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12th Standard Economics Fiscal Economics English Medium Free Online Test One Mark Questions with Answer Key 2020 - 2021

12th Standard

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Economics

Time : 00:20:00 Hrs
Total Marks : 20

    Answer all the questions

    20 x 1 = 20
  1. One of the following is NOT a feature of private finance

    (a)

    Balancing of income and expenditure

    (b)

    Secrecy

    (c)

    Saving some part of income

    (d)

    Publicity

  2. The difference between total expenditure and total receipts including loans and other liabilities is called

    (a)

    Fiscal deficit

    (b)

    Budget deficit

    (c)

    Primary deficit

    (d)

    Revenue deficit

  3. Deficit Budget means

    (a)

    An excess of government's revenue over expenditure

    (b)

    An excess of government's current expenditure over its current revenue

    (c)

    An excess of government's total expenditure over its total revenue

    (d)

    None of above

  4. Conversion of public debt means exchange of

    (a)

    New bonds for the old ones

    (b)

    Low interest bonds for higher interest bonds

    (c)

    Long term bonds for short term bonds

    (d)

    All the above

  5. Consider the following statements and identify the right ones.
    (i) The finance commission is appointed by the President
    (ii) The tenure of Finance commission is five years

    (a)

    i only

    (b)

    ii only

    (c)

    both

    (d)

    none

  6. Public finance is related to the financing of the ___________ activities.

    (a)

    State

    (b)

    Central

    (c)

    Both (a) and (b)

    (d)

    None of the above

  7. A ________ is a penalty imposed on an individual for violation of law.

    (a)

    Grants

    (b)

    Aids

    (c)

    Fine

    (d)

    fees

  8. GST will mainly remove the _________

    (a)

    Cascading effect

    (b)

    VAT

    (c)

    CGST

    (d)

    Both (a) and (c)

  9. The term 'Fiscal' is derived from ___________ word.

    (a)

    Latin

    (b)

    French

    (c)

    Greek

    (d)

    British

  10. ___________ state is a welfare state.

    (a)

    Economic

    (b)

    Political

    (c)

    Modern

    (d)

    Fiscal

  11. The private sector aims to maximize __________

    (a)

    Benefit

    (b)

    Profit

    (c)

    welfare

    (d)

    Both 'a' and 'b'

  12. There are _________ types of canons of taxation.

    (a)

    Two

    (b)

    Three

    (c)

    Four

    (d)

    Five

  13. Budget Deficit = _________

    (a)

    Total Expenditure - Total Revenue

    (b)

    Total Expenditure + Total Revenue

    (c)

    Total Expenditure x Total Revenue

    (d)

    Total Expenditure \(\div \) Total Revenue

  14. The term fiscal is derived from Greek word which means basket and symbolizes the………………?

    (a)

    public purse

    (b)

    tax

    (c)

    fees

    (d)

    public revenue

  15. Find the author of following statement. “Public finance is an investigation into the nature and principles of the state revenue and expenditure”.

    (a)

    Ricardo

    (b)

    Dalton

    (c)

    Marshall

    (d)

    Adam Smith

  16. The defence expenditure of the government was Rs.10,874 crores in ……………which increased significantly to Rs.2,95,511crores in………….?

    (a)

    1950-51 and 2018-19

    (b)

    1990-91 and 2018-19

    (c)

    1980-81 and 2018-19

    (d)

    2000-01 and 2018-19

  17. Grants from foreign countries are known as……………?

    (a)

    Global Aid

    (b)

    Foreign Aid

    (c)

    International Aid

    (d)

    All the above

  18. Central Board of Direct Taxes is under control of …………..?

    (a)

    The Ministry of External Affairs

    (b)

    The Ministry of Finance

    (c)

    The Ministry of Urban Development

    (d)

    None of the above

  19. Find the meaning of following statement. “Payable by the manufacturer who shifts the tax burden to retailers and wholesalers.”

    (a)

    Stamp Duty

    (b)

    Income Tax

    (c)

    Shifting Tax

    (d)

    Excise Duty

  20. The existing Government may or may not continue for the year, on account of the fact that elections are due, then the Government places a …………….

    (a)

    Balanced Budget

    (b)

    Election Budget

    (c)

    Lame duck Budget

    (d)

    None of the above

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