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BUDGET TERMS -- 53 TO 82

53.     Which of the following group of expenses, include only the capital expenditure items:
            a) construction of roads and airports, disinvestment in public sector undertakings, loans granted to state governments
          b) construction of roads and airports, investment in public sector undertakings, recovery of loans granted to state governments
            c) construction of bridges, investment in public sector undertakings, recovery of loans granted to UTs
          d) construction of roads and airports, investment in public sector undertakings, loans granted to state governments
54.     The document that contains the government's proposals for levy of new taxes, modification of the existing tax structure or continuance of the existing tax structure beyond the period approved by Parliament, which is submitted to Parliament along with the Budget for its approval, is called:
            a) Annual budget                        b) Grants in aid              c) finance bill    
            d) budget memorandum
55.        Which of the following is a revenue expenditure: (1) expenses relating to running of the govt. (2) interest paid by govt. on borrowing (3) expenses on construction of roads (4) grants given by Central govt. to state governments.
            a) 1 to 4 all        b) 1, 2 and 4 only           c) 1, 3 and 4 only           d) 1, 2 and 3 only
56.        Which of the following groups of receipts has only the revenue receipts:
            a) taxes, dividends, interest on loans       b) taxes, borrowing, dividends                
            c) taxes, recovery of loans, dividends      
            d) interest paid on borrowing, taxes dividends.
57.        Which of the following group of receipts has all the capital receipts:
            a) loan repayment, recovery of loans granted to state governments, disinvestment in public sector undertakings.
            b) loans raised from market, recovery of loans granted to state governments, disinvestment in public sector undertakings.
            c) loans raised from market, recovery of loans granted to state governments, investment in public sector undertakings
            d) loans raised from market, repayment of loans obtained from RBI, disinvestment in public sector undertakings.
58.        Those duties that are fixed as a certain percentage of the price of the price of the product, are called:
            a) excise duties             b) ad-valorem duties       c) custom duties
            d) countervailing duties
59.        The ________ duties are imposed on imports in order to check any kind of unfair trading practices carried by the foreign countries.
            a) excise duties             b) ad-valorem duties       c) custom duties
            d) countervailing duties.
60.        Which of the following statement is correct out of the following (1) Direct taxes are imposed directly on the individuals or companies (2) Direct taxes include Corporate tax (3) Direct taxes include Income tax (4) Direct taxes include excise duty.
            a) 1 to 4 all        b) 1 to 30 only   c) 1, 2 and 4 only           d) 1, 3 and 4 only
61.        Which of the following statement is correct out of the following (1) Indirect taxes are imposed on goods and services (2) Indirect taxes include Corporate tax (3) Indirect taxes include custom duty (4) Indirect taxes include excise duty.
            a) 1 to 4 all        b) 1 to 3 only     c) 1, 2 and 4 only          d) 1, 3 and 4 only
62.        The ______ deficit is the help extended to the Central government’s borrowing program by the Reserve Bank of India.
            a) Fiscal deficit              b) Monetized deficit        c) primary deficit
            d) budget deficit
63.        The situation when the expenditure is more than revenues and as a result the budgetary exercise is considered a failure, as there is shortage of founds, is called ____.
            a) Fiscal deficit              b) Monetized deficit        c) primary deficit
            d) budget deficit
64.        Which of the following statement is correct (1) Value added tax (VAT) a tax that is imposed on a company or firm in respect of the percentage of its value addition (2) VAT is imposed to prevent the increasing effects of taxes through the different production processes (3) The sum determined by finding the difference between value of inputs and outputs is the basis of the value- added tax.
            a) 1 to 3 all        b) 1 and 3 only               c) 2 and 3 only               d) 1 and 2 only
65.        The ______ is the document presented to Parliament for approval, so that the govt, can withdraw from the Consolidated Fund, the amounts required for meeting the expenditure.
            a) demands for grant      b) appropriation bill         c) budget estimates
            d) capital budget
66.        For the purpose of Budget, the payments for acquisition of assets like land, buildings, machinery, equipment, as also investments in shares and loans and advances granted by the Central govt. to State and Union Territory Governments, government companies, corporations etc. is part of:
            a) plan expenditure         b) non-plan expenditure c) capital expenditure
            d) revenue expenditure
