The modern state is

(a)

Laissez-faire state

(b)

Aristocratic state

(c)

Welfare state

(d)

Police state

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

GST is equivalence of

(a)

Sales tax

(b)

Corporation tax

(c)

Income tax

(d)

Local tax

The old and popular term of Fiscal Economics is called _____________

(a)

Public dept

(b)

Public finance

(c)

Federal finance

(d)

Public expenditure

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

(a)

State

(b)

Central

(c)

Both (a) and (b)

(d)

None of the above

Compoents of Budget

(1)

Indirect tax

State sources

(2)

Revenue receipts Capital receipts, Budget receipt

Federal finance

(3)

Capitation tax, land revenue tax on land & building

GST

(4)

War and preparation of war

Causes for Public Debt

(5)

Sources of revenue to the central as well as state government.