Static Business Awareness For Tissmat

Q. All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the –
1) Contingency Fund of India
2) Public Account
3) Consolidated Fund of India
4) Deposits and Advances Fund

Q. What is the difference between ‘vote-on-account’ and ‘interim budget’?
1. The provision of a ‘vote-on- account’ is used by a regular Government, while an ‘interim budget’ is a provision used by a caretaker Government.
2. A ‘vote-on-account’ only deals with the expenditure in Government’s budget, while an “interim budget” includes both expenditure and receipts.
Which of the statements; given above is/ are correct?
1) 1 only
2) 2 only
3) Both 1 and 2
4) Neither 1 nor 2

Q. The economic cost of food grains to the Food Corporation of India is Minimum Support Price and bonus (if any) paid to the farmers plus –
1) transportation cost only
2) interest cost only
3) procurement incidentals and distribution cost
4) procurement incidentals and charges for go downs

Q. Which one of the following statements correctly describes the meaning of legal tender money?
1) The money which is tendered in courts of law to defray the fee of legal cases
2) The money which a creditor is under compulsion to accept in settlement of his claims
3) The bank money in the form of cheques, drafts, bills of exchange etc.
4) The metallic money in circulation in a country

Q. If a commodity is provided free to the public by the Government, then –
1) the opportunity cost is zero
2) the opportunity cost is ignored
3) the opportunity cost is transferred from the consumers of the product to the tax-paying public
4) the opportunity cost is transferred from the consumers of the product to the Government

Q. Increase is absolute and per capital real GNP does not connote a higher level of economic development, if –
1) industrial output fails to keep pace with agricultural output
2) agricultural output fails to keep pace with industrial output
3) poverty and unemployment increase
4) imports grow faster than exports