This quiz works best with JavaScript enabled. Home > General Knowledge > Indian Polity > Finance > Budget > Indian Budget – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Budget Quiz 3 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Deficit budget refers to that situation in which governments budget expenditure is- A) Less than its budget receipts. B) More than its budget receipts. C) Equal its budget receipts. D) None of these. Show Answer Correct Answer: B) More than its budget receipts. 2. We embrace a conducive environment for encouraging innovation that leads to a Zero harm environment and exemplifying optimal utilization of natural resources, improved efficiencies and recoveries of by-products. A) Trust. B) Innovation. C) Care. D) Entrepreneurship. Show Answer Correct Answer: B) Innovation. 3. How much amount has been allocated in union budget of 2019-20 for development of roads in rural and backward area under Pradhan Mantri Gram Sadak Yojana (PMGSY) to pushing rural infrastructure in the new financial year? A) 20, 000 crore. B) 30, 000 crore. C) 45, 000 crore. D) 19, 000 crore. Show Answer Correct Answer: D) 19, 000 crore. 4. Which one of the following is true about direct tax A) It is Paid by an individual on whom it is levied. B) Burden of tax is transferable to others. C) These are imposed on goods and services. D) GST and VAT are examples of direct tax. Show Answer Correct Answer: A) It is Paid by an individual on whom it is levied. 5. Which of the following is not the source of supply of foreign exchange A) Imports. B) Investment by foreign countries. C) Remittances from abroad. D) Exports. Show Answer Correct Answer: A) Imports. 6. Which statement(s) is/are correct regarding revenue expenditure? A) They reduce liability. B) They do not create assets. C) They create liability. D) They create assets. Show Answer Correct Answer: B) They do not create assets. 7. Loans given by govt. to states and PSUs is an example of A) Capital receipts. B) Revenue receipts. C) NOTA. D) Capital expenditure. Show Answer Correct Answer: D) Capital expenditure. 8. Loans to state governments and union territories are a part of A) Capital Expenditure. B) Revenue Receipts. C) Capital Receipts. D) Revenue Expenditure. Show Answer Correct Answer: A) Capital Expenditure. 9. Recovery of loans is a capital receipt because ..... A) Its reduction in assets. B) Its reduce liability. C) Its increase assets. D) None of these. Show Answer Correct Answer: A) Its reduction in assets. 10. Percentage of sales method is not ..... A) Workable. B) Acceptable. C) Scientific. D) Practical. Show Answer Correct Answer: C) Scientific. 11. How much cess is imposed currently by the Central Government? A) 4%. B) 3.5%. C) 3%. D) 4.5%. Show Answer Correct Answer: A) 4%. 12. How long is the Budget speech India? ? ? A) 90 to 100 minutes. B) 90 to 110 minutes. C) 90 to 120 minutes. D) None of above. Show Answer Correct Answer: C) 90 to 120 minutes. 13. Which of the following statement is true? A) Borrowing by a government represents a situation of fiscal deficit. B) Revenue deficit is the excess of capital receipts over the revenue receipts. C) Higher revenue deficit necessarily leads to higher fiscal deficit. D) Loan from IMF is a Revenue Receipt. Show Answer Correct Answer: A) Borrowing by a government represents a situation of fiscal deficit. 14. Which one of the following is a capital receipt in government budget? A) Interest receipts on loans given by the government to other parties. B) Dividends and profits from public sector undertakings. C) Borrowing of the government from public. D) Income tax receipts. Show Answer Correct Answer: C) Borrowing of the government from public. 15. Copy testing finds out customer response, feedback and ..... A) Review. B) Behaviour. C) Assessment. D) None of above. Show Answer Correct Answer: B) Behaviour. 16. The Finance Minister has announced that for the first time the country's Defence Budget will be of over ..... lakh crore. A) Rs 6 lakh crore. B) Rs 3 lakh crore. C) Rs 15 lakh crore. D) Rs 20 lakh crore. Show Answer Correct Answer: B) Rs 3 lakh crore. 17. The correct group of direct tax is A) Personal income tax, corporate tax, wealth tax and stamp duty. B) Corporate tax, wealth tax, personal income tax and export import tax. C) Export import tax, GST, corporate tax and VAT. D) Corporate tax, export-import tax, GST and wealth Tax. Show Answer Correct Answer: A) Personal income tax, corporate tax, wealth tax and stamp duty. 18. When budget receipts are greater than budget expenditure such type of budget is called: A) Balanced budget. B) Deficit budget. C) Surplus budget. D) None of these. Show Answer Correct Answer: C) Surplus budget. 