Budget of India

The Union Budget is presented under which Article of the Constitution?
a) Article 265
b) Article 110
c) Article 112
d) Article 280
✅ c) Article 112
Explanation: Article 112 mandates the presentation of the annual financial statement to Parliament.

The Union Budget is presented in which House first?
a) Lok Sabha
b) Rajya Sabha
c) Joint Sitting
d) President’s Office
✅ a) Lok Sabha

Who presents the Union Budget?
a) Prime Minister
b) RBI Governor
c) Finance Minister
d) President
✅ c) Finance Minister

The Budget is usually presented on:
a) 1st January
b) 31st March
c) 1st February
d) 15th March
✅ c) 1st February

What is the full form of BE in Budget documents?
a) Budget Edition
b) Budget Estimate
c) Bond Expenditure
d) Budget Emission
✅ b) Budget Estimate

Interim Budget is presented when:
a) New schemes are to be launched
b) Elections are due
c) Constitution is amended
d) Budget is delayed
✅ b) Elections are due

Vote on Account allows:
a) Introduction of new policies
b) Government to borrow from IMF
c) Government to spend in advance
d) RBI to issue currency
✅ c) Government to spend in advance

Which one is a direct tax?
a) GST
b) Customs duty
c) Excise
d) Income Tax
✅ d) Income Tax

GST is classified as:
a) Direct Tax
b) Indirect Tax
c) Corporate Tax
d) Cess
✅ b) Indirect Tax

The largest source of revenue for the Union Government is:
a) Borrowings
b) GST
c) Corporate Tax
d) Income Tax
✅ b) GST (as of recent budgets)

Which Budget document contains government receipts and expenditures?
a) Expenditure Profile
b) Finance Bill
c) Annual Financial Statement
d) Appropriation Bill
✅ c) Annual Financial Statement

The first Union Budget of independent India was presented by:
a) Morarji Desai
b) Jawaharlal Nehru
c) John Mathai
d) R. K. Shanmukham Chetty
✅ d) R. K. Shanmukham Chetty

In Budget 2024–25, what was the capital expenditure outlay?
a) ₹8 lakh crore
b) ₹9.5 lakh crore
c) ₹11.1 lakh crore
d) ₹7.1 lakh crore
✅ c) ₹11.1 lakh crore

Which scheme received the highest allocation in Budget 2024–25?
a) PM-KISAN
b) MGNREGA
c) Jal Jeevan Mission
d) PM Awas Yojana
✅ d) PM Awas Yojana

Fiscal Deficit means:
a) Revenue > Expenditure
b) Tax > GDP
c) Total Expenditure - Total Revenue
d) Capital Receipt - Revenue Receipt
✅ c) Total Expenditure - Total Revenue (excluding borrowings)

The fiscal deficit target for 2024–25 is:
a) 5.1%
b) 4.5%
c) 5.8%
d) 6.2%
✅ a) 5.1%

What is disinvestment?
a) Buying new shares
b) Government selling its stake in PSUs
c) Government buying PSUs
d) RBI reducing interest rates
✅ b) Government selling its stake in PSUs

The railway budget was merged with the Union Budget in:
a) 2016
b) 2017
c) 2018
d) 2015
✅ b) 2017

Which department prepares the Union Budget?
a) Department of Revenue
b) Department of Economic Affairs
c) Department of Expenditure
d) NITI Aayog
✅ b) Department of Economic Affairs

Capital receipts do NOT include:
a) Disinvestment
b) Loan recovery
c) Tax revenue
d) Borrowings
✅ c) Tax revenue

Revenue deficit occurs when:
a) Revenue expenditure > Revenue receipts
b) Capital expenditure > Capital receipts
c) Exports > Imports
d) Imports > Exports
✅ a) Revenue expenditure > Revenue receipts

Pradhan Mantri Suryodaya Yojana (2024) focuses on:
a) Water supply
b) Rooftop solar power
c) Agriculture
d) Startups
✅ b) Rooftop solar power

Which scheme supports infrastructure under PM Gati Shakti?
a) BharatNet
b) National Logistics Portal
c) PM Awas
d) Krishi Sinchai Yojana
✅ b) National Logistics Portal

What is Appropriation Bill?
a) Bill for tax changes
b) Bill for expenditure withdrawal from Consolidated Fund
c) Bill for new projects
d) Finance Bill
✅ b) Bill for expenditure withdrawal from Consolidated Fund

