Question # 1

If income of government is more than its expenditures, then it is a

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Surplus budget

Deficit budget

Development budget

Balanced budget

One of the following is not included in the branches of public finance

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Public revenue

Welfare of the people

Public expenditure

Public debt

Kinds of public expenditures are

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Two

Three

Four

Five

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

If everybody pays tax according to his financial position, it is said

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canon of convenience

canon of Equality

canon of Economy

canon of simplicity

The tax which is levied on the sale of goods is called

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Income tax

Property tax

Gift tax

Sales tax

If every person pays tax according to his capacity, it is called

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Canon of certainly

Canon of equality

Canon of productivity

Canon of convenience

"The study of nature and principles of government expenditures and revenue is called public finance"
This definition is stated by

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Bastable

Armitage Smith

Ricardo

Robbins

If the rate of tax increase with the increase of level of income, is called

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Progressive tax

Proportional tax

Regressive tax

Value added tax

Total number of canons of taxation stated by different economists is

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Seven

Nine

Eleven

Twelve

Private individuals can get loan from

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Their relatives, friends and domestic financial institutions

Foreign financial agencies

Foreign government

International financial institutions

If the income of the government is less than its expenditures, such budget is called

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Surplus budget

Deficit budget

Balanced budget

Capital budget

Because of indirect taxes, prices

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Decrease

Remain constant

Increase

Do not change

Zakat means

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Growth

Purification

Tax

Both 1st and 2nd

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

Branches of public finance are

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Two

Three

Four

Five

Government needs public finance

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For the defence of frontiers

To maintain law and order in the country

For the payment of salaries of government employees

For the welfare of the people

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Principles of Economics Icom Part 1 English Medium Chapter 13 Online Test MCQs With Answers

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