Indian Economy

JKSSB Assistant Training Officer (Handicrafts & Handlooms) · General Awareness · 15 practice questions with answers and explanations: 7 Easy, 8 Medium, 0 Hard.

Sample questions

Sample Easy question 1

Which institution prepares the Union Budget?

  1. NITI Aayog
  2. RBI
  3. Ministry of Finance
  4. Planning Commission
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Answer: C. The Finance Minister presents it in Parliament.

Sample Easy question 2

GDP stands for:

  1. Gross Dividend Product
  2. General Domestic Product
  3. Gross Domestic Price
  4. Gross Domestic Product
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Answer: D. It measures the value of goods and services produced within a country.

Sample Easy question 3

The Planning Commission was replaced in 2015 by:

  1. NITI Aayog
  2. SEBI
  3. Finance Commission
  4. RBI
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Answer: A. NITI stands for National Institution for Transforming India.

Sample Medium question 4

Which tax is a direct tax?

  1. GST
  2. Customs duty
  3. Excise duty
  4. Income tax
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Answer: D. Direct taxes are paid by the person on whom they are levied.

Sample Medium question 5

The financial year in India runs from:

  1. 1 October to 30 September
  2. 1 January to 31 December
  3. 1 July to 30 June
  4. 1 April to 31 March
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Answer: D. The budget covers this period.

Sample Medium question 6

The Lorenz curve is used to show:

  1. Inequality of income distribution
  2. Price changes
  3. Tax rates
  4. Exports
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Answer: A. It is used with the Gini coefficient.

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