With the coming of the union budget in 2025, it is time to refresh your understanding of this key financial statement. The trade union budget summarizes the income and expenditure plan of the government’s annual government of the year, affecting the economy and each department of each citizen. Because the government aims to solve inflation, promote infrastructure, and strengthen the welfare plan during the recovery phase after great popularity, especially this year’s budget is particularly expected.
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The following is the MCQ problem, which can test your understanding of the budget of the union. These issues will help you understand the country’s budget in a better format and help you prepare for different competitive examinations.
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1. Who proposed the Indian union budget?
A) Prime Minister) Indian President) Governor of Indian Reserve Bank
Answer: b) Minister of Finance
Note: The Indian Minister of Finance proposes the budget of the union in the parliament every year to introduce the government’s income and expenditure plans in detail.
2. When will the union budget usually be presented?
a) January 1) January 26) February 1) March 15
Answer: C) February 1st
Note: Since 2017, the alliance budget will be proposed on February 1 to allow the implementation of the fiscal year.
3. What is the fiscal year of India?
A) From April 1st to March 31st) January 1st to December 31st) June 1st to May 31st) from October 1st to September 30th
Answer: A) From April 1st to March 31st
Note: The Indian fiscal year will begin on April 1 and end on March 31 of the following year, which is consistent with tax and accounting practice.
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4. What is fiscal deficit?
A) The total expenditure between the import and export of government B) The total expenditure between imports and exports minus total income (excluding loans) D) or above
Answer: C) Total expenditure minus the total income (excluding borrowing)
Note: The fiscal deficit shows the government’s loan to fulfill the amount required for its expenditure commitment.
5. Who is the first financial minister to show the independent Indian alliance budget?
a) RK SHANMUKHAM Cheettyb) Jawaharly Nehruc) Morarji Desaid) CD DESHMUKH
Answer: A) RK Shanmukham Chetty
Note: RK Shanmukham Chetty proposed the first budget on November 26, 1947 after independence.
6. What is “account voting”?
a) Abstract of budget) Temporary arrangement of expenditure) Report on government debt)
Answer: B) Temporary arrangements for expenditure
Note: The account of the account allows the government to withdraw funds that allow the government to withdraw the basic costs until the full budget is passed.
7. Which constitutional article is related to the budget of the union?
a) Article 110b) Article 320C) Article 124D) Article 112
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Answer: D) Article 112
Note: Article 112 of the Constitution stipulates the introduction of the budget of the union, which is called the annual financial statement.
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8. What does GDP represent?
a) Domestic Products B) General Development PLANC) General data policy) Government development project
Answer: A) GDP in China
Note: GDP is the total currency value of all goods and services produced by a country in a certain period.
9. In most union budgets, which department has the highest distribution?
A) Education B) Defencec) Basic Structure) Agriculture) Agriculture
Answer: b) Defense
Note: National defense is usually one of the primary tasks, and a large part of the national security budget has been obtained in terms of national security.
10. What is direct tax?
a) Increase and profit taxation) taxes on goods and services) Taxes for imports and exports)
Answer: A) Taxation of income and profit collection
Note: Direct tax (such as income tax) is directly paid by individuals or organizations.
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