Practice Quiz :- 32

1. What are costs which vary with output called?
a) overhead costs
b) indirect costs
c) prime costs
d) all of the above

Ans.a) overhead costs

2. Which of the following is known as plastic money?
a) bearer cheques
b) credit cards
c) demand drafts
d) gift cheques

Ans.b) credit cards

3. To get the Net National Product, we deduct what from the Gross National Product?
a) direct taxes
b) imports
c) interim payments
d) loss
4. What is the main purpose of currency?
a) standard of postponed payments
b) standard of money
c) medium of exchange
d) none of these

Ans.c) medium of exchange

5. What does devaluation of a currency mean?
a) decrease in the internal value of money
b) decrease in the external value of money
c) decrease both in the external and internal values of money
d) none of these

Ans.b) decrease in the external value of money

6. Which of the following is not a direct tax?
a) estate duty
b) agricultural income tax
c) state excise
d) corporation tax

Ans.b) agricultural income tax

7. Which one of the following was set up during the Seventh Five Year Plan to help the low income groups?
b) Regional rural bank
c) National Housing Bank
d) UTI Bank
8. The launching of five year plans in India saw the introduction of
a) mixed economy
b) socialist economy
c) capitalist economy
d) closed economy

Ans.a) mixed economy

9. Land development banks in India are owned by the
a) RBI
b) State governments
c) Commercial banks
d) Cooperative societies

Ans.d) Cooperative societies

10. Which of the following taxes is levied and collected by the union, but assigned to the states?
a) sales tax
b) octroi
c) excise
d) consignment tax

Ans.d) consignment tax