Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax

Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax 
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 Income tax
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Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Description : Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Last Answer : (3) Professional tax Explanation: A professional tax, also known as an occupation tax or a professional privilege lax, is a tax that a professional must pay to receive the right to practice a ... and a professional who has clients in more than one state may owe professional taxes in several states.

Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Description : Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Last Answer : Professional tax 

Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Description : Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Last Answer : (1) Reduction of consumption consequent to a rise in prices Explanation: Forced saving is an economic situation in which consumers spend less than their disposable income, not because they want to ... free economy, this situation would normally result in increase in prices and inflow of more goods.

Forced Savings refer to (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Description : Forced Savings refer to (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Last Answer :  Reduction of consumption consequent to a rise in prices

Which of the following sets belongs to Central tax? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duly and Income tax (3) Income tax, Custom duty and House, Lax (4) Custom duty, Entertainment tax and Income tax

Description : Which of the following sets belongs to Central tax? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duly and Income tax (3) Income tax, Custom duty and House, Lax (4) Custom duty, Entertainment tax and Income tax

Last Answer : (2) Excise duty, Custom duly and Income tax Explanation: The Central Indian Government that is officially named as the "Union Government" is responsible for the imposition of both direct taxes as ... and Securities Transaction Tax. The indirect taxes are: Customs Duty; Excise Duty and Service Tax.

Which of the following sets belongs to Central tax ? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duty and Income tax (3) Income tax, Custom duty and House tax (4) Custom duty, Entertainment tax and Income tax

Description : Which of the following sets belongs to Central tax ? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duty and Income tax (3) Income tax, Custom duty and House tax (4) Custom duty, Entertainment tax and Income tax

Last Answer : Excise duty, Custom duty and Income tax 

Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Description : Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Description : 4. Which of the following taxes is regressive? a. the federal income tax b. the state income tax c. the sales tax d. the Medicare tax

Last Answer : c. the sales tax

Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Description : Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Last Answer : (4) Corporation Tax Explanation: The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. Article ... taxes on capital of companies; estate duty in respect of property other than agricultural land, etc.

Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Description : Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Last Answer : b. Income

Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Description : Which is the most common method of measuring economic development? a. Profit loss b. Income c. Sales d. Import-export

Last Answer : b. Income

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : (4) Expenditure tax Explanation: Expenditure tax is a taxation plan that replaces the income tax (a direct tax). Instead of applying a tax based on the income earned, tax is allocated based on the ... a consumption tax. The major benefit for this type of tax scheme is the removal of double taxation.

The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Description : The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Last Answer : (3) State Excise Duty Explanation: An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs ... paper, drugs and pharmaceuticals, alcoholic liquor, water filtration and purification devices, pan masala, etc.

Tax on inheritance is called - (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Description : Tax on inheritance is called - (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Last Answer : (2) Estate duty Explanation: Estate duty is a tax on the total market value of a person's assets at the date of his or her death. The deceased person's assets, as a whole, are called an ... on assets that legal heirs inherit, while estate duty is applicable on the assets of those who are dead.

The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Description : The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Last Answer :  Central Excise Duty

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : Expenditure tax

Tax on inheritance is called (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Description : Tax on inheritance is called (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Last Answer : Estate duty 

What is needed for creating demand? (1) Production (2) Price (3) Income (4) Import

Description : What is needed for creating demand? (1) Production (2) Price (3) Income (4) Import

Last Answer : (1) Production Explanation: Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a ... demanded is known as the demand relationship. So for demand to originate, a product is required first.

What is needed for creating demand ? (1) Production(2) Price (3) Income (4) Import

Description : What is needed for creating demand ? (1) Production(2) Price (3) Income (4) Import

Last Answer : Production

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : (4) Taxes on Advertisement Explanation: Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted ... exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : Taxes on Advertisement

Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Description : Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Last Answer : c. Sales tax

Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : (3) Determination of import duty uniformly Explanation: Non-tariff barriers to trade include import quotas, special licenses, unreasonable standards for the quality of goods, bureaucratic delays at customs, ... duty uniformly is comes under the sovereign duty of a nation. It is internal development.

