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Budget MCQs | Budget Multiple Choice Questions and Answers

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Free download in PDF Budget Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams like UPSC, SSC etc. These short solved questions or quizzes are provided by Gkseries.
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(1) Interim budget is also known as....
[A] Mini budget
[B] Vote on Account
[C] Both a and b
[D] None of these
Answer: Both a and b
(2) Which article of the Constitution envisages Budget?
[A] Article 280
[B] Article 110
[C] Article 360
[D] Article 112
Answer: Article 112

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(3) Which statement is not correct about budget 2019-20?
[A] The number of new income-tax filers increased in 2017-18, taking the total income tax returns filed to 6.84 crore, up 26% from previous year
[B] Payment of gratuity has been increased from Rs. 10 lakh to Rs. 20 lakhs
[C] Government has introduced the Prime Minister 'Kisan Samman Nidhi Yojana'. This scheme will be in effect from 1st January, 2019
[D] The amount allocated for the defense sector has exceeded 3 lac cr for the first time
Answer: Government has introduced the Prime Minister 'Kisan Samman Nidhi Yojana'. This scheme will be in effect from 1st January, 2019
(4) What is the biggest item of government expenditure in budget 2019-20?
[A] Loan repayment
[B] Defense expenditure
[C] Expenditure on Central Plans
[D] Share of the states in taxes and fees
Answer: Share of the states in taxes and fees
(5) Which of the following statements is true?
[A] Revenue deficit is estimated to be 3.4% of GDP in the budget
[B] The fiscal deficit is estimated to be targeted at 3.1% of GDP
[C] In the budget estimates, the target is to prevent the primary deficit to 0.2% of GDP
[D] All the above mentioned statements are correct
Answer: All the above mentioned statements are correct
(6) The rate which the income tax is imposed in India is called....
[A] Digressive rate
[B] Progressive rate
[C] Regressive rate
[D] Proportionate rate
Answer: Digressive rate
(7) Which of the following is related to the Operation Green’ mission?
[A] Production of tomato, onion and potatoes
[B] Production of tomato, chili and potatoes
[C] Production of pulses, onion and potatoes
[D] Production of tomato, pulses and rice
Answer: Production of tomato, onion and potatoes
(8) Service Tax to be exempted on general insurance schemes under which scheme:
[A] Companies Amendment Bill
[B] Shyama Prasad Mukherji Rurban Mission
[C] Customer Act
[D] NIRMAYA Scheme
Answer: NIRMAYA Scheme
(9)

Consider the following statement (s) is/are related to the annual financial statement (Budget)

I. The annual financial statement is divided into three parts, consolidated fund, contingency fund and public account.

II. All revenues raised by the government, money borrowed and receipts from loans given by the government flow into the consolidated fund of India.

III. Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year.

Select the correct statement (s):

[A] Only I
[B] Only II
[C] Both I & II
[D] I, II and III
Answer: I, II and III
(10) Which of the following Yojna gave nominal premium and highest ever compensation in case of crop loss?
[A] PM Fasal Bima Yojna
[B] PM Krishi Sinchai Yojna
[C] Shyama Prasad Mukherji Rurban Mission
[D] Pramaparagat Krishi Vikas Yojna
Answer: PM Fasal Bima Yojna
(11) Which of the following scheme is related to the management and conversion of cattle dung and solid in farms to Compost, fertilizer, bio-gas and bio-CNG?
[A] Galvanizing Organic Bio-Agro Resources Dhan
[B] Swachchh Bharat Abhiyan
[C] Pradhan Mantri Jeevan Jyoti Beema Yojna
[D] Prime Minister Krishi Sinchai Yojna
Answer: Galvanizing Organic Bio-Agro Resources Dhan
(12)

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 concepts

II. 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
Answer: Only I
(13) What % of TDS is applicable to an individual who withdraws cash equal to or over Rs 1 crore from his/her account in one financial year?
[A] 1%
[B] 2%
[C] 3%
[D] 4%
Answer: 2%
(14) The government has set the disinvestment target of _____ for the financial year 2019-20.
[A] Rs 90,000 crore
[B] Rs 1,00,000 crore
[C] Rs 1,05,000 crore
[D] Rs 1,20,000 crore
Answer: Rs 1,05,000 crore
(15) The government has proposed to reduce the net owned fund requirement for reinsurers to _____from Rs.5000 crore?
[A] 4000 crore
[B] 3000 crore
[C] 2000 crore
[D] 1000 crore
Answer: 1000 crore
(16) As per budget 2019-20 the government has proposed to infuse ________ capital into public sector banks?
[A] Rs 70,000 crore
[B] Rs 90,000 crore
[C] Rs 1,00,000 crore
[D] None of the above
Answer: Rs 70,000 crore
(17) One woman in every SHG shall be made eligible for a loan of ______ under MUDRA scheme.
[A] Rs 50000
[B] Rs 75000
[C] Rs 100000
[D] Rs 200000
Answer: Rs 100000
(18) How many iconic Tourist Sites will be developed into world-class tourist destinations?
[A] 15
[B] 17
[C] 19
[D] 21
Answer: 17
(19) How many LED bulbs distributed under Ujala Yojana per budget 2019-20?
[A] 35 crore
[B] 40 crore
[C] 45 crore
[D] 50 crore
Answer: 35 crore
(20) For purchase of high-rated pooled assets of financially sound NBFCs, amounting to a total of Rs 1 lakh crore during the current financial year, government will provide one time six months’ partial credit guarantee to public sector banks (PSBs) for first loss of up to _____?
[A] 5%
[B] 10%
[C] 15%
[D] 20%
Answer: 10%

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