Practice test

Budget and taxation - Test Set 5

Review 4 exam-focused questions with detailed explanations, then start the interactive test when you are ready.

4 questions

Questions and explanations

  1. Question 1

    The Service Tax, a tax on services like telephone services, stock brokers, health clubs, beauty parlors, dry cleaning services, etc; was introduced in ______.
    1. 1991-92
    2. 1992-93
    3. 1993-94
    4. 1994-95
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  2. Question 2

    Which of the below mentioned elements occurs when the government’s revenue expenditure is more than its revenue receipts?
    1. Fiscal Deficit
    2. Revenue Deficit
    3. Budgetary Deficit
    4. Capital Deficit
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  3. Question 3

    In which of the following years was the Goods and Services Tax (Compensation to States) Bill passed?
    1. 2017
    2. 2014
    3. 2007
    4. 2002
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  4. Question 4

    _____ is referred to as paper taxes.
    1. Gift tax
    2. Corporation tax
    3. Customs duty
    4. Excise tax
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