67.        In the Budget, the loans raised by the Govt. from public called market loans, borrowings by the Govt. from RBI and other parties, through sale of Treasury Bills, loans received from foreign governments and bodies and recoveries of loans granted by the Central govt. to state and union territory governments and other parties, proceeds from disinvestment of government equity in public enterprises is categorised as.
            a) plan receipts              b) capital receipts          c) revenue receipts
            d) non-plan expenditure
68.        Under Article 266 (1) of the Constitution, all revenues of the Union Govt., loans raised by it and all moneys received in repayment of loans form are credited to which of the following:
            a) Consolidated Fund of India      b) Contingency Fund      c) capital receipts
            d) revenue receipt
69.        The is intended to provide advances to the executive /Government to meet unforeseen expenditure arising in the course of a year pending its authorization by the Parliament.
            a) Consolidated Fund of India      b) Contingency Fund      c) capital receipts
            d) revenue receipt
70.        The amount of difference of (1) Revenue Receipts + capital receipts other than borrowing and (2) Total Expenditure is called This indicates the total
borrowing requirements of the government from all sources.
            a) revenue deficit            b) net revenue deficit      c) primary deficit
            d) fiscal deficit
71.        The revenue deficit can be calculated as under:
            a) total expenditure minus revenue receipts         
            b) revenue expenditure minus revenue receipts
            c) revenue expenditure minus capital receipts
            d) total expenditures minus revenue receipts and other capital receipts.
72.        Tax imposed on domestic production by the Govt. is called:
            a) excise duty    b) customs duty             c) service tax     d) value added tax
73.        The tax (like income tax) that is imposed by the Govt. according to the paying capacity of the tax payer is called;
            a) ad valorem tax           b) progressive tax           c) regressive tax           
            d) Tobin tax
74.        The tax levied by the Govt. on all, without taxing into account, the paying capacity of the tax payer (like excise duty), is called:
            a) ad valorem tax           b) progressive tax           c) regressive tax
            d) Tobin tax
75.        Tax imposed on imported goods by the Govt. is called:
            a) excise duty    b) customs duty             c) service tax     d) value added tax
76.        A statement of estimates of expenditure from the Consolidated Fund and to be voted by Lok Sabha in respect of each ministry or department is called:
            a) appropriation bill         b) demand for grant        c) public account
            d) outcome budget
77.        The document presented annually to the Parliament, reflecting the purposes and objectives for which funds were provisioned, the cost of various programmes and activities proposed for achieving these objectives and quantitative projection of the work performed and services rendered under each programme and activity, is known as:
            a) appropriation bill         b) demand for grant        c) public account
            d) outcome budget
78.        The difference between fiscal deficit and interest payments is called:
            a) monetized deficit        b) primary deficit            c) revenue deficit
            d) net revenue deficit
79.        It is an account in which money received through transactions not relating to the Consolidated Fund, is kept. These are transactions in respect of which the govt. acts more as a banker (for example, transactions relating to provident funds, small savings collections, other deposits etc). This account is known as:
            a) Contingency fund       b) budgetary provisions               c) vote on account
            d) public account
80.        ___________ means a grant, made in advance, by the Parliament, in respect of the estimated expenditure, for a part of new financial year, pending the completion of the procedure relating to the voting of the demand for grants and the passing of the Appropriation Act.
            a) Vote on accounts       b) demand for grant        c) appropriation bill
            c) performance account
81.        Proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the govt. fees and other receipts for services rendered by the govt. are of which of the following:
            a) capital receipts          b) revenue receipts         c) budgetary receipts
            d) grants in aid
82.        The expenditure of the govt. on the Central Plan, Central assistance to state and UT plans which forms a sizeable proportion of the total expenditure of the Central govt. is called:
            a) revenue expenditure    b) non-plan expenditure c) capital expenditure
            d) plan expenditure 
ANSWERS


53.d     54.c     55.b     56.a     57.b     58.b     59.d     60.b


61.d     62.b     63.d     64.a     65.b     66.c     67.b     68.a     69.b     70.d

71.b     72.a     73.b     74.c     75.b     76.b     77.d     78.b     79.d     80.a

81.b     82.d

BUDGET TERMS -- 53 TO 82 Reviewed by sambasivan srinivasan on 5:39:00 PM Rating: 5

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