Economics Union Budget MCQs - CSEET

1. Interim budget is also known as…. (a) Mini budget (b) Vote on Account (c) Both a and b (d) None of these

2. Which article of the Constitution envisages Budget? (a) Article 280 (b) Article 110 (c) Article 360 (d) Article 112

3. In budget 2019-20, the government set the target to distribute …………….. LPG connections under the Ujjawala Yojna. (a) 6 cr (b) 10cr (c) 5 cr (d) 8 cr

4. What is the target (in terms of GDP) of Fiscal Deficit for FY 2019-20? (a) 3.1% (b) 3.5% (c) 3.4% (d) 4.4%

5. Which statement is not correct about budget 2019-20? (a) The number of new income-tax filers increased in 2017-18, taking the total income tax returns filed to 6.84 crore, up 26% from previous year. (b) Payment of gratuity has been increased from ? 10 lakh to ? 20 lakhs. (c) Government has introduced the Prime Minister 'Kisan Samman Nidhi Yojana'. This scheme will be in effect from 1st January, 2019. (d) The amount allocated for the defense sector has exceeded 3 lac cr for the first time.

6. What is the biggest item of government expenditure in budget 2019-20? (a) Loan repayment (b) Defense expenditure (c) Expenditure on Central Plans (d) Share of the states in taxes and fees

7. The rate which the income tax is imposed in India is called…. (a) Digressive rate (b) Progressive rate (c) Regressive rate (d) Proportionate rate

8. How much cess is imposed currently by the Central Government? (a) 4% (b) 3.5% '-(c) 3% (d) 0.5% Explanation: There are five types of cess are imposed in India. Their names are; Infrastructure Cess, Education Cess, Clean India Cess, Agriculture Welfare Cess and Health and Education Cess. Total rate of the all these Cess became 4%

9. Which of the following policy (Yojna) bring 5 lakh acres under organic farming? (a) Shyama Prasad Mukherji Rurban Mission (b) Pramaparagat Krishi Vikas Yojna (c) Pradhan Mantri Krishi Sichai Yojna (d) PM Fasal Bima Yojna

10. Which Bill was proposed to be passing to solve problems in infrastructure contracts, PPP and Public Utilities? (a) Skill Development Programme (b) Companies Amendment Bill (c) Public Utility Resolution of Disputes Bill (d) Goods & Services Tax

11. Service Tax to be exempted on general insurance schemes under which scheme: (a) Companies Amendment Bill (b) Shyama Prasad Mukherji Rurban Mission (c) Customer Act (d) NIRMAYA Scheme

12. Which of the following Yojna gave nominal premium and highest ever compensation in case of crop loss? (a) PM Fasal Bima Yojna (b) PM Krishi Sinchai Yojna (c) Shyama Prasad Mukherji Rurban Mission (d) Pramaparagat Krishi Vikas Yojna

13. Consider the following statement (s) is/are related to the MU DR A Yojna. I. It has been initially formed as a wholly owned subsidiary of Small Industries Development bank of India (SIDBI) with 100% capital being contributed by it. II. According to this joyna, loan is issued through Mudra credit card with a pre-assigned credit limit and the repayment tenure is as high as 7 years. Code: (a) Only I (b) Only II (c) Both I and II (d) Neither I nor II

14. Which of the following scheme is related to the management and conversion of cattle dung and solid in farms to Compost, fertilizer, bio-gas and bio-CNG? (a) Galvanizing Organic Bio-Agro Resources Dhan (b) Swachchh Bharat Abhiyan (c) Pradhan Mantri Jeevan Jyoti Beema Yojna (d) Prime Minister Krishi Sinchai Yojna

15. Consider the following statement (s): I. Budget is the process of preparing business estimates II. Budgetary control is the means to achieve performance on the basis of budget Which of the following statements is/are correct about budget, budgeting & budgetary control? (a) Only I (b) Only II (c) Both I and II (c) Neither I nor II

16. Consider the following statement (s) is/are true about budget, budgeting & budgetary control. I. Budgetary control is a wider concept whereas Budget and budgeting are narrower concepts II. Budget is the process of preparing business estimates. Which of the following statements is/are correct? (a) Only I (b) Only II (c) Both I and II (d) Neither I nor II

17. According to the 2018-19 budget speech of Arun Jaitley, India is at third rank on the basis of what? (a) Purchasing Power Parity (PPP) (b) Gross Domestic Product (GDP) (c) Agricultural Production (d) Foreign Direct Investment (FDI)

18. Which of the following new restructured scheme was launched to increase the governance capabilities of PR Is? (a) National Skill Development Mission (b) PM Kaushal Vikas Yojana (c) Swaccha Bharat Abhiyaan (d) Rashtriya Gram Swaraj Abhiyan

19. Which of the following three public general insurance companies will be merged into single insurance company as per Budget 2018-19? (a) UTI, Oriental Insurance and National Insurance (b) LIC, Bharti AXA and United Insurance (c) General Insurance, Max Bupa and UTI (d) Agriculture insurance Company of India Limited, Bharti AXA and United Insurance

20. What do you mean by "Fiscal Federalism"? (a) It refers to the devolution of power and responsibilties of national, sub-national, and governments. (b) It refers to the financial relations between units of governments in a federal government system. (c) It is the amount of money that households have available for spending and saving after income taxes have been accounted for. (d) It states that when per capita income increases above the minimum specific level, population tens to increase.

21. Select the incorrect phase of budget process in India. (a) Budget formulation: the preparation of estimates of expenditure and receipts for the ensuing financial year; (b) Budget enactment: approval of the proposed Budget by the Legislature through the enactment of Finance Bill and Appropriation Bill (c) Budget execution: enforcement of the provisions in the Finance Act and Appropriation Act by the government—collection of receipts and making disbursements for various services as approved by the Legislature. (d) Judicial review of budget implementation: audits of government’s financial operations on behalf of the Legislature.

22. Who was the first Finance minister of independent India? (a) Shanmukhan Chetty (b) John Mathai (c) C. D Deshmukhi (d) Liaquat Ali Khan

23. Select the correct component of Components of the Union (Central) Budget of India? (a) Revenue Budget (b) Capital Budget (c) Expenditure Budget (d) Both A & B

24. 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

25. Which of the following is not the objective of Indian Budget? I. To managed and proper distribution of 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

1 (c) 2 (d) 3 (d) 4 (c) 5 (c) 6 (d) 7 (a) 8 (a) 9 (b) 10 (c) 11 (d) 12 (a) 13 (c) 14 (a) 15 (b) 16 (a) 17 (a) 18 (d) 19 (a) 20 (b) 21 (d) 22 (a) 23 (d) 24 (a) 25 (c)