Personal Disposable Income is obtained by subtracting from personal income: MCQ with Answer and Explanation

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Personal Disposable Income is obtained by subtracting from personal income:

A. indirect taxes

B. direct personal taxes

C. customs duty

D. corporate tax

Answer: Option B

Solution (By JKSSB Mock Tests)

Personal disposable income is personal income minus direct personal taxes and other non-tax payments.

This question belongs to: Economy GK Economy Set 1

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Question #1

A quota is a:

A. tax on exports

B. price support for imports

C. type of exchange rate

D. quantitative restriction on imports or exports

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Correct Answer: Option D

Explanation:
A quota is a quantitative restriction on imports or exports.

This question belongs to: Economy GK Economy Set 1

Question #2

In 1969, the Government of India nationalized how many major commercial banks?

A. 6

B. 14

C. 20

D. 10

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Correct Answer: Option B

Explanation:
In 1969, 14 major commercial banks were nationalized.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Composition Scheme' under GST is available to small taxpayers with turnover up to:

A. Rs 5 crore

B. Rs 50 lakh

C. Rs 10 crore

D. Rs 1.5 crore

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Correct Answer: Option D

Explanation:
The composition scheme is available to taxpayers with annual turnover up to Rs 1.5 crore.

This question belongs to: Economy GK Economy Set 1

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