Excise duty is levied on - (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Description : Excise duty is levied on - (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Last Answer : (2) production of goods Explanation: Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and ... "State Excise" duty. The Excise duty on rest of goods is called "Central Excise" duty.

Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : Determination of import duty uniformly

Excise duty is levied on (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Description : Excise duty is levied on (1) sale of goods (2) production of goods (3) import of goods (4) export of goods 

Last Answer : production of goods

Which one of the following taxes is collected and utilized by the State Governments? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Description : Which one of the following taxes is collected and utilized by the State Governments? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Last Answer : (3) Land revenue Explanation: The Constitution allocates the taxation of agricultural income to states. Lan revenue is a major source of revenue for states in India. For purpose of ... Commissioner, also known as Collector indicating his responsibility for the realization of all Government revenues.

What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Last Answer : (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. Explanation: A value added tax (VAT) is a form of consumption tax. A VAT is like a sales tax in that ... under the single tax system based primarily or exclusively on one tax, typically chosen for its special properties.

When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Description : When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Last Answer : c. 30%

When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Description : When my income was $100,000, I paid $10,000 in taxes. When my income became $200,000, I paid $40,000 in taxes. My marginal tax rate is: a. 10% b. 20% c. 30% d. 40%

Last Answer : c. 30%

Which one of the following taxes is collected and utilized by the State Governments ? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Description : Which one of the following taxes is collected and utilized by the State Governments ? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Last Answer : Land revenue 

What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods 

Last Answer : A single tax that replaces State taxes like, surcharge, turnover tax, etc. 

)The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax laws including the question of imposition of bank tax (3) the concerns of the foreign investors in India with regard to taxation matters (4) aspects of generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Description : )The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Last Answer : (4) aspects of generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system Explanation: The Central Board of Direct Taxes (CBDT) ... steps to prevent generation of illicit funds through transactions in property, bullion and equity market.

The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into – (1) codification of tax laws (2) the entire structure of tax laws including the question of imposition of bank tax (3) the concerns of the foreign investors in India with regard to taxation matters (4) aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system

Description : The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Last Answer : aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system

Which of these would lead to decrease in quantity supplied at a given price (a) Decrease in VAT ; (b) Decrease in excise duty; (c) Decrease in import duty ; (d) Imposition of higher levies

Description : Which of these would lead to decrease in quantity supplied at a given price (a) Decrease in VAT ; (b) Decrease in excise duty; (c) Decrease in import duty ; (d) Imposition of higher levies

Last Answer :  (d) Imposition of higher levies

Which of these would lead to increase in quantity supplied at a given price (a) Increase in VAT ; (b) Increase in excise duty ; (c) Increase in import duty ; (d) Reduction in levies

Description : Which of these would lead to increase in quantity supplied at a given price (a) Increase in VAT ; (b) Increase in excise duty ; (c) Increase in import duty ; (d) Reduction in levies

Last Answer : (d) Reduction in levies

Waste or refuse arising out of manufacturing activity of output exported shall be charged to import duty as _____ if such waste or refuse is cleared for home consumption. A waste or refuse B imported goods C waste or refuse or output D Scrap

Description : Waste or refuse arising out of manufacturing activity of output exported shall be charged to import duty as _____ if such waste or refuse is cleared for home consumption. A waste or refuse B imported goods C waste or refuse or output D Scrap

Last Answer : waste or refuse

A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted accounting principles. c. Supported by the client’s audited financial statements. d. Not subject to change upon audit

Description : A CPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is: a. The legal minimum. b. Computed in conformity with generally accepted ... principles. c. Supported by the client's audited financial statements. d. Not subject to change upon audit

Last Answer : The legal minimum

1. The largest source of tax revenue for the federal government is: a. the personal income taxb. the social security taxc. the property taxd. the sales tax

Description : 1. The largest source of tax revenue for the federal government is: a. the personal income tax b. the social security tax c. the property tax d. the sales tax

Last Answer : a. the personal income tax

GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Description : GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Last Answer : (d) When subsidies exceeds indirect taxes. 

