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

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The 'Central Board of Indirect Taxes and Customs' administers:

A. income tax

B. corporate tax

C. wealth tax

D. GST, customs and indirect taxes

Answer: Option D

Solution (By JKSSB Mock Tests)

CBIC administers GST, customs and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Fiscal Space' refers to:

A. Only the primary surplus

B. Only the revenue deficit

C. The physical space occupied by government offices

D. The room available for a government to increase spending or reduce taxes without endangering debt sustainability

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Correct Answer: Option D

Explanation:
Fiscal space is the budgetary room that allows a government to provide resources for desired purposes without compromising fiscal sustainability or crowding out private investment excessively.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of monetary economics, the 'Money Multiplier' is:

A. The ratio of fiscal deficit to GDP

B. The ratio of exports to imports

C. The ratio of broad money to reserve money

D. The ratio of investment to saving

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Correct Answer: Option C

Explanation:
The money multiplier is the ratio of the stock of broad money (such as M3) to the stock of reserve money, reflecting the extent of credit creation by the banking system.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Central Vigilance Commission' is a:

A. judicial body

B. constitutional body

C. statutory body

D. private body

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Correct Answer: Option C

Explanation:
The Central Vigilance Commission is a statutory body.

This question belongs to: Economy GK Economy Set 1

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