The expenditure on old age pension is classified as: MCQ with Answer and Explanation

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The expenditure on old age pension is classified as:

A. capital expenditure

B. developmental expenditure

C. plan expenditure

D. revenue expenditure

Answer: Option D

Solution (By JKSSB Mock Tests)

Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Repo Rate' is the rate at which:

A. Government borrows from the public

B. Banks lend to each other in the call market

C. RBI borrows from commercial banks

D. Commercial banks borrow from the RBI against collateral of government securities

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Correct Answer: Option D

Explanation:
Repo rate is the interest rate at which the RBI lends short-term funds to commercial banks against the collateral of government securities under the Liquidity Adjustment Facility.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Asian Infrastructure Investment Bank' is headquartered in:

A. Manila

B. Beijing

C. Tokyo

D. Singapore

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Correct Answer: Option B

Explanation:
The Asian Infrastructure Investment Bank is headquartered in Beijing.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Income Tax Return' in India is filed by individuals whose income exceeds:

A. Rs 5 lakh

B. Rs 1 lakh

C. the basic exemption limit

D. Rs 10 lakh

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Correct Answer: Option C

Explanation:
Individuals must file ITR if income exceeds the basic exemption limit.

This question belongs to: Economy GK Economy Set 1

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