The 'Disposable Personal Income' is personal income minus: MCQ with Answer and Explanation

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The 'Disposable Personal Income' is personal income minus:

A. direct personal taxes and other deductions

B. indirect taxes

C. corporate tax

D. customs duty

Answer: Option A

Solution (By JKSSB Mock Tests)

Disposable personal income is personal income after direct personal taxes and other deductions.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?

A. Cereals, pulses, oilseeds, edible oils and onion

B. Petroleum and diesel

C. Medicines

D. Fertilizers

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Correct Answer: Option A

Explanation:
The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

This question belongs to: Economy GK Economy Set 1

Question #2

A current account surplus occurs when:

A. foreign exchange reserves fall

B. imports exceed exports

C. capital outflows exceed inflows

D. exports of goods, services and income exceed imports

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Correct Answer: Option D

Explanation:
A current account surplus occurs when exports of goods, services and income exceed imports.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'self-assessment tax' is paid by a taxpayer:

A. only after a notice

B. by employer only

C. on the basis of self-computation before filing return

D. after assessment by the department

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Correct Answer: Option C

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

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