Borrowing from public
Borrowing from IMF
all of the above
Difference between fiscal deficit and intrest payment is called-
revenue deficit
fiscal deficit
primary deficit
none of the above
(a) receipts do not create any corresponding liability for the government.
(a) Expenditure creats assets for the government.
The programme and polocies of the government as presented in the budget are know as (a) policy of the government.
If increase in income leads to reduction in tax rate , such types og tax system is know as---------
(a)
