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CUET-UG Economics / Business Economics Test: Public Finance (Government Budget & Economy)
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Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.

CUET-UG Economics / Business Economics Test: Public Finance (Government Budget & Economy)
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25 Questions

1. Agricultural income tax is a source of revenue to
2. Biggest source of capital receipts of the Union Government is
3. Which one of the following statements is incorrect?
4. Black money is generated in India because of
5. Interest payment is an item of
6. What is the effect of import tax (implies by a country) on the savings of consumer?
7. The MODVAT scheme of taxation benefits
8. As per the reco m m en dations of the Finan ce commission, besides income tax, the net proceeds of which of the following tax(es) is/are to be shared between the Centre and the states?

1. Additional duties of excise
2. Wealth tax on agricultural properties
3. Union Excise Duties
Select the correct answer using the codes given below–
9. The m ain so urces of rev enue of the Central Government are
1. income tax 2. corporate tax
3. custom duties 4. excise duties On the basis of their importance their correct sequence in ascending order is
10. Which one of the following is the most important source of revenue of state governments in India?
11. If external debt of country rises faster than its interest obligations, it is a case of
12. Food and fertilizer subsidies are included in
13. Which one of the following DOES NOT come under the jurisdiction of state taxation?
14. If supply is perfectly inelastic, then the short run impact of a specific sales tax would be to shift the tax burden
15. The whole burden of a tax will be borne by the sellers, if
16. A Finance Bill is a bill which
17. Which one of the following dealt exclusively with taxation of agricultural wealth and income in India?
18. Budgetary deficit of the Government of India is equal to
19. Taxable capacity is a function of
20. Assertion (A) : Public Finance is a normative Science.
Reason (R) : The objective of fiscal operation implies proper allocation of resources, distribution of income, Full employment and stability with growth.
21. Fiscal deficit in the Union Budget means:
22. Maximum Social Advantage is achieved when
23. Fiscal Policy is concerned with
24. The incidence of a sales tax will be
25. Expenditure on 'general services' is

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