UPSC Economics- Fiscal and Monetary Policy Set 1

1.

The process of budget making after re-evaluating every item of expenditure in every financial year is known as-

Performance Budgeting Deficit Budgeting Zero Based Budgeting Fresh Budgeting

2.

Which of the following is not viewed as a national debt?

Provident Fund Life Insurance Policies National Saving Certificate Long-term Government Bonds

3.

Tarapore Committee submitted its report on "Full Convertibility on Rupee" in-

Current account Capital account Both in current as well as in capital account Special Drawing Rights (SDRs)

4.

CENVAT is related to-

Sales Tax Excise Duty Custom Duty Service Tax

5.

Plan expenditure in India is met by-

Internal debt and other resources Assistance from Aid India Club Assistance from IMF Assistance from OECD countries

6.

High fiscal deficit is cause for concern for any economy. What does it denote?

It is a measure of the borrowing of an economy It is total expenditure less total receipts excluding borrowings It reflects the decrease in tax collections for the year It means the lack of liquidity and earnings for the economy.

7.

With reference to the Finance Commission of India, which of the following statements is correct?

It encourages the inflow of foreign capital for infrastructure development It facilitates the proper distribution of finances among the Public Sector Undertakings It ensures transparency in financial administration None of the statements is correct in his context

8.

Which one at the following is responsible for the preparation and presentation of Union Budget to the Parliament?

Department of Revenue Department of Economic Affairs Department of Financial Services Department of Expenditure

9.

In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years?

Service tax Personal income tax Excise duty Corporation tax

10.

Fiscal deficit means:

Total receipts minus expenditure Total receipts minus interest payments on external debt Revenue receipts minus ex-penditure Revenue receipts minus defense expenditure

UPSC Economics- Fiscal and Monetary Policy Set 1

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UPSC Economics- Fiscal and Monetary Policy Set 1

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