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Free download in PDF Budget Short 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.
41
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
Answer: Judicial review of budget implementation: audits of government’s financial operations on behalf of the Legislature
42
Who was the first Finance minister of independent India?
[A]
Shanmukhan Chettye
[B]
John Mathai
[C]
C. D Deshmukhi
[D]
Liaquat Ali Khan
Answer: Shanmukhan Chetty
43
Which of the following statements are incorrect?
I. Appropriation Bill cannot be amended while the Finance Bill can be amended.
II. Finance Bill cannot be amended while Appropriation Bill can be amended.
III. Same procedure governs both the Appropriation Bill and the Finance Bill.
IV. Appropriation Bill and the Finance Bill are governed by different procedures.
V. Appropriation bill cannot be rejected by the Rajya Sabha while Finance Bill can be rejected by it.
[A]
II and IV
[B]
II, IV and V
[C]
I and III
[D]
I, III and V
44
The correct statements about Public Account of India are:
I. The public account is the fund to which all public moneys received by or on behalf of the government are credited.
II. No legislative appropriation is required for payments from the Public Account of India.
III. Legislative appropriation is required for payments from the Public Account of India.
IV. All public moneys, other than those credited to the Consolidated Fund of India, which are received by or on behalf of the government are credited to the Public Account of India.
V. It is operated by executive action.
[A]
I, II and V
[B]
I, III and V
[C]
II, IV and V
[D]
II and IV
45
The budget was formally introduced in India in:
[A]
1860
[B]
1947
[C]
1950
[D]
1868
46
The word ‘Budget’ is mentioned in which of the following Articles of the Constitution of India:
[A]
Art. 266
[B]
Art. 112
[C]
Art. 265
[D]
None
47
The number of demands in the General Budget for civil expenditures is:
[A]
109
[B]
106
[C]
103
[D]
102
48
Which of the following documents are presented to the legislature along with the budget?
I. An explanatory memorandum on the budget
II. A summary of demands for grants
III. An Appropriation Bill
IV. A Finance Bill
V. The economic survey
Code:
[A]
I, III and V
[B]
I, II and III
[C]
II, III and V
[D]
I, II, III and IV
Answer: I, II, III and IV
49
Arrange the following stages in the enactment of budget in proper order:
I. General discussion
II. Appropriation Bill
III. Finance Bill
IV. Voting of the demands for grant
V. Presentation to legislature
[A]
I, II, III, IV, V
[B]
V, I, II, III
[C]
V, I, IV, III, II
[D]
V, I, III, IV, II
50
Select the correct component of Components of the Union (Central) Budget of India?
[A]
Revenue Budget
[B]
Capital Budget
[C]
Expenditure Budget
[D]
Both A & B
51
Find out the correct definition of Capital payments?
[A]
It refers to capital expenditures on construction of capital projects and acquisition of assets like land, buildings machinery and equipment
[B]
It refers to capital revenue collected from the construction of capital projects and acquisition of assets like land, buildings machinery and equipment
[C]
It is the expenditure incurred on the day-to-day running of the Government and its various departments, and for services that it provides
[D]
None of the above
Answer: It refers to capital expenditures on construction of capital projects and acquisition of assets like land, buildings machinery and equipment
52
300 rurban clusters to be set up under which of the following schemes?
[A]
Shyama Prasad Mukherji Mission
[B]
Pradhan Mantri Awas Yojna
[C]
Indira Awas Yojna
[D]
NIRMAYA Scheme
Answer: Shyama Prasad Mukherji Mission
53
Which of the following is not the objective of Indian Budget?
I. To managed and proper distribution of resources
II. To reduce inequalities in income and wealth
III. To achieve social stability
Code:
[A]
Only I
[B]
Only II
[C]
Only III
[D]
Neither I nor II
54
Which of the following is the most likely to cause current account deficit in India?
I. Reduced excise duties on Sports Utility Vehicles
II. Reduced duties on Gold
III. Ban on export of Onions
Code:
[A]
Both I & II
[B]
Both II & III
[C]
Only I & III
[D]
I, II & III
55
Examine the following statement (s) in the context of Zero Based Budgeting (ZBB).
I. It was first taken up in India in the Union Budget 1987
II. It is based on prioritizing all governing expenditure
III. There is a cost benefit analysis of all schemes and the most important ones are kept alive if they are working well.
Which of the following statement (s) given above are correct?
[A]
I and II
[B]
I and III
[C]
II and III
[D]
All of these
56
What is the difference between ‘vote-on account’ and ‘interim budget’?
I. The provision of a vote-on-account is used by a regular government, while interim budget is provision used by a caretaker government.
II. A vote-on-account only deals with the expenditure in government’s budget while an interim budget include both expenditure and receipts
Which of the following statement (s) given above are correct?
[A]
Only I
[B]
Only II
[C]
Both I and II
[D]
Neither I nor II
57
The Vote on Account is passed:
[A]
After the voting of demands
[B]
Before the general discussion
[C]
After the general discussion
[D]
Either after the voting of the demands or after the general discussion
Answer: After the general discussion
58
When annual budget is passed by the Lok Sabha__________.
[A]
the Budget is modified and presented again
[B]
the Budget is referred to the Rajya Sabha for suggestions
[C]
the Union Finance Minister is asked to resign
[D]
the Prime Minister submits the resignation of Council of Ministers
Answer: the Prime Minister submits the resignation of Council of Ministers
59
The authorization for the withdrawal of funds from the consolidated Fund of India must come from:
[A]
The President of India
[B]
The Parliament of India
[C]
The Prime Minister of India
[D]
The Union Finance Minister
Answer: The Parliament of India
60
With reference to Indian Public Finance, consider the following statements (s).
I. Disbursement from Public Account of India are subject to the Vote of Parliament.
II. The Indian Constitution provides for the establishment of a Consolidated Fund, a Public Account and a Contingency Fund for each State.
III. Appropriations and disbursements under the Railways Budget are subject to the same form of parliamentary control as other appropriations and disbursement.
Which of these statements are correct?
[A]
I and II
[B]
II and III
[C]
I and III
[D]
I, II and III
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