The 'Personal Disposable Income' is personal income minus: MCQ with Answer and Explanation

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The 'Personal Disposable Income' is personal income minus:

A. corporate tax

B. indirect taxes

C. direct personal taxes and other deductions

D. customs duty

Answer: Option C

Solution (By JKSSB Mock Tests)

Personal disposable income is personal income minus direct personal taxes and other receipts of government.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the primary objective of the Fiscal Responsibility and Budget Management (FRBM) Act in India?

A. To increase fiscal deficit indefinitely

B. To eliminate all forms of taxation

C. To ensure inter-generational equity and fiscal sustainability

D. To promote deficit financing through money creation

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Correct Answer: Option C

Explanation:
The FRBM Act aims to ensure fiscal discipline, inter-generational equity in fiscal management and long-term macroeconomic stability by setting targets for deficit reduction.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'European Central Bank' headquarters is in:

A. Frankfurt

B. Paris

C. Brussels

D. Berlin

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Correct Answer: Option A

Explanation:
ECB headquarters is in Frankfurt.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' rate on gold in India is:

A. 0%

B. 5%

C. 12%

D. 3%

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Correct Answer: Option D

Explanation:
Gold and jewellery attract 3% GST.

This question belongs to: Economy GK Economy Set 1

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