Chapter 5: Tax

Exercise:

Q.1) True or False:

1. False

2. False

3. True

4. True

Q.2) Fill in the blanks:

1. Income tax

2. Property tax

3. Service tax

4. State Government

Q.3) Match the following:

1. Tax on sale of investments

2. Charged to companies

3. Paid on consumption of goods

4. Levied on income or profit

5. Legal and civic duty

 Chapter 6: GST

Exercise:

Q.1) Answer the following:

1. Features of GST are:-

One nation one tax

Dual tax structure

Destination based tax

Composition scheme

2. GSTIN, short for Goods and Services Tax Identification Number, is a unique 15 digit
identification number assigned to every taxpayer (primarily dealer or supplier or any business
entity) registered under the GST regime.

3. Integrated Goods and Services Tax (IGST)

State Goods and Services Tax (SGST)

Central Goods and Services Tax (CGST)

Union Territory Goods and Services Tax (UTGST)

Q.2) State True or False:

1. True

2. True

3. False

4. True

Q.3) Jumble words:

1. Tax

2. Direct tax

3. Consumer

4. Revenue
 Chapter 7: Banking and You

Exercise:

Q.1) Answer the following:

1. An institution offering certain financial services, such as the safekeeping of money,

conversion of domestic currency into foreign currencies, lending of money at interest, and
acceptance of bills of exchange, etc. Bank is a financial institution which is regulated as per
the Banking Regulation Act, 1949.

2. Two important functions of Commercial Banks are:-

Accepting deposits

Granting loans and advances

3. Overdraft is a facility offered to current accountholders only. In Overdraft facility, a

account holder can overdraw the amount from the account upto the limit sanctioned by a
bank. It is nothing but a short term credit facility given to the current account holders only.

4. Loans are typically used for long-term financing needs, such as purchasing a property or a
vehicle. In contrast, advances are used for short-term financing needs, such as paying for
inventory or covering expenses until the next payment cycle.

5. Step 1: Identify the Bank or Financial Institution.

Step 2: Eligibility Criteria.

Step 3: Required Documents.

Step 4: Student Loan Application Form.

Step 5: Submit the Completed Application Form.

Step 6: Application Processing.

 Chapter 8: Inflation

Exercise:

Q.1) Fill in the blanks:

1. Price level

2. consumer goods and services

3. Purchasing power

4. Increase

5. Input

Q.2) Answer the following:

1. Inflation is the rate of increase in prices over a given period of time. Inflation is typically a
broad measure, such as the overall increase in prices or the increase in the cost of living in a
country

2. Inflation can occur with an increase in the prices of goods and services in an economy.
Deflation results with the general decline in prices of goods and services.

3. There are 3 types of inflation:-

Demand pull inflation

Cost push inflation

Supply stock inflation

4. Cost-push inflation is the decrease in the aggregate supply of goods and services stemming
from an increase in the cost of production.

Demand-pull inflation is the increase in aggregate demand, categorized by the four sections
of the macro economy: households, business, governments, and foreign buyers.