Union Budget & Economic Survey — Practice

Question 1

The Union Budget is presented as the Annual Financial Statement under which article?
(a) Article 110  (b) Article 112  (c) Article 266  (d) Article 280

Accepted Answer

Article 112 provides for the Annual Financial Statement (the Budget).

Answer: (b) Article 112.

Question 2

Primary deficit equals:
(a) Fiscal deficit − interest payments  (b) Revenue exp − revenue receipts  (c) Total exp − total receipts  (d) Fiscal deficit + interest

Accepted Answer

Primary deficit = fiscal deficit − interest payments.

Answer: (a).

Question 3

The Economic Survey is prepared by:
(a) The RBI Governor  (b) The Finance Minister  (c) The Chief Economic Adviser  (d) NITI Aayog

Accepted Answer

The Chief Economic Adviser (CEA), under the Ministry of Finance, and it's presented a day before the Budget.

Answer: (c) Chief Economic Adviser.

Question 4

Which of the following is a capital receipt?
(a) Income tax  (b) Corporate tax  (c) Disinvestment proceeds  (d) Interest received

Accepted Answer

Disinvestment reduces an asset ⇒ capital receipt. The others are revenue receipts.

Answer: (c) Disinvestment proceeds.

Question 5

Unforeseen, urgent government expenditure is met from:
(a) Consolidated Fund of India  (b) Contingency Fund of India  (c) Public Account  (d) Reserve Fund

Accepted Answer

The Contingency Fund (Article 267), at the President's disposal, meets unforeseen expenditure.

Answer: (b) Contingency Fund of India.

Question 6

The GST Council is chaired by:
(a) The RBI Governor  (b) The Union Finance Minister  (c) The Prime Minister  (d) The CEA

Accepted Answer

The Union Finance Minister chairs the GST Council, with state finance ministers as members.

Answer: (b) Union Finance Minister.

Practice — Union Budget & Economic Survey

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