Which of the following should be the FIRST in paragraph  

1.  A

2.  B

3.  C

4.  D

5.  E

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5
Correct Answer :

B


Explanation :
No Explanation available for this question

the Indian constitution provides for demarcation of functional responsibilities arid finances between the Centre and the States. The provision of public services has been largely entrusted to the States. These mainly relate to law and order, public health, sanitation, water supply and agriculture. The States have to concurrently take certain functions in areas such as education, infrastructure. Their share in combined expenditure (Centre and States) on social services is about 85 per cent, while in the case of economic services it is about 60 per cent. Thus, the States have theprimary responsibility to undertake tasks pertaining to developing social and economic infrastructure. However, their ability to undertake such development functions is critically determined by their financial position.The growing importance of state finances in the macroeconomy isevident from the fact..The size of overalldevelopment expenditures of the states has always been higher than that of the Centre and the difference has got widened rather significantly in the 1990

1.  That the States has overrun their planned expenditures and lacking freedom of further development

2.  That the States has reached at the peak of their finances and overtaken Centres in revenues

3.  That Centre borrow money from the states for its, expenditures on educational and social welfare programmes

4.  That the total expenditures of State, governments have even undertaken those of the Centre

5.  That the total expenditures of State and Center has widened unprecedently in 1990s.

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5
Correct Answer :

That the total expenditures of State, governments have even undertaken those of the Centre


Explanation :
No Explanation available for this question

 Which of the following should be the LAST in paragraph  

1.  A

2.  B

3.  C

4.  D

5.  E

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5
Correct Answer :

E


Explanation :
No Explanation available for this question

A budget is abatement containing a forecast of revenues and expenditures for a period of time, usually a year. It is aV-comprehensive plan of action designed to achieve the policy objectives set by the Government for the coming year. A budget is plan and a budget document is reflection or what Government expects to do, in future. While any plan need not be a budget, a budget has to be necessarily a pan. It shows detailed allocation to resources and proposed taxation or other measures for their realization. A budget is, however, not a balanced sheet (exhibiting total assets and liabilities) of the Government on a particular date. Is a , financial blueprint for action and is, therefore, of great advantage to Government departments, legislatures arid citizens. The budget of government expresses its total activity in figures

1.  A budget reflects what the Government is doing or intends to do.

2.  A budget is a legal document

3.  A budget is a promise of Government to its people

4.  A budget is a guideline for State Governments

5.  A budget reflects what the Government is doing or intends to do.

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5
Correct Answer :

A budget reflects what the Government is doing or intends to do.


Explanation :
No Explanation available for this question

Which of the following should be the SECOND  paragraph  

1.   F

2.  E

3.  D

4.  C

5.  B

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5
Correct Answer :

D


Explanation :
No Explanation available for this question

For a federal country like India, the budget of the Government of India is the most important instrument for implementing various economic and social objectives. The budgets of state government affect local activities. The Government of India budget influences the whole economy. The latter tries to bring about growth with social justice through its budget; it influences regional, functional and overall distribution of income and wealth through its expenditure (transfer) payments, investments and tax policies. The provisions of grants and loans to State governments and Union Territories and to the private sector and various subsidies (such as for export promotion, food grains distribution, etc.) are some of the elements of Central government budget policy for promoting growth and incomedistribution.Its significance lies in itsability'' to promote the various objectives of a modem state which has assumed the role of a welfare state and of a catalytic agent for promoting growth with social justice

1.  A budget in modem times should, therefore not be judged sound or otherwise merely on the basis of its ’deficit'or'surplus'or’balanced'position

2.  A budget is. therefore not only instrument of implementing the economic and social objectives but it is also about growth with social justice

3.  A budget is a reflection of success or failure of a governmentD-158

4.  A budget in modem times should therefore not judged on its face value

5.  A budget in this turbulence time cannot be judged on  basis of monetary indices of 'surplus' or ’deficits’l

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5
Correct Answer :

A budget in modem times should, therefore not be judged sound or otherwise merely on the basis of its ’deficit'or'surplus'or’balanced'position


Explanation :
No Explanation available for this question

After the East Asia crisis the World Bank conducted a study on the underlying reasons for the crisis. It was found that at least a major part of the fundamental responsibility was on banks, which had understated their non performing accounts by as much as 47%. Since this was a study and not an investigation. Nevertheless, the Basel committee on supervision did take cognizance, and issued circulars and 'directives not only on supervision, but also ori Internal Functional Management. It will be remembered by those interested that Basel committee had also acted expeditiously after the Barring Bank’s failure, to separate treasury and lending operations from the decision making processes. Bank failures are nothing new in the world, although we in India have been insulated g from such traumas for more than two decades

1.  The findings were not.taken note of

2.  The findings were not taken seriously

3.  The findings were not legally binding orr any one ,

4.  The fallout from this revelation was only taken note of

5.  The fallout from this revelation was seriously taken

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5
Correct Answer :

The fallout from this revelation was only taken note of


Explanation :
No Explanation available for this question

Which of the following should be the FOUR in paragraph  

1.   F

2.  E

3.  D

4.  C

5.  B

View Answer  
5
Correct Answer :

 F


Explanation :
No Explanation available for this question

Whether the Government is right in bailing out a private sector bank is an issue that is decided more than by the long term social security policy of the Government than by economic reasons alone.Nevertheless in a situation of scarcity of resources bailing out somebody means the denial of resources to others. The irony of it is that in performing its duties of proper governance to the larger society through the process of bailing out, Government excuses the lack of corporate governance in banks

1.  Economists world over learnt it hard way during the Great depression

2.  This is elementary principle of economics taught in schools

3.  Reasons are not limited to these two but extend to , debts, liquidity & credit ratings issues

4.  It was unexpected and came like a bolt from the blue

5.  Particularly true for the Asian countries like India and China , But no depreciation is allowed on Live Stock i.e. Horses

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5
Correct Answer :

Economists world over learnt it hard way during the Great depression


Explanation :
No Explanation available for this question

Although the horses are in the nature of fixed assets in; the hands of the owner, no depreciation is allowed under Income Tax Act. Instead when the animal dies or becomes permanently useless the entire value of the horse can be written off as revenue loss in the year in which it dies or becomes permanently useless; When the gross income exceeds the total expenditure, it results in net profit which will be taxable at usual rates of tax applicable to the person.Although the live stock is in the nature of fixed assets of the owners buy them, maintain them, train them, and participate in races and Sell them or send them away to studs when they are useless.

1.   But when the gross income is less than the expenditure, then results in loss

2.     But when the gross income is higher than the expenditure, then results in loss

3.     But when the gross income is equal to expenditure then result is loss

4.    But when the gross income is there loss is the result

5.    But when the gross income is increasing then result is becoming evident

View Answer  
5
Correct Answer :

 But when the gross income is less than the expenditure, then results in loss


Explanation :
No Explanation available for this question
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