Advance tax is income tax that is: MCQ with Answer and Explanation

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Advance tax is income tax that is:

A. paid only by companies

B. refunded by the government

C. paid in advance in instalments during the financial year

D. paid after the end of the financial year

Answer: Option C

Solution (By JKSSB Mock Tests)

Advance tax is paid in advance in instalments during the financial year instead of a lump sum at the end.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

For an inferior good, the income effect of a price fall:

A. increases quantity demanded

B. does not affect quantity demanded

C. decreases quantity demanded

D. always equals the substitution effect

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Correct Answer: Option C

Explanation:
For an inferior good, a price fall raises real income, and the income effect causes the consumer to buy less of the good.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'World Development Report' is published by:

A. WTO

B. World Bank

C. IMF

D. UNCTAD

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Correct Answer: Option B

Explanation:
The World Development Report is published by the World Bank.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Gross Value Added' at basic prices for an enterprise equals:

A. output minus intermediate consumption

B. output plus subsidies

C. output plus taxes

D. sales plus profits

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Correct Answer: Option A

Explanation:
GVA = output minus intermediate consumption.

This question belongs to: Economy GK Economy Set 1

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