MCQs on Annual Financial Statement

MCQs on Annual Financial Statement

1. Answer the wrong one about cut motions

1. they can be introduced in either House of Parliament
2. they include both charged and the rest of expenditure
3. both
4. neither

2. One of the following is not a part of the General Budget

1. Performance Budget
2. Zero base budget
3. Both
4. Neither

3. The most comprehensive concept in public finance – in terms of amount- is the following

1. revenue deficit
2. capital deficit
3. primary deficit
4. fiscal deficit

4. The President does not have the following option with regard to a Money Bill that is passed by the Parliament and sent to him for his assent

1. accept
2. reject
3. return for re-passage
4. pocket veto

1. b,c and d
2. c and d
3. only c
4. b and d

5. If a Bill has provisions that are similar to an ordinary Bill and will involve expenditure from the Consolidated Fund of India when it is passed and becomes a law, is found in the following Article of the Constitution and may be called the following

1. Art.112, Finance Bill
2. Art.116, Financial Bill (A)
3. Art.117, Financial Bill(B)
4. Art.116, Vote on Account

6. One of the following taxes being imposed and collected by the Union Government , is not a direct tax

1. Fringe Benefit Tax
2. Securities Transaction Tax
3. Cash Withdrawal Tax
4. Minimum Alternative Tax

1. b and d
2. a and d
3. all the above
4. none of the above

7. One of the following does not require the recommendation of the President of India for its introduction in Lok Sabha

a.Financial Bill(A)

b.Financial Bill(B)

c.Demand for Grant

d.Annual Finance Bill

8. National Savings Certificates (NSC) are certificates issued by Department of post, Government of India and are available at all post office counters in the country. Ramesh Rangarajan saves Rs.10,000 every year in this tax saving scheme. It helps him save money for a rainy day and the Government also has finances for its developmental schemes. The money thus saved is deposited into the following Constitutional fund

a. Consolidated Fund of India

b. Public Account of India

c. Central Development Fund

d. Stock Market Investment Fund

9. One of the following can be introduced in either Lok Sabha or Rajya Sabha

a.Annual Finance Bill

b.Financial Bill(A), Art.117

c.Financial Bill(B), Art.117

d.None of the above

10. Outcome Budget ensures that the expenditure incurred by the Government is well targeted and produces results commensurate with the investment. It was first introduced in the country in the Parlaiment in the following financial year

a.2004-05

b.2005-06

c.2006-07

d.1996-97