Indian Economy Quiz

The Green accounting system is a type of accounting that attempts to factor environmental costs into the financial results of operations. The main objective of green accounting is to assist businesses to understand environmental goals are as important as financial goals.

Social Overhead Capital (SOC) is the basic facilities and services needed for the communities and societies. The SOC term can be used as the economic overhead facilities and Basic infrastructure facilities.

Bank rate is the rate charged on the loans offered by the Central bank to the commercial banks without any collateral. It is also considered as the rate at which the central bank discounts the bills of the commercial banks. Bank rate is a quantitative credit control measure under the monetary policy of the government as it controls the overall supply of money in the economy.

The Centre earns money through several taxes, such as corporate tax, income tax, goods and services tax, Union excise duty and customs duty. A part of the taxes is shared with state governments. The taxes, which are not shared with states include a surcharge on income tax, some cesses like education and road.

Balance of trade is the difference between the value of a country's exports and the value of its imports. A favourable balance of trade means an excess of commodity exports over commodity imports. An unfavourable balance of trade is used to mean an excess of commodity imports over commodity exports.

Professional tax, VAT, and motor vehicle tax are some of the taxes that are levied and collected by the state. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, lawyer, doctor etc. are required to pay this professional tax.

A non-resident Indian is classified as an individual who has gone out of India, or who stays outside India for employment or for carrying on business or any vocation.

The Centre earns money through several taxes, such as corporate tax, income tax, goods and services tax (GST), Union excise duty and customs duty. A part of the taxes is shared with state governments. Sales tax is charged at both the levels of Legislation, Central (Central Sales Tax) and State (states Sales Tax). Sales tax is not shared between the Union and the states.

The most comprehensive measure of overall economic performance is gross domestic product or GDP, which measures the “output” or total market value of goods and services produced in the domestic economy during a particular time period. Per capita income (or Average GDP/person) is very misleading as it includes the incomes of billionaires.

In India, one-rupee coins and notes and subsidiary coins are issued by the Central Government. The Indian 1-rupee note (₹1) is the smallest Indian banknote in circulation and the only one being issued by the Government of India, as all other banknotes in circulation are issued by the Reserve Bank of India.