This quiz works best with JavaScript enabled. Home > Indian Polity > Finance > Budget > Indian Budget – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Indian Budget Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which statement(s) is/are correct regarding capital receipts? A) They create assets. B) They create liability. C) They reduce assets. D) They reduce assets and (or) create liability. Show Answer Correct Answer: D) They reduce assets and (or) create liability. 2. In the interim Budget 2019 speech given by interim Finance Minister Piyush Goyal, which north-eastern state came to the air map recently with the clearance of the Hollongi airport? A) Meghalaya. B) Sikkim. C) Manipur. D) Arunachal Pradesh. Show Answer Correct Answer: D) Arunachal Pradesh. 3. Assertion (A):Fiscal position shows a better position of the government expenditure in comparison to the budget deficit.Reason(R):Fiscal deficit means borrowings to the govt. A) Both Assertion (A) and Reason (R ) are true and Reason (R ) is the correct explanation of the Assertion (A). B) Both Assertion (A) and Reason (R ) are true and Reason (R ) is not the correct explanation of the Assertion (A). C) Assertion (A) is true but the Reason (R ) is false. D) Assertion (A) is false but the Reason (R ) is true. Show Answer Correct Answer: A) Both Assertion (A) and Reason (R ) are true and Reason (R ) is the correct explanation of the Assertion (A). 4. As we continue to grow, we are committed to the triple bottom line of People, Planet and Prosperity to create a sustainable future in a zero harm environment for our communities. A) Care. B) Respect. C) Entrepreneurship. D) Excellence. Show Answer Correct Answer: A) Care. 5. 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. 6. 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) Entrepreneurship. D) Care. Show Answer Correct Answer: B) Innovation. 7. 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) 45, 000 crore. B) 19, 000 crore. C) 20, 000 crore. D) 30, 000 crore. Show Answer Correct Answer: B) 19, 000 crore. 8. 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. 9. Which of the following is not the source of supply of foreign exchange A) Exports. B) Investment by foreign countries. C) Imports. D) Remittances from abroad. Show Answer Correct Answer: C) Imports. 10. Which statement(s) is/are correct regarding revenue expenditure? A) They do not create assets. B) They create liability. C) They reduce liability. D) They create assets. Show Answer Correct Answer: A) They do not create assets. 11. Loans given by govt. to states and PSUs is an example of A) Capital expenditure. B) Capital receipts. C) Revenue receipts. D) NOTA. Show Answer Correct Answer: A) Capital expenditure. 12. Loans to state governments and union territories are a part of A) Revenue Receipts. B) Capital Receipts. C) Capital Expenditure. D) Revenue Expenditure. Show Answer Correct Answer: C) Capital Expenditure. 13. 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. 14. Percentage of sales method is not ..... A) Acceptable. B) Scientific. C) Practical. D) Workable. Show Answer Correct Answer: B) Scientific. 15. How much cess is imposed currently by the Central Government? A) 3.5%. B) 3%. C) 4%. D) 4.5%. Show Answer Correct Answer: C) 4%. 16. 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. 17. Which of the following statement is true? A) Loan from IMF is a Revenue Receipt. B) Higher revenue deficit necessarily leads to higher fiscal deficit. C) Borrowing by a government represents a situation of fiscal deficit. D) Revenue deficit is the excess of capital receipts over the revenue receipts. Show Answer Correct Answer: C) Borrowing by a government represents a situation of fiscal deficit. 18. 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. 19. Copy testing finds out customer response, feedback and ..... A) Review. B) Behaviour. C) Assessment. D) None of above. Show Answer Correct Answer: B) Behaviour. 20. The Finance Minister has announced that for the first time the country's Defence Budget will be of over ..... lakh crore. A) Rs 3 lakh crore. B) Rs 15 lakh crore. C) Rs 6 lakh crore. D) Rs 20 lakh crore. Show Answer Correct Answer: A) Rs 3 lakh crore. ← PreviousNext →Related QuizzesFinance QuizzesIndian Polity QuizzesIndian Budget Quiz 1Indian Budget Quiz 2Indian Budget Quiz 3Indian Budget Quiz 4Indian Budget Quiz 5Indian Budget Quiz 6Indian Budget Quiz 8Indian Budget Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books