Question
Consider the following statements about Finance
Commission: 1. The Finance Commission is constituted under Article 280 of the Constitution. 2. The Constitution specifically mentioned the qualification of chairman and members of the commission. 3. The report of the commission has to be laid before the Parliament by the president. Which of the above statement(s) is/are correct?Solution
● Statement 1 is correct: Article 280 of the Constitution provides that the President shall constitute the Finance Commission at every five years or at such earlier time as he considers necessary. ● Statement 2 is incorrect: The Constitution does not provide for qualification of chairperson and members of the commission and authorises the Parliament to determine the qualifications of members of the commission. Parliament has enacted The Finance Commission (Miscellaneous Provisions) Act, 1951 for this purpose. ● Statement 3 is correct: Article 281 provides that the President causes every recommendation made by the Finance Commission with explanatory memorandum as to the action taken thereon to be laid before the parliament.
Three partners ‘A’, ‘B’ and ‘C’ started a business by investing in the ratio 2:5:6 respectively and the ratio of time for which they made th...
A shopkeeper purchased an article for Rs.'a' and marked it 140% above its cost price and sold it after giving two successive discounts of 300 and 20%, r...
- If the total cost of 7 books and 5 pens is Rs. 350 and the total cost of 3 books and 2 pens is Rs. 160, then find the cost of 10 books.
A refrigerator is listed at Rs. 32000. It is sold after offering two consecutive discounts of 18% and 12%. What is its selling price?
A purchased an article and sold it to B at 20% profit. B marked it up by 24% above the price at which A has purchased it and then sold it after giving a...
Abhijit buys an old scooter for Rs. 3700 and spends Rs. 300 on its repairs. If he sells the scooter for Rs. 5500, his gain percent is
A man earns a profit of 10 percent by selling a mobile for a certain price. If he sells that mobile at double the price, then what will be the profit p...
Profit percentage received on a product when sold for Rs.500 is equal to the percentage loss incurred when the same product is sold for Rs.300. Find the...
A man bought an article at 25% less of the marked price and sold it at 15% more than the marked price. Find the profit earned by him.
...A perfume bottle is sold for a profit of ₹175 after a 25% discount is applied. If the cost price and marked price of the bottle are in the ratio of 1:...
Relevant for Exams:
