This quiz works best with JavaScript enabled. Home > Indian Polity > Finance > Budget > Indian Budget – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Budget Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following belongs to Micro economics . A) National investment. B) National Income. C) Personal income. D) Economic development. Show Answer Correct Answer: C) Personal income. 2. 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 conceptsII. 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. Show Answer Correct Answer: A) Only I. 3. What does P in the LPG policy of 1991 stands for? A) Publications. B) Privatisation. C) Programming. D) Property. Show Answer Correct Answer: B) Privatisation. 4. Building World Class attitudes among your people to plan & achieve challenging Goals: A) Excellence. B) Entrepreneurship. C) Trust. D) Integrity. Show Answer Correct Answer: A) Excellence. 5. What was the shape of the recovery of India's economy during the last year? A) U-shape. B) W-shape. C) V-shape. D) None of the above. Show Answer Correct Answer: C) V-shape. 6. A tax, the burden of which can be shifted on to others, is called A) Indirect tax. B) Direct tax. C) Wealth tax. D) None of these. Show Answer Correct Answer: A) Indirect tax. 7. The receipts which neither create any liability nor lead to any reduction in assets are called A) Revenue receipts. B) Capital receipts. C) Both (a) and (b). D) None of these. Show Answer Correct Answer: A) Revenue receipts. 8. What was the main focus of India's first five year plan in 1950. A) Agriculture and irrigation. B) Infrastructure. C) Education. D) Health care. Show Answer Correct Answer: A) Agriculture and irrigation. 9. 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. Show Answer Correct Answer: D) Judicial review of budget implementation:audits of government's financial operations on behalf of the Legislature. 10. Retailers are known to use ..... advertising A) Cooperative. B) Competitive. C) Creative. D) None of above. Show Answer Correct Answer: A) Cooperative. 11. How much rent will now be exempted from the TDS as per the Interim Budget 2019? A) Rs 2.4 lakh. B) Rs 6.4 lakh. C) Rs 3 lakh. D) A) Rs 5.4 lakh. Show Answer Correct Answer: A) Rs 2.4 lakh. 12. Cess newly imposed on petrol and diesel is A) AIDC. B) KKC. C) Education cess. D) None of above. Show Answer Correct Answer: A) AIDC. 13. Spilt-run advertising is popular in ..... media A) Digital. B) Print. C) Outdoor. D) None of above. Show Answer Correct Answer: B) Print. 14. If LRR is .25, what will be money multiplier A) 4. B) 1. C) 5. D) 2. Show Answer Correct Answer: A) 4. 15. Advertising is ..... A) Unique. B) One dimensional. C) Multi dimensional. D) Rigid. Show Answer Correct Answer: C) Multi dimensional. 16. Subsidies on fertilizers is a A) Capital receipt. B) Revenue receipt. C) Capital expenditure. D) Revenue expenditure. Show Answer Correct Answer: D) Revenue expenditure. 17. Ambush advertising are ..... business practices A) Competitive. B) Ethical. C) Unethical. D) None of above. Show Answer Correct Answer: C) Unethical. 18. What is the biggest source of Income for the Central Government in the Union Budget 2020-21? A) Goods and Services Tax. B) Corporation Tax. C) Income Tax. D) Borrowings and other liabilities. Show Answer Correct Answer: D) Borrowings and other liabilities. 19. Tax, the impact of whitch lies on the person on whom it is legally imposed, is known as: A) Indirect tax. B) Direct tax. C) Value added tax. D) None of these. Show Answer Correct Answer: B) Direct tax. 20. Checklist is like master ..... A) Card. B) Route. C) Inventory. D) None of above. Show Answer Correct Answer: C) Inventory. Next →Related QuizzesFinance QuizzesIndian Polity QuizzesIndian Budget Quiz 2Indian Budget Quiz 3Indian Budget Quiz 4Indian Budget Quiz 5Indian Budget Quiz 6Indian Budget Quiz 7Indian Budget Quiz 8Indian Budget Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books