Test Your Fiscal Knowledge by Answering These Questions Related to 1st February

What is the annual financial statement presented by the government outlining its revenue and expenditure for the upcoming fiscal year known as?

  • a) Economic Survey
  • b) Budget Estimate
  • c) Union Budget
  • d) Financial Outlook
  • e) None of the above

This document provides an overview of the Indian economy, including key economic indicators and policy recommendations. Can you name it?

  • a) Fiscal Policy
  • b) Economic Vision
  • c) Economic Outlook
  • d) Economic Survey
  • e) None of the above

What does the term “Fiscal Deficit” represent in the context of the Union Budget

  • a) Excess of Expenditure over Revenue
  • b) Excess of Revenue over Expenditure
  • c) Total Revenue
  • d) Total Expenditure
  • e) None of the above

Which government body is responsible for preparing the Economic Survey of India?

  • a) Reserve Bank of India (RBI)
  • b) Ministry of Finance
  • c) NITI Aayog
  • d) Planning Commission
  • e) None of the above

What is the primary objective of the Union Budget? Can you guess?

  • a) Evaluate Economic Growth
  • b) Allocate Resources
  • c) Outline Fiscal Policy
  • d) Assess Inflation
  • e) None of the above
  • f) All of the above

In the Economic Survey, what term is used to describe the difference between total revenue and total expenditure?

  • a) Fiscal Gap
  • b) Budgetary Allocation
  • c) Revenue Receipts
  • d) Budget Deficit
  • e) None of the above
  • f) All of the above

Which finance minister presented the first independent Union Budget of India post-independence?

  • a) Morarji Desai
  • b) Jawaharlal Nehru
  • c) R. K. Shanmukham Chetty
  • d) Manmohan Singh
  • e) None of the above
  • f) All of the above

What is the significance of the “Zero-based Budgeting” approach often mentioned in the Union Budget discussions?

  • a) Baseline for Budgetary Allocation
  • b) Starting with a Clean Slate
  • c) Continuous Monitoring
  • d) Dynamic Budget Planning
  • e) None of the above
  • f) All of the above

Which economic term refers to the total value of all goods and services produced within the country’s borders in a specific time period?

  • a) National Income
  • b) Gross Domestic Product (GDP)
  • c) Net Exports
  • d) Gross National Product (GNP)
  • e) None of the above
  • f) All of the above

What does the term “GDP growth rate” signify in the context of the Economic Survey?

  • a) Rate of Inflation
  • b) Rate of Interest
  • c) Rate of Economic Expansion
  • d) Rate of Fiscal Deficit
  • e) None of the above
  • f) All of the above

What is the purpose of the ‘Goods and Services Tax (GST)’ introduced in India, and how does it impact the Union Budget?

  • a) Reducing Inflation
  • b) Simplifying Tax Structure
  • c) Increasing Exports
  • d) Balancing Trade Deficit
  • e) None of the above
  • f) All of the above

Which document outlines the government’s economic policies, priorities, and financial allocations for various sectors in a detailed manner?

  • a) Economic Vision Document
  • b) Annual Economic Report
  • c) Economic Survey
  • d) Sectoral Development Plan
  • e) None of the above
  • f) All of the above

What is the significance of the “Revenue Budget” in the Union Budget?

  • a) Capital Expenditure
  • b) Day-to-Day Expenditure
  • c) Long-Term Investments
  • d) Deficit Financing
  • e) None of the above
  • f) All of the above

Which Union Budget introduced the concept of ‘Rolling Budgets’ in India?

  • a) Budget 2000-01
  • b) Budget 2015-16
  • c) Budget 1991-92
  • d) Budget 2005-06
  • e) None of the above
  • f) All of the above

What does the term “Disinvestment” mean in the context of the Union Budget?

  • a) Investment in Social Sectors
  • b) Selling Government Assets
  • c) Funding Infrastructure Projects
  • d) Allocating Resources
  • e) None of the above
  • f) All of the above

Which government body formulates the Union Budget in India?

  • a) Ministry of Finance
  • b) Planning Commission
  • c) Reserve Bank of India (RBI)
  • d) NITI Aayog
  • e) None of the above
  • f) All of the above

What economic term is used to describe the total value of all final goods and services produced within a country’s borders in a given year?

  • a) Gross National Product (GNP)
  • b) Net Domestic Product (NDP)
  • c) Gross Domestic Product (GDP)
  • d) National Income

Explain the concept of “Capital Expenditure” as mentioned in the Union Budget.

  • a) Expenditure on Education and Healthcare
  • b) Expenditure on Infrastructure and Assets
  • c) Day-to-Day Operational Expenditure
  • d) Interest Payments on Loans

Which article of the Indian Constitution deals with the presentation of the Union Budget?

  • a) Article 114
  • b) Article 265
  • c) Article 112
  • d) Article 280

In the Economic Survey, what does the term “Current Account Deficit” refer to?

  • a) Excess of Exports over Imports
  • b) Excess of Imports over Exports
  • c) Fiscal Deficit in Current Year
  • d) Trade Surplus in Current Year

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