Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

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Total Questions

Practice Questions

Page 101 of 111
Question #2001
The 'Tax Deduction and Collection Account Number' is used for:
A. depositing TDS and TCS
B. getting PAN
C. opening a bank account
D. filing income tax returns only
Discuss
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Correct Answer: Option A

Explanation:
TAN is used for depositing tax deducted or collected at source.
This question belongs to: Economy GK Economy Set 1
Question #2002
The 'Goods and Services Tax Identification Number' is a:
A. 16-digit number
B. 15-digit number
C. 12-digit number
D. 10-digit number
Discuss
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Correct Answer: Option B

Explanation:
GSTIN is a 15-digit PAN-based number.
This question belongs to: Economy GK Economy Set 1
Question #2003
The 'Directorate General of Goods and Services Tax Intelligence' deals with:
A. income tax evasion
B. customs only
C. GST evasion and intelligence
D. corporate fraud
Discuss
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Correct Answer: Option C

Explanation:
DGGI deals with GST evasion and intelligence.
This question belongs to: Economy GK Economy Set 1
Question #2004
The 'Income Tax Assessment' in India is done by:
A. NITI Aayog
B. Income Tax Department
C. SEBI
D. RBI
Discuss
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Correct Answer: Option B

Explanation:
Income Tax assessment is done by the Income Tax Department.
This question belongs to: Economy GK Economy Set 1
Question #2005
The 'Advance Tax' is payable in instalments by:
A. only salaried individuals
B. persons whose estimated tax liability exceeds Rs 10,000
C. only companies
D. all citizens
Discuss
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Correct Answer: Option B

Explanation:
Advance tax is payable if estimated tax liability exceeds Rs 10,000 in a year.
This question belongs to: Economy GK Economy Set 1
Question #2006
The 'self-assessment tax' is paid by a taxpayer:
A. on the basis of self-computation before filing return
B. only after a notice
C. after assessment by the department
D. by employer only
Discuss
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Correct Answer: Option A

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.
This question belongs to: Economy GK Economy Set 1
Question #2007
The 'Tax Deducted at Source' on salary is deducted by:
A. RBI
B. employee
C. employer
D. Income Tax Department
Discuss
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Correct Answer: Option C

Explanation:
Employer deducts TDS on salary.
This question belongs to: Economy GK Economy Set 1
Question #2008
The 'Form 16' is issued by an employer to an employee and shows:
A. loan details
B. bank account balance
C. stock holdings
D. salary paid and tax deducted
Discuss
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Correct Answer: Option D

Explanation:
Form 16 shows salary and TDS details.
This question belongs to: Economy GK Economy Set 1
Question #2009
The 'Form 26AS' is an income tax document that shows:
A. salary only
B. bank statements
C. stock holdings
D. tax deducted and deposited against PAN
Discuss
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Correct Answer: Option D

Explanation:
Form 26AS shows tax deducted and deposited against a PAN.
This question belongs to: Economy GK Economy Set 1
Question #2010
The 'Annual Information Statement' in income tax is:
A. a statement of specified financial transactions
B. a bank statement
C. a statement of taxes only
D. a statement of foreign travel
Discuss
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Correct Answer: Option A

Explanation:
AIS is a statement of specified financial transactions.
This question belongs to: Economy GK Economy Set 1
Question #2011
The 'e-filing' of income tax returns in India is done through:
A. Income Tax e-Filing portal
B. RBI portal
C. SEBI portal
D. GST portal
Discuss
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Correct Answer: Option A

Explanation:
Income tax returns are e-filed on the Income Tax e-Filing portal.
This question belongs to: Economy GK Economy Set 1
Question #2012
The 'Central Board of Direct Taxes' is a part of:
A. Ministry of Finance
B. NITI Aayog
C. SEBI
D. RBI
Discuss
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Correct Answer: Option A

Explanation:
CBDT is part of the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #2013
The 'Central Board of Indirect Taxes and Customs' is a part of:
A. SEBI
B. RBI
C. Ministry of Finance
D. Ministry of Commerce
Discuss
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Correct Answer: Option C

Explanation:
CBIC is part of the Ministry of Finance.
This question belongs to: Economy GK Economy Set 1
Question #2014
The 'Goods and Services Tax' is collected by:
A. only state governments
B. both central and state governments
C. only central government
D. local bodies
Discuss
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Correct Answer: Option B

Explanation:
GST is collected by both central and state governments depending on the component.
This question belongs to: Economy GK Economy Set 1
Question #2015
The 'Goods and Services Tax' replaced which of the following central taxes?
A. Service tax
B. Wealth tax
C. Income tax
D. Corporate tax
Discuss
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Correct Answer: Option A

Explanation:
GST subsumed service tax.
This question belongs to: Economy GK Economy Set 1
Question #2016
The 'Goods and Services Tax' rate on newspapers is:
A. 0%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Newspapers are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2017
The 'Goods and Services Tax' rate on periodicals and journals is:
A. 12%
B. 0%
C. 5%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Periodicals and journals are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2018
The 'Goods and Services Tax' rate on admission to cultural events is:
A. 18%
B. 12%
C. 0%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Admission to cultural events generally attracts 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2019
The 'Goods and Services Tax' rate on concerts and sporting events is:
A. 12%
B. 28%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Concerts and sporting events attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2020
The 'Goods and Services Tax' on IPL tickets is:
A. 0%
B. 5%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
IPL tickets attract 18% GST.
This question belongs to: Economy GK Economy Set 1
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