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?
- A progressive income tax
- A regressive tax
- A poll tax
- A value added tax
2: On which of the following do companies pay their Corporation Tax?
- Sales proceeds
3: With which among the following is the term 'Fiscal Policy' related to?
- Public revenue
- Public expenditure and debt
- Bank rate policy
- Both (a) and (b)
4: Which among the following ones is the best socio-economic justification for the levy of income tax?
- Reducing inequalities of incomes and wealth.
- Collecting revenue for projects to promote public welfare.
- Checking profiteering.
- Preventing circulation of black money.
5: During the viceroyalty of which British colonial administrator was the system of Budget introduced in India?
- Lord Canning
- Lord Dalhousie
- Lord Ripon
- Lord Elgin
6: Where does all revenues received, loans raised and money received in repayments of loans by the Union Government go into?
- Contingency Fund of India
- Consolidated Fund of India
- Public Account of India
- None of these
7: Which of the following terms is used to define a temporary tax levied to obtain additional revenue?
8: Why should an increase of direct taxes be preferred to an increase in indirect taxes, in a country like India?
- Direct taxes serve the end of Socialism by taking away the excessive wealth from the rich.
- Direct taxes involve the well off sections of the society while indirect taxes affect the masses.
- It is easy to realise direct taxes and is thus useful in a country troubled by tax evasion.
- All of the above.
9: 'Corporation Tax' is a tax imposed on a Company's
- sales proceeds
10: Excise Duties are types of taxes that are charged on the
- sale of commodities
- export of commodities
- production of commodities
- import of commodities
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?
- They are taxes and duties levied by the Centre but collected by the states.
- They are taxes and duties levied by the Centre but wholly appropriated by the states.
- They are taxes levied and collected by the Union but shared with the states.
- They are taxes and duties that accrue wholly to the Union Government.
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?
- Indirect tax
- Progressive tax
- Regressive tax
- Proportional tax
13: Usually, who among the following are the main bearers of the burden of indirect taxes in India?
- tax payers
14: The term 'Deficit financing' is a situation in which a government is spending
- by getting foreign aid
- less than what is needed
- in excess of revenue
- by borrowing from abroad
15: Among the following taxes in India, which one is an indirect tax?
- Corporation Tax
- Excise Duty
- Wealth Tax
- Capital Gains Tax
16: Which of the following taxes in India is/are levied by the Union government and collected and appropriated by the state governments?
- Stamp Duties
- Taxes on Newspapers
- Professional Tax
- Passenger and goods tax
17: The term 'Fiscal Policy' is connected with which one among the following?
- issue of currency
- exports and imports
- public revenue and expenditure
- None of these
18: Which of the following is not a state tax in India?
- Motor Vehicles Tax
- Capital Gains Tax
- Excise duty on liquor
- Entertainment Tax
19: The income tax in India falls under which of the following categories?
- indirect and progressive
- direct and proportional
- direct and progressive
- indirect and proportional
20: Which among the following is the principal source of revenue to the State Governments in India?
- Income Tax
- Sales Tax
- State Excise Duties
- Land Revenue