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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. Taxable capacity is a function of
2. Which one of the following taxes is not levied by state Governments?
3. Match List I (Tax) with List II (Imposed and collected by) and select the correct answer using the codes given below the list: List I List II (a) Corporation Tax 1. State (b) Sales Tax 2. Municipal Corporation. (c) House Tax 3. Government of India (d) Wealth Tax Codes: (a) (b) (c) (d)
4. Which one of the following is the aim of functional finance?
5. Which of the following pairs are examples of direct tax?

1. Income Tax and Wealth Tax.
2. Sales Tax and Excise Duty.
3. Capital gains Tax and Corporation Tax.
Select the correct answer using the codes given below
6. The rapid increase of public debt of the Central Government since 1950–51 has been due to
7. The basis of corporate tax is
8. Loans to public enterprises is a part of
9. Fiscal deficit in the Union Budget means:
10. Since 1990, savings of the household sector in India have been
11. If supply is perfectly inelastic, then the short run impact of a specific sales tax would be to shift the tax burden
12. Which sector has maximum share in Gross Domestic Saving in India?
13. India's Fiscal policy since independence has centred around
14. Agricultural income tax is a source of revenue to
15. Consider the following statements Non-Plan Revenue Expenditure includes expenditure incurred on
1. interest payments.
2. maintenance of capital assets.
3. flood control. Of these statements
16. Which one of the following is the most important source of revenue of state governments in India?
17. In the Indian context deficit financing means
18. Which tax is collected by Panchayat?
19. Which of the following does not measure income in equality?
20. Consider the following statements : The objective of personal income tax reform in the recent past has been to
1. bring the 'hard-to-tax' groups into the tax net
2. adopt a highly progressive rate schedule
3. choose moderate rates
4. allow as few deductions and exemptions as is possible Of the above statements
21. The government has recently stressed the importance of limiting the quantum of fiscal deficit to 5 per cent of GDP. In this context fiscal deficit has been defined as the
22. Capital gains mean
23. The effect of deficit financing is
24. 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
25. The Central Government has had to resort to substantian borrowing since the early 80s, mainly because

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