I.Com part 2 Principles of Economics Chapter 4 Short Question Preparation

12th Class Principles of Economics
Chapter 4

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12th Class Principles of Economics Chapter Wise Preparation

Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Chapter 8
Chapter 9
Chapter 10
Chapter 11
Chapter 12
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Online Short Questions For Chapter 4 "ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation "

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Economics - ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation

Question # 1

What is meant by Fee.

Ans 1: The government provides some direct services to the people nad charges money in return for these services. it is called fee.

Question # 2

What is meant by Balanced Budget.

Ans 1: When the revenues of the government are equal to its expeditures than it is called balanced budget

Question # 3

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

Ans 1: According to Prof. Adam Smith tax should be levied on the time when the taxpayer can easily pary it. Therefore it is necessary that tax should be collected in installment and at the time when tax payers get their incomesor salaries.

Question # 4

What is meant by indirect tax.

Ans 1: Indirect tax means the tax which is not paid from the pocket on when it is levied, Rather the burden of the tax is shifted to another person. For example sale tax custome duty and excise duty etc.

Question # 5

What is meant by budget.

Ans 1: Account of income nad expenditure is called budget.

Question # 6

Write four sources of tax revenue of the government.

Ans 1: 1- Custom duty 2- Excise duty 3- Income tax and corporate tax
Ans 2: 4- Sales tax.

Question # 7

What is Revenue Budget.

Ans 1: The revenue budget is a budget in which revenue collected from different kinds of taxes is shown.

Question # 8

Write the four basic canons of taxation stated by Prof.Adam Smith.

Ans 1: 1- Canon of equality 2- Canon of certainity
Ans 2: 3- Canon of convenience 4- Canon of economy

Question # 9

What are kinds of public expenditures.

Ans 1: 1- Developmentof expnditures 2- Non development expnditues.

Question # 10

What are different kinds of taxes.

Ans 1: 1- Direct Tax 2- Indirect Tax 3- Proportional tax
Ans 2: 4- Progressive tax
Ans 3: 5- Regressive tax 6- Value added tax

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Prepare Complete Set Wise Questions For Chapter 4 "ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation "

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Set 2

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Set 3

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ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 1

Question # 1

What is meant by Fee.

Ans 1: The government provides some direct services to the people nad charges money in return for these services. it is called fee.

Question # 2

What is meant by Balanced Budget.

Ans 1: When the revenues of the government are equal to its expeditures than it is called balanced budget

Question # 3

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

Ans 1: According to Prof. Adam Smith tax should be levied on the time when the taxpayer can easily pary it. Therefore it is necessary that tax should be collected in installment and at the time when tax payers get their incomesor salaries.

Question # 4

What is meant by indirect tax.

Ans 1: Indirect tax means the tax which is not paid from the pocket on when it is levied, Rather the burden of the tax is shifted to another person. For example sale tax custome duty and excise duty etc.

Question # 5

What is meant by budget.

Ans 1: Account of income nad expenditure is called budget.

Question # 6

Write four sources of tax revenue of the government.

Ans 1: 1- Custom duty 2- Excise duty 3- Income tax and corporate tax
Ans 2: 4- Sales tax.

Question # 7

What is Revenue Budget.

Ans 1: The revenue budget is a budget in which revenue collected from different kinds of taxes is shown.

Question # 8

Write the four basic canons of taxation stated by Prof.Adam Smith.

Ans 1: 1- Canon of equality 2- Canon of certainity
Ans 2: 3- Canon of convenience 4- Canon of economy

Question # 9

What are kinds of public expenditures.

Ans 1: 1- Developmentof expnditures 2- Non development expnditues.

Question # 10

What are different kinds of taxes.

Ans 1: 1- Direct Tax 2- Indirect Tax 3- Proportional tax
Ans 2: 4- Progressive tax
Ans 3: 5- Regressive tax 6- Value added tax

Submit

ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 2

Question # 1

Define Public Finance in the word of Prof. Armitage Smith.

Ans 1: The study of nature of principles of government's expenditure and revenue is called Public Finance.

Question # 2

Write four difference between public finance and private finance.

Ans 1: 1- Difference in Adjustment of income and expenditure.
Ans 2: 2- Difference in budget period.
Ans 3: 3- Private budget is kept secret while public budget is announced.

Question # 3

Define public fiance in the words of Bastable.

Ans 1: Public finance is that branch of economcs which studies the revenue and expenditures of government's institution, their interrelationship and financial administration.

Question # 4

Write four sources of tax revenue of the government.

Ans 1: 1- Custom duty 2- Excise duty 3- Income tax and corporate tax
Ans 2: 4- Sales tax.

Question # 5

Different betwene Fee and Tax.

