The 'Vote on Account' is used to: MCQ with Answer and Explanation

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The 'Vote on Account' is used to:

A. obtain Parliament's approval for expenditure for part of the financial year

B. reduce fiscal deficit

C. impose new taxes

D. present the full budget for the year

Answer: Option A

Solution (By JKSSB Mock Tests)

Vote on Account authorizes government expenditure for a limited period, usually before elections.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' is often described as a game-changing reform because it:

A. increased many taxes

B. increased direct tax

C. unified the Indian market and simplified indirect taxes

D. removed all taxes

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Correct Answer: Option C

Explanation:
GST unified the Indian market and simplified indirect taxation.

This question belongs to: Economy GK Economy Set 1

Question #2

In the circular flow of income, injections include:

A. saving, taxes and imports

B. consumption and saving

C. investment, government expenditure and exports

D. wages and rent

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Correct Answer: Option C

Explanation:
Injections into the circular flow are investment, government expenditure and exports.

This question belongs to: Economy GK Economy Set 1

Question #3

A current account deficit means that:

A. foreign exchange reserves increase

B. exports of goods and services exceed imports

C. imports of goods, services and income exceed exports

D. capital inflows exceed outflows

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Correct Answer: Option C

Explanation:
A current account deficit occurs when imports of goods, services and income exceed exports.

This question belongs to: Economy GK Economy Set 1

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