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Public Finance Questions and Answers | Public Finance MCQs

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Free download in PDF Public Finance Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams like UPSC, NDA, SSC etc. These short solved questions or quizzes are provided by Gkseries./p>

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(1) Pakistan's fiscal year starts from:
[A] 1st September
[B] 1st January
[C] 1st April
[D] 1st July
Answer: 1st July
(2) The Federal budget is presented in the parliament by:
[A] Prime minister
[B] President
[C] Finance minister
[D] Commerce minister
Answer: Finance minister

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(3) Pakistan's Budget has parts:
[A] Current and development
[B] Revenue and expenditure
[C] Development and non-development
[D] Both (a) and (b)
Answer: Both (a) and (b)
(4) Federal government tax revenue collection includes:
[A] Divisible taxes with provinces
[B] Divisible taxes with district govt.
[C] Non-tax revenue
[D] All of the above
Answer: Divisible taxes with provinces
(5) Which is true:
[A] Federal govt. collects taxes and shares with provinces
[B] Provincial govt. collects taxes and shares with federal govt.
[C] Federal govt. collects taxes and shares with local govts
[D] Local govts. Collects, taxes and shares with federal govt.
Answer: Federal govt. collects taxes and shares with provinces
(6) Which is true?

[A] Federal govt. has the right to collect taxes
[B] Provincial govt. has the right to collect taxes
[C] Local govt. has the right to collect taxes
[D] All of the above is true
Answer: All of the above is true
(7) The most important body to collect taxes in Pakistan is:
[A] District govts
[B] State Bank
[C] Ministry of finance
[D] FBR
Answer: FBR
(8) According to total amount collected the taxes fall in this order:
[A] Custom, excise, sales
[B] Sales, custom, excise
[C] Custom, sales, excise
[D] Excise, sales, custom
Answer: Sales, custom, excise
(9) According to total amount collected the taxes fall in this order:
[A] Custom, sales tax, income tax
[B] Custom, income tax, sales tax
[C] Income tax, custom, sales tax
[D] Sales tax, custom, excise
Answer: Sales tax, custom, excise
(10) Which is true about amount of taxes collected in Pakistan:
[A] Direct taxes are more than indirect taxes
[B] Indirect taxes are more than direct taxes
[C] Provincial taxes are more than federal
[D] Provincial govts. Share taxes with federal govt.
Answer: Indirect taxes are more than direct taxes

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