1. India's Fiscal policy since independence has centred around

2. Which one of the following is the most important source of revenue of state governments in India?

3. Food and fertilizer subsidies are included in

4. Consider the following statements regarding savings in different sectors of an economy
1. savings of private corporate sector constitute undisturbed profits
2. savings of private corporate sector consitute excess of income over expenditure
3. savings of government sector constitute excess of revenue receipts over revenue expenditure
4. savings of government sector constitute excess of total revenue over total expenditure Of the above statements

5. The incidence of a Sales tax will be on the sellers when

6. Assertion (A) : A progressive income tax is based on equimarginal sacrifice.
Reason (R) : Higher the income, lower will be the marginal utility of money for the taxpayer.

7. Match List I with List II and select the correct answer using the codes given below the lists– (a) Service Tax 1. Central government (b) Stamp duty 2. State government (c) Property tax (d) Sales tax Codes: (a) (b) (c) (d)

8. Octrio is levied and collected by

9. Loans to public enterprises is a part of

10. 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

11. Which of the following does not measure income in equality?

12. Which one of the following taxes is levied by the central but wholly assigned to the states

13. The Central Government has had to resort to substantian borrowing since the early 80s, mainly because

14. The basis of corporate tax is

15. Exemption from the entertainment tax is granted if the entire proceeds are devoted to
1. postal savings
2. shares in new industrial undertakings
3. charitable purposes
4. redemption of debt
Select the correct answer using the codes given below

16. Which one of the following taxes belongs exclusively to the state governments of India?

17. Black money in India

18. Fiscal deficit in the Union Budget means:

19. Given a proportional income tax structure and balanced bu dget, an autonom ous increase in investment will increase the level of equilibrium income and the budget will

20. Which one of the following pairs is correctly matched?

21. 'Maximum social welfare' in public finance is attained when

22. The Principle of Maximum Social Advantage is concerned with

23. Central assistance for state and UT Plan is a part of

24. Justice in taxation is best ensured by applying the principle of

25. The controlling authority of Government expenditure is