Budget is passed by:
a) Lok Sabha only
b) Rajya Sabha only
c) Both Houses
d) President
✅ a) Lok Sabha only

Which article allows contingency fund use?
a) Article 266
b) Article 267
c) Article 280
d) Article 112
✅ b) Article 267

The Contingency Fund of India is held by:
a) Prime Minister
b) Lok Sabha
c) President
d) Finance Minister
✅ c) President

A budget surplus occurs when:
a) Borrowing is high
b) Expenditure exceeds revenue
c) Revenue exceeds expenditure
d) Tax is low
✅ c) Revenue exceeds expenditure

Which of these is NOT a component of revenue receipts?
a) Tax revenue
b) Non-tax revenue
c) Grants
d) Loan recovery
✅ d) Loan recovery

MGNREGA received how much in Budget 2024–25?
a) ₹60,000 crore
b) ₹86,000 crore
c) ₹75,000 crore
d) ₹95,000 crore
✅ a) ₹60,000 crore

What is the role of Finance Bill?
a) Allocate money to schemes
b) Legalize taxes and levies
c) Approve revenue deficit
d) Control inflation
✅ b) Legalize taxes and levies

Which ministry presents the Economic Survey?
a) Commerce
b) Finance
c) External Affairs
d) NITI Aayog
✅ b) Finance

The concept of Zero-Based Budgeting means:
a) Budget with no deficit
b) Starting afresh every year
c) Ignoring previous year’s data
d) Minimum government spending
✅ b) Starting afresh every year

India's budget-making is a:
a) Judicial function
b) Executive function
c) Legislative function
d) Federal function
✅ b) Executive function

Primary deficit = Fiscal deficit minus:
a) Capital receipts
b) Revenue deficit
c) Interest payments
d) Total receipts
✅ c) Interest payments

Which fund does NOT require Parliament’s approval for withdrawal?
a) Consolidated Fund
b) Contingency Fund
c) Public Account
d) None
✅ b) Contingency Fund

In Budget 2024–25, Digital India Mission received:
a) ₹3,500 crore
b) ₹4,000 crore
c) ₹5,000 crore
d) ₹6,000 crore
✅ c) ₹5,000 crore (approx.)

Jal Jeevan Mission is aimed at:
a) Irrigation
b) Drinking water supply
c) River linking
d) Drought prevention
✅ b) Drinking water supply

Which is NOT a centrally sponsored scheme?
a) PM Awas Yojana
b) Samagra Shiksha
c) National Highway Authority
d) MGNREGA
✅ c) National Highway Authority

“Saptarishi” priority areas were introduced in:
a) Budget 2020
b) Budget 2021
c) Budget 2023
d) Budget 2024
✅ c) Budget 2023

Agriculture credit target for 2024–25 is:
a) ₹16 lakh crore
b) ₹18 lakh crore
c) ₹20 lakh crore
d) ₹22 lakh crore
✅ d) ₹22 lakh crore

“Amrit Kaal” refers to:
a) 100 years of independence
b) 75 years of Constitution
c) Golden era of reforms till 2047
d) Budget 2024 target
✅ c) Golden era of reforms till 2047

PM Vishwakarma Yojana focuses on:
a) Farmers
b) Artisans
c) Students
d) Women
✅ b) Artisans

PM e-Bus Sewa is related to:
a) Rural transport
b) Urban electric buses
c) Train modernization
d) National highways
✅ b) Urban electric buses

What is the largest component of Union government expenditure?
a) Education
b) Subsidy
c) Interest payments
d) Defence
✅ c) Interest payments

The Union Budget is valid for:
a) Calendar year
b) Financial year
c) Fiscal year
d) April–March
✅ d) April–March

What is the term for unplanned increase in expenditure?
a) Fiscal shock
b) Supplementary Budget
c) Off-budget borrowing
d) Interim measure
✅ b) Supplementary Budget

Indian budget follows:
a) Gregorian calendar
b) January–December
c) April–March fiscal
d) June–May fiscal
✅ c) April–March fiscal

The Union Budget requires how many readings in Lok Sabha?
a) 1
b) 2
c) 3
d) 4
✅ c) 3

Budget allocations for Bihar are included under:
a) State Budget
b) Centrally Sponsored Schemes
c) Union Ministry of Bihar Affairs
d) NITI Aayog
✅ b) Centrally Sponsored Schemes