16
Q:

The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year

A) 1991-92 B) 1992-93
C) 1995-96 D) 1996-97

Answer:   D) 1996-97



Explanation:
Subject: Indian Economy
Q:

The law of demand states that other things equal

A) as the price increases, the quantity demanded will decrease. B) as the price increases, the quantity demanded will increase.
C) as the price decreases, the demand curve will shift to the right. D) as the price increases, the demand will decrease.
 
Answer & Explanation Answer: A) as the price increases, the quantity demanded will decrease.

Explanation:
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0 21
Q:

An increase in the quantity demanded means that

A) The demand curve shifted to right B) Price of the product has declined
C) Increase in consumer income D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:
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0 27
Q:

Which ministry has started the exercise to revise base year to 2017 - 2018 for computation of wholesale inflation?

A) Ministry of Commerce and Industry B) Ministry of Finance
C) Ministry of Corporate Affairs D) All the above
 
Answer & Explanation Answer: A) Ministry of Commerce and Industry

Explanation:

The India's commerce and industry ministry has started the exercise to revise base year to 2017-18 for computation of wholesale inflation with a view to present more realistic picture of the price situation

 

In May last year, the government revised the base year for WPI-based inflation to 2011-12 to give a better indication of changes in prices of commodities.

 

The new index, with 2017-18, is expected to have new items, which would provide a more realistic picture of price rise and its impact on people.

 

Most of the additions could be in the manufactured products category. Currently, the index has a total of 697 items, including primary articles, fuel and power and manufactured products.

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0 54
Q:

Income taxes are allocated to

A) discontinued operations B) prior period adjustments
C) extraordinary items D) All the above
 
Answer & Explanation Answer: D) All the above

Explanation:

Income taxes are allocated to extraordinary items, discontinued operations and prior period adjustments.

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0 55
Q:

The Budget proposals also seek to provide relief to salaried tax payers by allowing a standard deduction of what amount in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses?

A) Rs. 20,000 B) Rs. 40,000
C) Rs. 50,000 D) Rs. 80,000
 
Answer & Explanation Answer: B) Rs. 40,000

Explanation:

The standard deduction of Rs. 40,000 is seek to provide relief to salaried tax payers in the Budget proposals in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses.

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0 185
Q:

Which of the following is an example of representative money?

A) Salt B) A tract of land
C) Gold D) A check
 
Answer & Explanation Answer: D) A check

Explanation:

Representative money is an item such as a token or piece of paper that has no intrinsic value but can be exchanged on demand for a commodity that does have intrinsic value, such as gold, silver, copper,...

 

Hence, a Check is an example of representative money.

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8 198
Q:

Which of the following represents a positive economic statement?

A) The government should extend unemployment benefits. B) The unemployment rate is too high.
C) Taxes should not be increased since that will lower spending. D) The unemployment rate is 4.8 percent.
 
Answer & Explanation Answer: D) The unemployment rate is 4.8 percent.

Explanation:
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2 134
Q:

Is CST applicable on freight charges?

Answer

CST is not payable on outward freight (if charged separately) and outward insurance if property in goods passes to buyer at the time of despatch.


 


It means that Sale price does not include Freight charges will not attract CST when shown separately in they Invoice. But goods & freight show in one invoice CST will attractive.

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1 196