The 'Appropriation Bill' is passed under which article of the Constitution? MCQ with Answer and Explanation

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The 'Appropriation Bill' is passed under which article of the Constitution?

A. Article 266

B. Article 110

C. Article 114

D. Article 280

Answer: Option C

Solution (By JKSSB Mock Tests)

The Appropriation Bill is passed under Article 114 to authorize withdrawal from the Consolidated Fund.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on pizza bread is:

A. 0%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Pizza bread attracts 18% GST as a prepared food product.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of national income accounting, which of the following is excluded from GDP?

A. Imputed rent of owner-occupied houses

B. Value of intermediate goods

C. Value of final goods produced domestically

D. Government final consumption expenditure

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Correct Answer: Option B

Explanation:
Intermediate goods are excluded from GDP to avoid double counting. Only the value of final goods and services is included.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major source of tax revenue for the Central Government?

A. Only professional tax

B. Corporation tax, income tax and central GST

C. Only entertainment tax

D. Only property tax collected by local bodies

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Correct Answer: Option B

Explanation:
The major sources of central tax revenue include corporation tax, personal income tax, and the central share of GST, along with customs duties.

This question belongs to: Economy GK Economy Set 1

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