The 'Effective Revenue Deficit' was introduced to exclude from revenue deficit those grants: MCQ with Answer and Explanation

Question

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The 'Effective Revenue Deficit' was introduced to exclude from revenue deficit those grants:

A. used for interest payments

B. used for creation of capital assets

C. given to states for revenue expenditure

D. given to foreign countries

Answer: Option B

Solution (By JKSSB Mock Tests)

Effective revenue deficit excludes grants for creation of capital assets from revenue deficit.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'New Development Bank' established by BRICS countries is headquartered in:

A. New Delhi

B. Moscow

C. Shanghai

D. Beijing

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Correct Answer: Option C

Explanation:
The New Development Bank is headquartered in Shanghai, China.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' audit by tax authorities was replaced by:

A. CAG audit

B. reconciliation statements

C. GST audit

D. no audit

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Correct Answer: Option B

Explanation:
Annual audit by GST authorities was replaced by self-certified reconciliation statements.

This question belongs to: Economy GK Economy Set 1

Question #3

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Who is the ex-officio Chairperson of NITI Aayog?

A. Finance Minister

B. Vice President

C. Prime Minister

D. President

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Correct Answer: Option C

Explanation:
The Prime Minister is the ex-officio Chairperson of NITI Aayog.

This question belongs to: Economy GK Economy Set 1

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