Indian Public Finance Questions and Answers | Public Finance MCQs

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Questions
1 This is NOT a principle of taxation:
A Principle of equality
B Principle of certainty
C Principle of secrecy
D Principle of economy

Answer: Principle of secrecy
2 This is principle of taxation
A Principle of honesty
B Principle of morality
C Principle of secrecy
D Principle of economy

Answer: Principle of economy
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3 In Pakistan, the authority to levy taxes lies with:
A Prime minister of Pakistan
B President of Pakistan
C Federal cabinet of ministers
D National assembly

Answer:National assembly
4 This tax is a good example of ability to pay principle of taxes:
A Excise tax on cigarettes
B Highway toll tax
C Proportional sales tax
D Personal income tax

Answer:Personal income tax
5 Govt. taxing and spending policies are called:
A Monetary policy
B Fiscal policy
C Commercial policy
D Finance policy

Answer:Fiscal policy
6 Govt. budget is balanced when:

A Govt. expenditure is kept to the minimum
B Govt. income consists of both tax and non-tax income
C Government expenditure equals tax revenue
D None of the above

Answer: Government expenditure equals tax revenue
7 Government finance is called:
A National finance
B Public finance
C Official finance
D (a) & (b) of above.

Answer: Public finance
8 The government can meet its expenditure:
A By taxing people
B By printing new money
C By borrowing from banks and foreign countries
D By all the three methods

Answer:By all the three methods
9 It is direct tax:
A Property tax
B Income tax
C Import tax
D All are indirect taxes

Answer:Import tax
10 Mansoor Software Co imported computers and paid import tax. Burden of tax will be on:
A Importere
B Wholesaler
C Last buyer
D Retailer

Answer:Last buyer

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