Topic-9
Indian Economy
1. Under which policy government adjusts its spending levels and tax rates to monitor and influence a nation’s economy ?- Fiscal Policy
2. Fiscal Policy influence which variables:
· Aggregate Demand
· The Level of Economic Activity
· The pattern of Resource Allocation within the government sector and relative to private sector.
3. What are the main sources of the Revenue of the Government of India ?
· Customs Duties
· Excise Duties
· Service Taxes
· Taxes on Property
· Corporate Tax
· Income Tax
4. What are the sources of the expenditure of the Government of India ?
· Plan Expenditure
· Non-Plan Expenditure
5. What are sources of the Plan Expenditure ?
· Agriculture
· Rural Development
· Irrigation
· Flood Control
· Energy
· Industry
· Minerals
· Transport
· Communication
6. What are the sources of the Non-Plan Expenditure ?
· Interest Payments
· Defence
· Subsidies
· General Services
7. What are the different kinds of Public Debt ?
· Internal Debt
· External Debt
8. What are the sources of the Internal Public Debt ?
· Open Market Treasury Bills issued to the RBI
· Commercial Banks
9. What is the sources of External Public Debt ?
· World Bank
· IMF-International Monetary Fund
· Asian Development Bank
· New Development Bank
10. What are the various kinds of deficits ?
· Revenue Deficit
· Capital Deficit
· Fiscal Deficit
· Primary Deficit
11. The difference between country’s expenditure and earnings is known as ______. –Fiscal Deficit
12. What is Primary Deficit ?- Fiscal Deficit –Interest Payments
13. What is the time period of Financial Year in India ?- April 1 to March 31
14. The term ‘budget’ has been derived from the _________ term ‘bougette’ which means a sack or pouch ?- French
15. Which term is used in the Constitution of India in place of Budget ?- Annual Financial Statement.
16. Under which Article of the Constitution of India the details of the Annual Financial Statement are given ?- Article 112
17. What is the permission to make expenditure from budget called ?- Appropriation Bill / Act
18. Under which Article of the Constitution of India Appropriation Bill is defined ?- Article 114
19. The proposals of the government for levy of new taxes, modification of the existing tax structure or continuance of the existing tax structure beyond the period approved by Parliament are submitted to Parliament under which bill ?- Finance Bill
20. What is the money, that is given to government to make expenditure from the Consolidated Fund of India till the Appropriation Bill is passed, is called ?- Vote on Account
21. Name the various kinds of budgeting ?-
· Line Item Budgeting
· Output Budgeting
· Performance Based Budgeting
· Outcome Budgeting
· Zero-Based Budgeting
· Gender Budgeting
· Programme Budgeting
22. Under which kind of budgeting emphasis is laid on the items of the expenditure without highlighting its purpose is called ?- Line Item Budgeting
23. Under which type of budgeting only the quantitative aspect of the expenditure is given ?- Output Budgeting
24. Under which kind of budgeting the relationship and performance of input to the output is studies ?- Performance Based Budgeting
25. Under which kind of budgeting the all budgetary allocations are set to nil at the beginning of the Financial Year ?- Zero Based Budgeting
26. In which year Gender Based Budgeting started in India ?- 2004-05
27. Under which kind of budgeting best of the given programs is selected for optimizing the choice ?- Program based Budgeting
28. In which budget year Railway Budget was merged with the Annual Budget ?- 2017-18
29.________ is the compulsory payment by the citizen to the government to meet the public expenditure. - Tax
30. Which tax is borne by the person on whom it is levied ?- Direct Tax
31. In which kind of tax, burden of tax can be shifted ?- Indirect Tax
32. Examples of Direct Tax :
· Personal Income Tax
· Corporation Tax
· Wealth Tax
· Gift Tax
· Land Revenue
· Professional Tax
· Stamp Duty and Registration Charges
· Securities Transaction Tax
33. Examples of Indirect Tax :
· Excise Duty
· Custom Duty
· Sales Tax
· Service Tax
· Value Added Tax
· Passenger Tax
· Entertainment Tax
· Electricity Duty
· Motor Vehicles Tax
34. What is the full form of GST ?- Goods and Services Tax
35. When was the Goods and Services Tax implemented ?- July 1, 2017 AD
36. Name the taxes that have been replaced by GST :
· Sales Tax
· Central Excise Duty
· Octroi
· Service Tax
37. Name the components of GST :
· CGST – Central Goods and Services Tax
· SGST – State Goods and Services Tax
· IGST – Integrated Goods and Services Tax
38. Under which article of the Constitution of India the Finance Commission of India is formed ?- Article 280
39. Who constitutes the Finance Commission of India ?- President of India
40. For how many years the Finance Commission of India is formed ?- Five Years
41. Who was the Chairman of the First Finance Commission of India ?- K.C. Niyogi
42. Who is the Chairman of the Fourteenth Finance Commission of India ? – Y.V. Reddy
43. What is the tenure of the Fourteenth Finance Commission of India ?- 2015-2020 AD
44. Who is the Chairman of the Fifteenth Finance Commission of India ?- N.K. Singh
45. What is the tenure of the Fifteenth Finance Commission of India ?- 2020-2025 AD
46. What is the full form of IMF ?- International Monetary Fund
47. How many member countries are there in the IMF ?- 189 Countries
48. Where are the headquarters of IMF ?- Washington D.C.
49. What is the name of the supplementary foreign exchange reserve maintained by the International Monetary Fund ?- SDR
50. What is the full form of SDR ?- Special Drawing Rights