Public Finance-Online Practice Exam 10
Public Finance-Online Practice Exam 10

Public Finance-Online Practice Exam 10

NET / SET Online Practice Exams

Public Finance

Test

Multi-choice 10

Question

1. Which was the first country in the world to introduce Goods and Services Tax (GST)?

Answers

USA

France

UK

Italy

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Question

2. In India, equity fund-of-funds are taxed in the same manner as

Answers

Fixed deposits

Debt funds

Real Estate

Equity-linked saving schemes

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Question

3. Goods and Services Tax, as passed by the Parliament contains an anti-profiteering clause. Prior to this which country was the first to incorporate this clause into its GST laws

Answers

Malaysia

Australia

France

Canada

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Question

4. Which of the following statement is incorrect about insolvency and Bankruptcy Code (IBC) ?

Answers

National Company Law Tribunal (NCLT) is the adjudicating authority under this Act

specifies a timeframe of 180 days after the process is initiated and an additional 90-days extension for resolving insolvency

There are five stages in the resolution process through IBC

None of the above

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Question

5. By the Constitution (101st Amendment) Act 2016 Certain new Articles have been inserted in the Constitution of India-

  1. Article 246A

  2. Article 279A

  3. Article 269A

Answers

I, and II

I, II and III

II and III

I and III

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Question

6. Which of the following activities generate black money in an economy ?

  1. Avoiding the payment of taxes.

  2. Tax evasion.

  3. Transactions in cash without proper bill/invoice.

  4. Avoiding social security provisions as enshrined in labour laws .

Answers

I, III and IV

I, II, and IV

I, II, III and IV

III and IV

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Question

7. Which of the following ways is adopted by rich people in India to avoid the payment of tax ?

  1. Availing various exemption of Income tax act

  2. Availing various exemptions of Corporation

  3. Tax Holidays

  4. A specified trust as a mask for personal business

Answers

I, II, and III

I, II, III and IV

I, III and IV

I, II and IV

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Question

8. Which of the following is/are the common practice of tax evasion in India ?

  1. Not filing the income tax return
  2. Not disclosing the income to tax authorities
  3. Using fake documents to claim exemption
  4. Smuggling

Answers

Only II and IV

II, III and IV

I, II and IV

I, II, III and IV

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Question

9. The causes of black money are–

Answers

Public expenditure programme

Inflation

Political finance and standard of Public morality

All of the above

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Question

10. According to Raja J. Chelliah  the black money is generated at the rate of — the country’s GDP.

Answers

20%

40%

10%

15%

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Prepared by www.myeconomics.info

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