The 'Finance Committee' of Parliament is: MCQ with Answer and Explanation

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The 'Finance Committee' of Parliament is:

A. a constitutional body

B. a statutory body

C. an ad hoc committee

D. a standing committee

Answer: Option D

Solution (By JKSSB Mock Tests)

The Finance Committee is a parliamentary standing committee.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax Network' is a:

A. regulatory authority

B. non-government IT company providing GST portal

C. tax collection department

D. ministry under government

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Correct Answer: Option B

Explanation:
GSTN is a non-government, private limited company that provides the IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a function of the stock exchange?

A. Providing liquidity to securities

B. Issuing new currency notes

C. Price discovery of securities

D. Mobilising savings for investment

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Correct Answer: Option B

Explanation:
Issuing currency notes is the function of the central bank. Stock exchanges provide liquidity, facilitate price discovery and help mobilise savings for productive investment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on demerit goods is generally:

A. 18%

B. 12%

C. 5%

D. 28% plus cess

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Correct Answer: Option D

Explanation:
Demerit goods like tobacco and aerated drinks attract 28% plus cess.

This question belongs to: Economy GK Economy Set 1

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