Fiscal Economics Additional Practice Test

12th Standard Economics — Fiscal Economics: Additional Online Practice Test

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The term 'fiscal' is derived from a Greek word which historically represents which of the following?

A.A leather bag B.A basket C.A balance scale D.A treasury chest

Which economist defined Public Finance as a subject lying on the borderline between Economics and Politics, concerned with the income and expenditure of public authorities?

A.Adam Smith B.Hugh Dalton C.Philip E. Taylor D.Arthur Smithies

In India, which administrative body is responsible for recommending the plans and policies of Direct Taxes to the government?

A.Central Board of Indirect Taxes and Customs B.Central Board of Direct Taxes C.Finance Commission of India D.Administrative Reforms Commission

The method of redeeming public debt by establishing a separate 'Sinking Fund' was first introduced in England by which of the following individuals?

A.Walpol B.Hugh Dalton C.Adam Smith D.Philip E. Taylor

Under which Article of the Indian Constitution is the Union Government required to submit its Annual Financial Statement, popularly known as the Union Budget, to the Parliament?

A.Article 112 B.Article 202 C.Article 116 D.Article 280

Which Article of the Indian Constitution governs the presentation of the Annual Financial Statement of a State Government in its Legislative Assembly?

A.Article 112 B.Article 116 C.Article 202 D.Article 268

Under which Article of the Indian Constitution is the special provision for a 'Vote-on-Account' budget presented?

A.Article 112 B.Article 116 C.Article 202 D.Article 280

In which financial year did the Government of India present Zero-Base-Budgeting (ZBB) for the first time?

A.1951-52 B.1987-88 C.1991-92 D.2017-18

The concept of 'Performance Budget', recommended by the Administrative Reforms Commission under Sir Hooper in 1949, was first implemented in which country?

A.United Kingdom B.India C.France D.United States of America

Q10

Which of the following budget deficits represents the fiscal deficit of the government minus interest payments on past borrowings?

A.Revenue Deficit B.Budget Deficit C.Primary Deficit D.Monetized Deficit

Q11

How many subjects of joint interest to both the Union and the States are currently included in the Concurrent List under the Seventh Schedule of the Indian Constitution?

A.100 subjects B.61 subjects C.52 subjects D.20 subjects

Q12

Which principle of federal finance states that the cost of collecting taxes should be kept at a minimum to maximize available public revenue?

A.Principle of Efficiency B.Principle of Administrative Economy C.Principle of Fiscal Access D.Principle of Adequacy

Q13

In which year was the first Finance Commission of India established to define the financial relations framework between the Centre and the States?

A.1947 B.1950 C.1951 D.1956

Q14

Who was appointed as the Chairman of the 15th Finance Commission of India, whose recommendations apply for the 2020–25 period?

A.Dr. Y. V. Reddy B.Dr. Vijay L. Kelkar C.N. K. Singh D.C. Rangarajan

Q15

Which scholar defined fiscal policy as a system where the government uses its expenditure and revenue programmes to produce desirable effects and avoid undesirable effects on national income, production, and employment?

A.Arthur Smithies B.Buehler C.Hugh Dalton D.Philip E. Taylor

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About this Fiscal Economics test

This free online practice test covers Fiscal Economics from the 12th Standard Economics (Samacheer Kalvi) syllabus. Choose the number of questions and an optional time limit, then answer and submit — everything is checked in your browser, with the correct answers and a worked explanation shown at the end. For the full solutions to every question in this set, see the solved MCQs page.

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