Ans 1: Fee is the reward of the government's services from which the people are benefited, while the tax payer can not demand for direct personal benefit from the goverenment in return for payment of tax.

Question # 6

What is meant by surplus budget.

Ans 1: When the revenue of the government is more then its expenditures, thenitis called surplus budget.

Question # 7

What is meant by Proportional tax.

Ans 1: A tax in which the rate of tax remains the same on every level of income is called proportional tax.

Question # 8

What is meant by Deficit budget.

Ans 1: When the revenues of the government are less thanits expenditures thenit is called, deficit budget.

Question # 9

What are kinds of public expenditures.

Ans 1: 1- Developmentof expnditures 2- Non development expnditues.

Question # 10

Difference between public finance and private finance.

Ans 1: The study of government's revenue, expenditure and their principles is called public finance. Where as, the study of the nature of an individual's income, expenditure and their related principles is called private finance.

Submit

ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 3

Question # 1

Define Public Finance in the word of Prof. Armitage Smith.

Ans 1: The study of nature of principles of government's expenditure and revenue is called Public Finance.

Question # 2

What is meant by Fee.

Ans 1: The government provides some direct services to the people nad charges money in return for these services. it is called fee.

Question # 3

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

Ans 1: According to Prof. Adam Smith tax should be levied on the time when the taxpayer can easily pary it. Therefore it is necessary that tax should be collected in installment and at the time when tax payers get their incomesor salaries.

Question # 4

What is difference between impact and incidence of tax.

Ans 1: Impact of tax means imposting of tax on a person by the government and collecting from him, While incidence of tax menas the burdenof tax. Because it is not ncessary that if a tax is imposed on some person, the burden of tax will also fall on him.

Question # 5

Difference between public finance and private finance.

Ans 1: The study of government's revenue, expenditure and their principles is called public finance. Where as, the study of the nature of an individual's income, expenditure and their related principles is called private finance.

Question # 6

What is meant by Deficit budget.

Ans 1: When the revenues of the government are less thanits expenditures thenit is called, deficit budget.

Question # 7

What is meant by prograssive tax.

Ans 1: A tax in which rate of tax increases with the increase of level of income is called progressive tax. In Pakistan income tax is progressive tax.

Question # 8

Write four heads of public expenditure.

Ans 1: 1- Defiance 2- Police 3- Civil administration 4- Courts.

Question # 9

What are different kinds of taxes.

Ans 1: 1- Direct Tax 2- Indirect Tax 3- Proportional tax
Ans 2: 4- Progressive tax
Ans 3: 5- Regressive tax 6- Value added tax

Question # 10

What is meant by surplus budget.

Ans 1: When the revenue of the government is more then its expenditures, thenitis called surplus budget.

Submit

12th Principles of Economics Chapter 4 Preparation

Short Questions
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I.Com part 2 Principles of Economics Chapter 4 Short Question Preparation

12th Class Principles of EconomicsChapter 4

12th Class Principles of Economics Chapter Wise Preparation

Online Short Questions For Chapter 4 "ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation "

Economics - ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation

What is meant by Fee.

What is meant by Balanced Budget.

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

What is meant by indirect tax.

What is meant by budget.

Write four sources of tax revenue of the government.

What is Revenue Budget.

Write the four basic canons of taxation stated by Prof.Adam Smith.

What are kinds of public expenditures.

What are different kinds of taxes.

Prepare Complete Set Wise Questions For Chapter 4 "ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation "

Set 1

Set 2

Set 3

ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 1

What is meant by Fee.

What is meant by Balanced Budget.

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

What is meant by indirect tax.

What is meant by budget.

Write four sources of tax revenue of the government.

What is Revenue Budget.

Write the four basic canons of taxation stated by Prof.Adam Smith.

What are kinds of public expenditures.

What are different kinds of taxes.

ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 2

Define Public Finance in the word of Prof. Armitage Smith.

Write four difference between public finance and private finance.

Define public fiance in the words of Bastable.

Write four sources of tax revenue of the government.

Different betwene Fee and Tax.

What is meant by surplus budget.

What is meant by Proportional tax.

What is meant by Deficit budget.

What are kinds of public expenditures.

Difference between public finance and private finance.

ICom Part 2 Principles of Economics Chapter 4 Short Questions Preparation - Set 3

Define Public Finance in the word of Prof. Armitage Smith.

What is meant by Fee.

Define canon of taxation " canon of convenience" according to Prof. Adam smith.

What is difference between impact and incidence of tax.

Difference between public finance and private finance.

What is meant by Deficit budget.

What is meant by prograssive tax.

Write four heads of public expenditure.

What are different kinds of taxes.

What is meant by surplus budget.

12th Principles of Economics Chapter 4 Preparation

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12th Class Principles of Economics
Chapter 4