GDP at market price exceeds GDP at factor cost by the amount of revenue raised through ………………. (a) Direct taxes ; (b) Indirect taxes ; (c) Income tax ; (d) Tax on rents

Description : GDP at market price exceeds GDP at factor cost by the amount of revenue raised through ………………. (a) Direct taxes ; (b) Indirect taxes ; (c) Income tax ; (d) Tax on rents 

Last Answer : ; (b) Indirect taxes ;

Other things being equal, a decrease in quantity demanded of a commodity can be caused by – (1) a rise in the price of the commodity (2) a rise in the income of the consumer (3) a fall in the price of a commodity (4) a fall in the income of the consumer

Description : Other things being equal, a decrease in quantity demanded of a commodity can be caused by – (1) a rise in the price of the commodity (2) a rise in the income of the consumer (3) a fall in the price of a commodity (4) a fall in the income of the consumer

Last Answer : (1) a rise in the price of the commodity Explanation: In economics, the law states that, all else being equal, as the price of a product increases, quantity demanded falls; likewise, as the price of a product decreases, quantity demanded increases.

For an inferior good, demand falls when - (1) price rises (2) income rise (3) price falls (4) income falls

Description : For an inferior good, demand falls when - (1) price rises (2) income rise (3) price falls (4) income falls

Last Answer : (2) income rise Explanation: In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good. ... opposite is observed. Normal goods are those for which consumers' demand increases when their income increases.

Other things being equal, a decrease in quantity demanded of a commodity can be caused by (1) a rise in the price of the commodity (2) a rise in the income of the consumer (3) a fall in the price of a commodity (4) a fall in the income of the consumer

Description : Other things being equal, a decrease in quantity demanded of a commodity can be caused by (1) a rise in the price of the commodity (2) a rise in the income of the consumer (3) a fall in the price of a commodity (4) a fall in the income of the consumer

Last Answer : a rise in the price of the commodity

For an inferior good, demand falls when (1) price rises (2) income rise (3) price falls (4) income falls

Description : For an inferior good, demand falls when (1) price rises (2) income rise (3) price falls (4) income falls

Last Answer : income rise

Tariff is a----- (a) Quantitative restrictions on import. (b) Tax on import. © License on import. (d) Both (b) and (c).

Description : Tariff is a----- (a) Quantitative restrictions on import. (b) Tax on import. © License on import. (d) Both (b) and (c).

Last Answer : (b) Tax on import.

What is considered to be one of the most important attributes when we compare countries at the level of development? a. Industrial development b. Resources of the country c. Income d. Import-export

Description : What is considered to be one of the most important attributes when we compare countries at the level of development? a. Industrial development b. Resources of the country c. Income d. Import-export

Last Answer : c. Income

What is considered to be one of the most important attributes when we compare countries at the level of development? a. Industrial development b. Resources of the country c. Income d. Import-expor

Description : What is considered to be one of the most important attributes when we compare countries at the level of development? a. Industrial development b. Resources of the country c. Income d. Import-expor

Last Answer : c. Income

The terms of trade measures (a) the income of a country compared to another (b) The GDP of a country compared to another © The quantity of exports of a country compared to another (d) Export prices compared to import prices.

Description : The terms of trade measures (a) the income of a country compared to another (b) The GDP of a country compared to another © The quantity of exports of a country compared to another (d) Export prices compared to import prices.

Last Answer : (d) Export prices compared to import prices.

An increase in consumption at any given level of income will lead to (a) Higher aggregate demand. (b) An increase in exports. © A fall in taxation revenue. (d) A decrease in import spending.

Description : An increase in consumption at any given level of income will lead to (a) Higher aggregate demand. (b) An increase in exports. © A fall in taxation revenue. (d) A decrease in import spending.

Last Answer : (a) Higher aggregate demand.