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Flashcards on Indian Economy: Taxation and Fiscal Policy
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What is taxation?
Taxation is the process by which the government levies and collects taxes from individuals and businesses to fund public services and programs.
What is fiscal policy?
Fiscal policy refers to the use of government spending and taxation to influence the overall economy.
What are direct taxes?
Direct taxes are taxes levied directly on individuals or businesses, such as income tax and corporate tax.
What are indirect taxes?
Indirect taxes are taxes levied on the consumption of goods and services, such as sales tax and excise duty.
What is the Goods and Services Tax (GST)?
GST is a comprehensive indirect tax levied on the supply of goods and services in India.
What is progressive taxation?
Progressive taxation is a tax system where the tax rate increases as the taxable income increases.
What is regressive taxation?
Regressive taxation is a tax system where the tax rate decreases as the taxable income increases.
What is a budget deficit?
A budget deficit occurs when the government's spending exceeds its revenue in a given period.
What is a budget surplus?
A budget surplus occurs when the government's revenue exceeds its spending in a given period.
What is the purpose of taxation?
The purpose of taxation is to generate revenue for the government and fund public services and programs.
How does fiscal policy impact the economy?
Fiscal policy can influence economic activity by adjusting government spending and taxation levels.
What are the functions of the Reserve Bank of India?
The Reserve Bank of India functions as the central bank and regulates the country's monetary and financial system.
What is the Capital Gains Tax?
The Capital Gains Tax is a tax on the profit made from the sale of certain assets, such as stocks and real estate.
What is the difference between direct and indirect taxes?
Direct taxes are levied directly on individuals or businesses, while indirect taxes are levied on the consumption of goods and services.
What is the role of taxation in redistribution of wealth?
Taxation plays a role in redistributing wealth by imposing higher taxes on the wealthy and providing social welfare programs for the less fortunate.
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Test Your Knowledge
What is the purpose of taxation?
To hinder economic growth.
To generate revenue for the government.
To promote inequality.
To discourage savings.
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What is the Goods and Services Tax (GST)?
A tax on personal income.
A tax on property sales.
A comprehensive indirect tax.
A tax on exports.
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What is fiscal policy?
A tax on imports.
A tax on exports.
The use of government spending and taxation to influence the economy.
The regulation of banks and financial institutions.
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What is the Capital Gains Tax?
A tax on the profit made from the sale of certain assets.
A tax on personal income.
A tax on property sales.
A tax on imports.
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What is regressive taxation?
A tax system where the tax rate increases as the taxable income increases.
A tax system where the tax rate remains the same for all income levels.
A tax system where the tax rate decreases as the taxable income increases.
A tax system where the tax rate is based on the taxpayer's age.
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What is the role of the Reserve Bank of India?
To regulate the stock market.
To regulate the country's monetary and financial system.
To collect taxes from individuals and businesses.
To promote exports and imports.
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What are direct taxes?
Taxes levied directly on individuals or businesses.
Taxes levied on the consumption of goods and services.
Taxes levied on the profit made from the sale of certain assets.
Taxes levied on the value of property.
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What is a budget deficit?
When the government's spending exceeds its revenue.
When the government's revenue exceeds its spending.
When the government has a surplus of goods.
When the government has a surplus of money.
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What is progressive taxation?
A tax system where the tax rate increases as the taxable income increases.
A tax system where the tax rate remains the same for all income levels.
A tax system where the tax rate decreases as the taxable income increases.
A tax system where the tax rate is based on the taxpayer's age.
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How does fiscal policy impact the economy?
By controlling inflation rates.
By adjusting government spending and taxation levels.
By stabilizing the stock market.
By regulating the country's monetary system.
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