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State PSC Constitutional Bodies — practice questions

Explore 30 free Constitutional Bodies questions in State PSC Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Constitutional Bodies questions and exercises with answers

Showing questions 1–30 of 30.

Which Article of the Constitution requires an Annual Financial Statement to be laid before Parliament?Read the answer and worked solution →India's financial year runs from:Read the answer and worked solution →Goods like national defence and roads, which the market cannot provide, are called:Read the answer and worked solution →Users who enjoy a public good without paying for it are known as:Read the answer and worked solution →When goods are produced directly by the government, it is called:Read the answer and worked solution →Receipts that do not create a claim on the government are:Read the answer and worked solution →Personal income tax and corporation tax are examples of:Read the answer and worked solution →Excise duties are taxes levied on goods:Read the answer and worked solution →Wealth tax, gift tax and estate duty, which raised little revenue, were referred to as:Read the answer and worked solution →A tax in which the rate rises as income rises is called:Read the answer and worked solution →Firms are taxed on which basis?Read the answer and worked solution →Sale of government shares in Public Sector Undertakings is referred to as:Read the answer and worked solution →GST was implemented across the Centre, 28 states and 7 Union territories from:Read the answer and worked solution →Expenditure that creates no physical or financial assets of the government is:Read the answer and worked solution →The single largest component of non-plan revenue expenditure is:Read the answer and worked solution →The three policy statements presented with the budget are mandated by which Act?Read the answer and worked solution →The Medium-term Fiscal Policy Statement sets a rolling target over how many years?Read the answer and worked solution →When government expenditure exceeds revenue, the government runs a:Read the answer and worked solution →Revenue deficit equals revenue expenditure minus:Read the answer and worked solution →Fiscal deficit is total expenditure minus total receipts excluding:Read the answer and worked solution →Primary deficit equals fiscal deficit minus:Read the answer and worked solution →Whose General Theory argued that fiscal policy should stabilise output and employment?Read the answer and worked solution →Catch the direct taxesRead the answer and worked solution →Pop the deficit wordsRead the answer and worked solution →Run the budget numbersRead the answer and worked solution →Slice the taxesRead the answer and worked solution →Revenue or capitalRead the answer and worked solution →Sort the budget functionsRead the answer and worked solution →Type the numberRead the answer and worked solution →Government budget bingoRead the answer and worked solution →

Worked practice questions

Which Article of the Constitution requires an Annual Financial Statement to be laid before Parliament?

  1. Article 112
  2. Article 110
  3. Article 280
  4. Article 360
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Correct answer: A. Article 112

1. It covers estimated receipts and expenditure for the year. 2. Article 112 requires the statement. 3. This statement is the main budget document. _Source: syllabus Introductory Macroeconomics, Chapter 5, Government Budget and the Economy._

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India's financial year runs from:

  1. 1 October to 30 September
  2. 1 April to 31 March
  3. 1 January to 31 December
  4. 1 July to 30 June
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Correct answer: B. 1 April to 31 March

1. The budget covers one financial year. 2. It runs from 1 April to 31 March. 3. Its effects last into later years. _Source: syllabus Introductory Macroeconomics, Chapter 5, Government Budget and the Economy._

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Goods like national defence and roads, which the market cannot provide, are called:

  1. Public goods
  2. Private goods
  3. Merit goods
  4. Capital goods
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Correct answer: A. Public goods

1. Their benefits are available to all. 2. They are public goods. 3. Nobody can be excluded from them. _Source: syllabus Introductory Macroeconomics, Chapter 5, Government Budget and the Economy._

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