19. For how long was the budget presented in two parts A) 32 years. B) 92 years. C) 54 years. D) 76 years. Show Answer Correct Answer: B) 92 years. 20. Which one of the following is wrong about central budjet in India? A) Parliament approves the central budget. B) Prime minister presents the Budget in Loksabha. C) Budget for next financial year is prepared during the current year itself. D) Government should get the approval of parliament to the Budget before 31st of March. Show Answer Correct Answer: B) Prime minister presents the Budget in Loksabha. 21. The difference between fiscal deficit and interest payment is called: A) Primary deficit. B) Budget deficit. C) Capital deficit. D) Revenue deficit. Show Answer Correct Answer: A) Primary deficit. 22. Who introduced the farmers Empowerment and Protection Bill 2020 and Farmers produce Trade and Commerce Bill 2020 in the Indian Parliament. A) Amit Shah. B) Kailash Chaudary. C) Narendra Singh Tomar. D) Smriti irani. Show Answer Correct Answer: C) Narendra Singh Tomar. 23. As per the Interim Budget 2019-20, how much amount has been allocated for the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA)? A) Rs 60000 crore. B) Rs 19000 crore. C) Rs 48000 crore. D) Rs 24000 crore. Show Answer Correct Answer: A) Rs 60000 crore. 24. Who is the woman minister of India? ? ? A) Indira Gandhi. B) Smriti Irani. C) Gowry Amma. D) None of above. Show Answer Correct Answer: B) Smriti Irani. 25. What is the disinvestment target for 2020-21? (a)Rs 1, 73, 000 crore(b)Rs 2, 10, 000 crore(c)Rs 65, 000 crore(d) Rs 1, 05, 000 core A) B. B) A. C) D. D) C. Show Answer Correct Answer: A) B. 26. Interim Finance Minister Piyush Goyal has allocated ..... crore for a key scheme aimed at the rural poor MGNREGA for fiscal year 2018-19. A) Rs 60, 000 crore. B) Rs 70, 000 crore. C) Rs 30, 000 crore. D) Rs 55, 000 crore. Show Answer Correct Answer: A) Rs 60, 000 crore. 27. Disinvestment by government means A) Selling of fixed capital assets. B) Selling of shares of public enterprises held by it. C) Selling of its building. D) All of the above. Show Answer Correct Answer: B) Selling of shares of public enterprises held by it. 28. Difference between fiscal deficit and intrest payment is called- A) Revenue deficit. B) Fiscal deficit. C) Primary deficit. D) None of the above. Show Answer Correct Answer: C) Primary deficit. 29. Post testing finds out ..... coverage A) Readership. B) Exposure. C) Presentation. D) None of above. Show Answer Correct Answer: A) Readership. 30. Fiscal deficit= budget expenditure ..... A) Budget receipts other than borrowings. B) Custom duty. C) Sales tax. D) Disinvestment. Show Answer Correct Answer: A) Budget receipts other than borrowings. 31. Capital Budget is divided into A) 2 parts. B) 3 parts. C) 4 parts. D) None of the above. Show Answer Correct Answer: A) 2 parts. 32. The government aspires to make India a Ten Trillion Dollar Economy in how many years? A) 5 years. B) 8 years. C) 10 years. D) 13 years. Show Answer Correct Answer: D) 13 years. 33. ..... testing is related to big ideas A) Concept. B) Pre. C) Copy. D) Post. Show Answer Correct Answer: A) Concept. 34. As per the Union Budget, 2020-21, what is the highest rate of Direct Tax in India? (a)20%(b)35%(c) 30%(d) 40% A) A. B) B. C) C. D) D. Show Answer Correct Answer: C) C. 35. Where is the Budget introduced in India every year? A) Joint session. B) Lok Sabha. C) Rashtrapati Bhawan. D) Rajya Sabha. Show Answer Correct Answer: B) Lok Sabha. 36. Identify capital receipt from the following A) Post office deposits. B) Recovery of loans. C) Disinvestment. D) All of the above. Show Answer Correct Answer: D) All of the above. 37. Dividend from PSUs is a part of A) Non-tax Revenue. B) Revenue receipts. C) Both (a) and (b). D) Neither (a) nor (b). Show Answer Correct Answer: C) Both (a) and (b). 38. ..... advertising has recorded unprecedented progress A) Mobile. B) Persuasive. C) Television. D) Global. Show Answer Correct Answer: A) Mobile. 39. A Govt. Budget is prepared for a fiscal year running from: A) 1st April to 31st December. B) 1st April to 31st March. C) 1st January to 30th April. D) 1st January to 31st December. Show Answer Correct Answer: B) 1st April to 31st March. 