GK Questions and Answer, GK Quiz

1:  Among the following types of taxes, which one interferes least with the allocation of resources in a market which is otherwise accepted as ideal?
Options:
  1. A progressive income tax
  2. A regressive tax
  3. A poll tax
  4. A value added tax

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

2:  On which of the following do companies pay their Corporation Tax?
Options:
  1. Production
  2. Sales proceeds
  3. Income
  4. Investment

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

3:  With which among the following is the term 'Fiscal Policy' related to?
Options:
  1. Public revenue
  2. Public expenditure and debt
  3. Bank rate policy
  4. Both (a) and (b)

Answer: Option4

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

4:  Which among the following ones is the best socio-economic justification for the levy of income tax?
Options:
  1. Reducing inequalities of incomes and wealth.
  2. Collecting revenue for projects to promote public welfare.
  3. Checking profiteering.
  4. Preventing circulation of black money.

Answer: Option1

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

5:  During the viceroyalty of which British colonial administrator was the system of Budget introduced in India?
Options:
  1. Lord Canning
  2. Lord Dalhousie
  3. Lord Ripon
  4. Lord Elgin

Answer: Option1

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

6:  Where does all revenues received, loans raised and money received in repayments of loans by the Union Government go into?
Options:
  1. Contingency Fund of India
  2. Consolidated Fund of India
  3. Public Account of India
  4. None of these

Answer: Option2

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

7:  Which of the following terms is used to define a temporary tax levied to obtain additional revenue?
Options:
  1. Cess
  2. Rate
  3. Fee
  4. Surcharge

Answer: Option4

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

8:  Why should an increase of direct taxes be preferred to an increase in indirect taxes, in a country like India?
Options:
  1. Direct taxes serve the end of Socialism by taking away the excessive wealth from the rich.
  2. Direct taxes involve the well off sections of the society while indirect taxes affect the masses.
  3. It is easy to realise direct taxes and is thus useful in a country troubled by tax evasion.
  4. All of the above.

Answer: Option1

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

9:  'Corporation Tax' is a tax imposed on a Company's
Options:
  1. investment
  2. production
  3. sales proceeds
  4. incomes

Answer: Option4

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

10:  Excise Duties are types of taxes that are charged on the
Options:
  1. sale of commodities
  2. export of commodities
  3. production of commodities
  4. import of commodities

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

11:  Customs duties, export duties, corporation taxes, taxes on capital value of assets (excluding agricultural land of individuals and companies) fall among which of the following categories?
Options:
  1. They are taxes and duties levied by the Centre but collected by the states.
  2. They are taxes and duties levied by the Centre but wholly appropriated by the states.
  3. They are taxes levied and collected by the Union but shared with the states.
  4. They are taxes and duties that accrue wholly to the Union Government.

Answer: Option4

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

12:  Which among the following types of taxes is defined as a tax that takes away a higher proportion of one's income as the income rises?
Options:
  1. Indirect tax
  2. Progressive tax
  3. Regressive tax
  4. Proportional tax

Answer: Option2

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

13:  Usually, who among the following are the main bearers of the burden of indirect taxes in India?
Options:
  1. manufacturers
  2. traders
  3. consumers
  4. tax payers

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

14:  The term 'Deficit financing' is a situation in which a government is spending
Options:
  1. by getting foreign aid
  2. less than what is needed
  3. in excess of revenue
  4. by borrowing from abroad

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

15:  Among the following taxes in India, which one is an indirect tax?
Options:
  1. Corporation Tax
  2. Excise Duty
  3. Wealth Tax
  4. Capital Gains Tax

Answer: Option2

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

16:  Which of the following taxes in India is/are levied by the Union government and collected and appropriated by the state governments?
Options:
  1. Stamp Duties
  2. Taxes on Newspapers
  3. Professional Tax
  4. Passenger and goods tax

Answer: Option1

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

17:  The term 'Fiscal Policy' is connected with which one among the following?
Options:
  1. issue of currency
  2. exports and imports
  3. public revenue and expenditure
  4. None of these

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

18:  Which of the following is not a state tax in India?
Options:
  1. Motor Vehicles Tax
  2. Capital Gains Tax
  3. Excise duty on liquor
  4. Entertainment Tax

Answer: Option2

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

19:  The income tax in India falls under which of the following categories?
Options:
  1. indirect and progressive
  2. direct and proportional
  3. direct and progressive
  4. indirect and proportional

Answer: Option3

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough

20:  Which among the following is the principal source of revenue to the State Governments in India?
Options:
  1. Income Tax
  2. Sales Tax
  3. State Excise Duties
  4. Land Revenue

Answer: Option2

Explanation:

Sorry, No description available. Discuss this in Forums

How do you rate this queston?  Very Easy Easy Average Above Average Tough




Download StudyAlways app from google play





I kept hoping because she couldn't afford to lose hope. I kept my faith so she wouldn't lose hers.
-K. Howard Joslin Honest Wrestling: Questions of Faith When Attacked by Life