The 'Fiscal Responsibility and Budget Management Act' applies to: MCQ with Answer and Explanation

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The 'Fiscal Responsibility and Budget Management Act' applies to:

A. RBI only

B. Central Government

C. State governments only

D. Private companies

Answer: Option B

Solution (By JKSSB Mock Tests)

The FRBM Act primarily applies to the Central Government.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'New Development Bank' was established by BRICS in which year?

A. 2012

B. 2016

C. 2015

D. 2014

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Correct Answer: Option D

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Tax Deducted at Source' on salary is deducted by:

A. employee

B. employer

C. RBI

D. Income Tax Department

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Correct Answer: Option B

Explanation:
Employer deducts TDS on salary.

This question belongs to: Economy GK Economy Set 1

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