Zero-based budgeting requires that: MCQ with Answer and Explanation

Question
Zero-based budgeting requires that:
A. only capital expenditure is budgeted
B. deficit is zero
C. previous year's budget is the base for all allocations
D. every expenditure item is justified from zero each year
Answer: Option D
Solution (By JKSSB Mock Tests)
Zero-based budgeting requires all expenditures to be justified from zero each budget period.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The concept of 'wealth effect' in consumption refers to:
A. consumption increasing when wealth increases
B. investment increasing when interest rates rise
C. saving increasing when wealth falls
D. consumption increasing when debt increases
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Correct Answer: Option A

Explanation:
The wealth effect says consumption rises when household wealth rises.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on real estate under-construction properties is:
A. 0%
B. 18%
C. 12%
D. 5% or 1% for affordable housing
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Correct Answer: Option D

Explanation:
Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).
This question belongs to: Economy GK Economy Set 1
Question #3
The 'non-tariff barrier' includes which of the following?
A. Import duties
B. Export duties
C. Customs valuation only
D. Sanitary and phytosanitary standards, quotas and licensing
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Correct Answer: Option D

Explanation:
Non-tariff barriers include quotas, licensing, technical standards and sanitary measures.
This question belongs to: Economy GK Economy Set 1
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