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

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The 'Vote on Account' is used to:

A. impose new taxes

B. reduce fiscal deficit

C. present the full budget for the year

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

Answer: Option D

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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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on readymade garments above Rs 1,000 is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option A

Explanation:
Readymade garments above Rs 1,000 attract 12% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'countervailing duty' is imposed to countervail:

A. dumping

B. foreign export subsidies

C. high tariffs

D. currency depreciation

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Correct Answer: Option B

Explanation:
Countervailing duties offset foreign subsidies on exports.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Precautionary Saving' arises because:

A. Saving is independent of uncertainty

B. Individuals save only for retirement

C. Individuals save more when future income is uncertain

D. Only permanent income matters

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Correct Answer: Option C

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

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