40. The Union Government is planning to introduce container cargo movement to the North East through which river? A) Yamuna. B) Brahmaputra. C) Godavari. D) Ganga. Show Answer Correct Answer: B) Brahmaputra. 41. .Which of the following statement is/are correct about the Union Budget 2020-21.(a)Budget estimates for defence sector is Rs 3, 23, 053 cr(b)Budget estimates for Fertilizer subsidy is Rs115570 cr(c) 100 more airports would be developed by 2024(d) National Recruitment Agency will be set up as an independent agency A) C. B) D. C) A. D) B. Show Answer Correct Answer: D) B. 42. In India the petiod of financial year is A) June 1St-December 31st. B) 1st April-31st March of subsequent year. C) 1st March-31st April of subsequent year. D) 1st January-31st December of subsequent year. Show Answer Correct Answer: B) 1st April-31st March of subsequent year. 43. Which of the following is not a part of capital budget A) NOTA. B) Capital Receipts. C) Capital Expenditure. D) Capital revenue. Show Answer Correct Answer: C) Capital Expenditure. 44. Which one of the following is not a type of deficit finance? A) Primary deficit. B) Revenue deficit. C) Budget defecit. D) Capital defecit. Show Answer Correct Answer: D) Capital defecit. 45. Who is the father of zero based budget? ? ? A) Pete Phyrr. B) Albert Einstein. C) Shanmukham Chetty. D) None of above. Show Answer Correct Answer: A) Pete Phyrr. 46. Payment of interest is treated as a ..... A) Revenue expenditure. B) Revenue receipt. C) Capital expenditure. D) None of above. Show Answer Correct Answer: A) Revenue expenditure. 47. What is the main theme of Economic Survey 2020-2021? A) Infrastructure. B) COVID-19 warriors. C) Policy reforms. D) Innovation. Show Answer Correct Answer: B) COVID-19 warriors. 48. Vivad se Vishwas scheme is related to ..... (a)Indirect Tax (b)Direct Tax(c)Both Direct and Indirect(d)Neither Direct nor Indirect A) D. B) A. C) B. D) C. Show Answer Correct Answer: C) B. 49. Primary deficit=fiscal deficit ..... A) Loan. B) Interest payments. C) Borrowings. D) None of these. Show Answer Correct Answer: B) Interest payments. 50. Who is the father of budget in India? ? ? A) P. C. Mahalamobis. B) James Wilson. C) K. R. Gowry Amma. D) None of above. Show Answer Correct Answer: A) P. C. Mahalamobis. 51. The current account deficit is likely to be only ..... percent of the GDP this year? A) 3.4 %. B) 3 %. C) 3.6 %. D) 2.5 %. Show Answer Correct Answer: D) 2.5 %. 52. According to the Union Government, how many crore LPG connections have already been distributed under PM Ujjwala Yojana? A) 5 crore. B) 6 crore. C) 8 crore. D) 3 crore. Show Answer Correct Answer: B) 6 crore. 53. In budget 2019-20, the government set the target to distribute ..... LPG connections under the Ujjawala Yojna. A) 10 Cr. B) 6 Cr. C) 5 Cr. D) 8 Cr. Show Answer Correct Answer: D) 8 Cr. 54. Non tax revenue of central government doesn't include A) Revenue generated by public sector industries. B) Profit earned by Indian Railway. C) Revenue generated by corporate sector. D) Profit earned by RBI. Show Answer Correct Answer: C) Revenue generated by corporate sector. 55. What is the disinvestment target for 2020-21? ? ? A) Rs. 173000 crores. B) Rs. 210000 crores. C) Rs. 105000 crores. D) None of above. Show Answer Correct Answer: B) Rs. 210000 crores. 56. Which is a component of Budget Receipts A) Revenue receipts. B) Capital receipts. C) Both (a) and (b). D) None of the above. Show Answer Correct Answer: C) Both (a) and (b). 57. Who is the first woman to present budget in India. A) Nirmala Sitharaman. B) Sarojini Naidu. C) Indria Gandhi. D) Suchita Kripaloni. Show Answer Correct Answer: C) Indria Gandhi. 58. Capital receipts is that receipts of the Government- A) Creats a liability. B) Reduce the assets. C) Both (1) and (2). D) None. Show Answer Correct Answer: C) Both (1) and (2). 59. Which of the following is a part of the revenue expenditure in the indian government budget? A) Intreast payment. B) Defence Purchase. C) Wage bill of the Government. D) All of these. Show Answer Correct Answer: D) All of these. 60. Which scheme will set up to improve sustainable genetic upgrading of cow resources, and to enhance production and productivity of cows? A) Rashtriya Kamdhenu Aayog. B) Rashtriya Gaay Aayog. C) Gouseva Aayog. D) Gaay Aayog. Show Answer Correct Answer: A) Rashtriya Kamdhenu Aayog. ← PreviousNext →Related QuizzesFinance QuizzesIndian Polity QuizzesIndian Budget Quiz 1Indian Budget Quiz 2Indian Budget Quiz 4Indian Budget Quiz 5 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books