The 'Central Board of Direct Taxes' administers: MCQ with Answer and Explanation

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The 'Central Board of Direct Taxes' administers:

A. income tax and corporate tax

B. GST

C. excise duty

D. customs duty

Answer: Option A

Solution (By JKSSB Mock Tests)

CBDT administers direct taxes like income tax and corporate tax.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The liquidity trap is a situation where:

A. interest rates are very low and speculative money demand becomes perfectly elastic

B. interest rates are very high

C. investment is very high

D. money supply is zero

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Correct Answer: Option A

Explanation:
In a liquidity trap, interest rates are so low that people hold any amount of money, making speculative money demand perfectly elastic.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Fiscal Consolidation' refers to:

A. Only increasing tax rates

B. Increase in government expenditure without regard to revenue

C. Policies aimed at reducing fiscal deficit and public debt

D. Only printing more money

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Correct Answer: Option C

Explanation:
Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of banking, the 'Net Stable Funding Ratio' under Basel III is designed to:

A. Set the repo rate

B. Determine capital adequacy only

C. Ensure that banks maintain a stable funding profile over a one-year horizon

D. Measure only short-term liquidity over 30 days

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Correct Answer: Option C

Explanation:
The Net Stable Funding Ratio (NSFR) requires banks to maintain a stable funding profile in relation to their on- and off-balance-sheet activities over a one-year time horizon.

This question belongs to: Economy GK Economy Set 1

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