The 'GST practitioner' is a person who: MCQ with Answer and Explanation

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The 'GST practitioner' is a person who:

A. sets GST rates

B. collects taxes

C. assists taxpayers in filing GST returns and compliance

D. audits GST revenue

Answer: Option C

Solution (By JKSSB Mock Tests)

A GST practitioner assists taxpayers in GST compliance and returns.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The term 'Stagflation' refers to a situation of:

A. High inflation and high unemployment

B. Low inflation and high growth

C. Low inflation and low unemployment

D. High inflation and high growth

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Correct Answer: Option A

Explanation:
Stagflation is a combination of stagnant economic growth (or high unemployment) along with high inflation, which challenges conventional policy responses.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'hyperinflation' is:

A. stable prices

B. slow price rise

C. falling prices

D. extremely rapid and uncontrolled price rise

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Correct Answer: Option D

Explanation:
Hyperinflation is extremely rapid and uncontrolled inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Special Drawing Right' value is calculated based on a basket of currencies that includes which five currencies?

A. US dollar, euro, rupee, pound, yen

B. US dollar, euro, franc, pound, yuan

C. US dollar, euro, yen, pound, rupee

D. US dollar, euro, yen, pound, yuan

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Correct Answer: Option D

Explanation:
The SDR basket comprises US dollar, euro, Chinese yuan, Japanese yen and British pound.

This question belongs to: Economy GK Economy Set 1

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