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Budget Multiple Choice Question MCQ

Categories: Budget Special

1. Who was the first Finance minister of independent India?


A. Shanmukhan Chetty

B. John Mathai

C. C. D Deshmukh

D. Liaquat Ali Khan

Ans: A


2. Select the correct component of the Components of the Union (Central) Budget of India?


A. Revenue Budget

B. Capital Budget

C. Expenditure Budget

D. Both A & B

Ans: D


3. Find out the correct definition of Capital payments?


A. It refers to capital expenditures on construction of capital projects and acquisition of assets like land, buildings machinery and equipment.

B. It refers to capital revenue collected from the construction of capital projects and acquisition of assets like land, buildings machinery and equipment.

C. It is the expenditure incurred on the day-to-day running of the Government and its various departments, and for services that it provides.

D. None of the above

Ans: A


4. 300 rurban clusters to be set up under which of the following schemes?


A. Shyama Prasad Mukherji Mission

B. Pradhan Mantri Awas Yojna

C. Indira Awas Yojna

D. NIRMAYA Scheme

Ans: A


5. Which of the following is not the objective of the Indian Budget?


I. To manage and properly distribute resources

II. To reduce inequalities in income and wealth

III. To achieve social stability


Code:

A. Only I

B. Only II

C. Only III

D. I, II & III

Ans: C


6. Which of the following is the most likely to cause the current account deficit in India?


I. Reduced excise duties on Sports Utility Vehicles

II. Reduced duties on Gold

III. Ban on the export of Onions


Code:

A. Both I & II

B. Both II & III

C. Only I & III

D. I, II & III

Ans: D


7.  Examine the following statement (s) in the context of Zero-Based Budgeting (ZBB).


I. It was first taken up in India in the Union Budget 1987

II. It is based on prioritizing all governing expenditure

III. There is a cost-benefit analysis of all schemes and the most important ones are kept alive if they are working well.


Which of the following statement (s) given above are correct?

A.  I and II

B. I and III

C.  II and III

D. All of these

Ans: A


8. What is the difference between ‘vote-on account’ and ‘interim budget’?


I. The provision of a vote-on-account is used by a regular government, while the interim budget is a provision used by a caretaker government.

II. A vote-on-account only deals with the expenditure in the government’s budget while an interim budget includes both expenditure and receipts

Which of the following statement (s) given above are correct?


A.  Only I

B. Only II

C. Both I and II

D. Neither I nor II

Ans: C


9. With reference to Indian Public Finance, consider the following statements (s).


I. Disbursement from Public Account of India are subject to the Vote of Parliament.

II. The Indian Constitution provides for the establishment of a Consolidated Fund, a Public Account and a Contingency Fund for each State.

III. Appropriations and disbursements under the Railways Budget are subject to the same form of parliamentary control as other appropriations and disbursement.

Which of these statements are correct?


A. I and II

B. II and III

C. I and III

D. I, II and III

Ans: B


10. The authorization for the withdrawal of funds from the Consolidated Fund of India must come from:


A. The President of India

B. The Parliament of India

C. The Prime Minister of India

D.  The Union Finance Minister

Ans: B


11. When the annual budget is not passed by the Lok Sabha__________.


A. the Budget is modified and presented again

B. the Budget is referred to the Rajya Sabha for suggestions

C. the Union Finance Minister is asked to resign

D. the Prime Minister submits the resignation of Council of Ministers

Ans: D


12. The Vote on Account is passed:


A. After the voting of demands

B. Before the general discussion

C. After the general discussion

D. Either after the voting of the demands or after the general discussion.

Ans: C


13. Arrange the following stages in the enactment of the budget in proper order:


I. General discussion

II. Appropriation Bill

III. Finance Bill

IV. Voting of the demands for grant

V. Presentation to the legislature


A. I, II, III, IV, V

B.  V, I, II, III

C.  V, I, IV, III, II

D. V, I, III, IV, II  

Ans: B


14. Which of the following documents are presented to the legislature along with the budget?


I. An explanatory memorandum on the budget

II. A summary of demands for grants

III. An Appropriation Bill

IV. A Finance Bill

V. The economic survey


Code:


A. I, III and V

B. I, II and III

C.  II, III and V

D.  I, II, III and IV

Ans: D



15. The number of demands in the General Budget for civil expenditures is:


A. 109

B. 106

C. 103

D. 102

Ans: C


16. The word ‘Budget’ is mentioned in which of the following Articles of the Constitution of India:


A. Art. 266

B. Art. 112

C. Art. 265

D. None

Ans: D


17. The budget was formally introduced in India in:


A. 1860

B. 1947

C. 1950

D. 1868

Ans: A


18. The correct statements about the Public Account of India are:


I. The public account is the fund to which all public money received by or on behalf of the government are credited.

II. No legislative appropriation is required for payments from the Public Account of India.

III. Legislative appropriation is required for payments from the Public Account of India.

IV. All public money, other than those credited to the Consolidated Fund of India, which are received by or on behalf of the government is credited to the Public Account of India.

V. It is operated by executive action.


A. I, II and V

B. I, III and V

C.  II, IV and V

D.  II and IV

Ans: C


19. Which of the following statements are incorrect?


I. Appropriation Bill cannot be amended while the Finance Bill can be amended.

II. Finance Bill cannot be amended while Appropriation Bill can be amended.

III. Same procedure governs both the Appropriation Bill and the Finance Bill.

IV. Appropriation Bill and the Finance Bill are governed by different procedures.

V. Appropriation bill cannot be rejected by the Rajya Sabha while Finance Bill can be rejected by it.


A. II and IV  

B. II, IV and V

C. I and III

D. I, III and V

Ans: B


20. Which of the following social campaign of the Government of India aims to generate awareness and improve the efficiency of welfare services intended for girls?


A. Beti Bachao, Beti Padhao

B. Gender sensitisation

C. Ladli

D. Swachchha Bharat Mission

Ans: A


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