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
Chapter 13

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 Deficit budget.

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

Question # 2

What is meant by Public Finance.

Ans 1: Public Finance is that branch of economics, which deals with the revenue and expenditures of the government . it studies the resources of government's revenue adn its expenditures.

Question # 3

Write four points of similarities between public finance and private finance.

Ans 1: 1- Balane between income and expenditure.
Ans 2: 2- Maximum utlization of scarece means.
Ans 3: 3- Need of loans. 4- Increase in income trough investment.

Question # 4

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 # 5

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 # 6

Write four heads of public expenditure.

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

Question # 7

What is meant by direct tax.

Ans 1: Direct tax means the tax which is paid from the pocket of the person on when it is levied. It means the incidence and impact of the tax is one the same person income tax, peoperty tax and wealth tax are the examples of this kind of tax.

Question # 8

What is meant by Regressive tax.

Ans 1: Regressive tax is opposite to progressive tax. The lower income level is the more rate of tax will be and the higher income level is the less rate of tax willbe it means the rate of tax ddecreases witht he increase in income and vice versa.

Question # 9

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 # 10

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.

Submit

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 Deficit budget.

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

Question # 2

What is meant by Public Finance.

Ans 1: Public Finance is that branch of economics, which deals with the revenue and expenditures of the government . it studies the resources of government's revenue adn its expenditures.

Question # 3

Write four points of similarities between public finance and private finance.

Ans 1: 1- Balane between income and expenditure.
Ans 2: 2- Maximum utlization of scarece means.
Ans 3: 3- Need of loans. 4- Increase in income trough investment.

Question # 4

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 # 5

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 # 6

Write four heads of public expenditure.

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

Question # 7

What is meant by direct tax.

Ans 1: Direct tax means the tax which is paid from the pocket of the person on when it is levied. It means the incidence and impact of the tax is one the same person income tax, peoperty tax and wealth tax are the examples of this kind of tax.

Question # 8

What is meant by Regressive tax.

Ans 1: Regressive tax is opposite to progressive tax. The lower income level is the more rate of tax will be and the higher income level is the less rate of tax willbe it means the rate of tax ddecreases witht he increase in income and vice versa.

Question # 9

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 # 10

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.

Submit

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

Question # 1

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 # 2

What is Revenue Budget.

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

Question # 3

Define Capital budget.

Ans 1: The capital budget is a budget in which such expnditures ae explained which cause increase in capital goods.

Question # 4

Write four points of similarities between public finance and private finance.

Ans 1: 1- Balane between income and expenditure.
Ans 2: 2- Maximum utlization of scarece means.
Ans 3: 3- Need of loans. 4- Increase in income trough investment.

Question # 5

Write four heads of public expenditure.

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

Question # 6

What is meant by Public Finance.

Ans 1: Public Finance is that branch of economics, which deals with the revenue and expenditures of the government . it studies the resources of government's revenue adn its expenditures.

Question # 7

Define Excise Duty.

Ans 1: The tax which is impoed n domestically manufactured goods is called Excise duty.

Question # 8

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 # 9

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 # 10

What is meant by Regressive tax.

Ans 1: Regressive tax is opposite to progressive tax. The lower income level is the more rate of tax will be and the higher income level is the less rate of tax willbe it means the rate of tax ddecreases witht he increase in income and vice versa.

Submit

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

Question # 1

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 # 2

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 # 3

What are kinds of public expenditures.

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

Question # 4

Write kind of public budget.

Ans 1: 1- Revenue budget 2- Capital budget

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

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 # 8

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 # 9

Define Capital budget.

Ans 1: The capital budget is a budget in which such expnditures ae explained which cause increase in capital goods.

Question # 10

Write four points of similarities between public finance and private finance.

Ans 1: 1- Balane between income and expenditure.
Ans 2: 2- Maximum utlization of scarece means.
Ans 3: 3- Need of loans. 4- Increase in income trough investment.

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 Deficit budget.

What is meant by Public Finance.

Write four points of similarities between public finance and private finance.

What is meant by Proportional tax.

What is difference between impact and incidence of tax.

Write four heads of public expenditure.

What is meant by direct tax.

What is meant by Regressive tax.

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

Write four sources of tax revenue of the government.

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 Deficit budget.

What is meant by Public Finance.

Write four points of similarities between public finance and private finance.

What is meant by Proportional tax.

What is difference between impact and incidence of tax.

Write four heads of public expenditure.

What is meant by direct tax.

What is meant by Regressive tax.

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

Write four sources of tax revenue of the government.

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

What is meant by Balanced Budget.

What is Revenue Budget.

Define Capital budget.

Write four points of similarities between public finance and private finance.

Write four heads of public expenditure.

What is meant by Public Finance.

Define Excise Duty.

What is meant by prograssive tax.

Define public fiance in the words of Bastable.

What is meant by Regressive tax.

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

What is difference between impact and incidence of tax.

What is meant by indirect tax.

What are kinds of public expenditures.

Write kind of public budget.

What is meant by budget.

Write four sources of tax revenue of the government.

Different betwene Fee and Tax.

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

Define Capital budget.

Write four points of similarities between public finance and private finance.

12th Principles of Economics Chapter 4 Preparation

12th Class Principles of Economics
Chapter 4