Sunday, March 4, 2007

MCQ on Union Budget 2007-08

MCQ on Union Budget 2007-08

1The following target on reduction of deficit was missed in the current fiscal year- 2006-07
Fiscal deficit
Revenue deficit
Primary deficit
None of the above

2The following tax is called a surrogate tax
Value added tax
Dividend distribution tax
Fringe benefit tax
Minimum alternative tax

a only
a and b
a,b and c
d only

3. The following tax is 10% of the book profits
a. MAT
b. FBT
c. Corporate tax for the foreign investors
d. none of the above

4The following is a presumptive tax

Fringe benefit tax
Cash withdrawal tax
Minimum alternative tax
Dividend distribution tax

5The following national developmental scheme is named after Mahatma Gandhi
a. regional development
b. slum development
c. handloom and village industries development
d. all the above

6The following is correct about primary deficit in the Union Budget
a. 0.5% of GDP
b. 0.2% of the GDP
c. -0.5% of the GDP
d. -0.2% of the GDP

7.The rate of growth of agriculture in the first four years of the Tenth Five Year Plan was
a. 2.3%
b. 2.7%
c. 3%
d. 4%

8.Education cess from the fiscal year 2007-08 is
a. 2%
b. 3%
c. 4%
d. 5%

9.Rural Infrastructure Development Fund was introduced to pool the shortfalls in the priority sector lending under the head of agriculture and loan it to the states to complete the stalled projects. Answer the right one about it
a. RIDF 13 and Rs.12,000 crores
b. RIDF 15 and Rs.15,000 crores
c. RIDF 20 and Rs.25,000 crores
d. RIDF 10 and Rs.25,000 crores

10.Lahiri committee is on
a. Participatory notes
b. Inflation
c. price index for services
d. Demutualization of the stock exchanges

11.The following is not done by the Budget to moderate inflation
a. interest rate adjustment
b. duty cut
c. direct taxes are cut
d. fiscal deficit is within the target

a and b
a and c
b and c
a and d

12.One of the following is wrong about the National Rural Employment Guarantee Scheme
a. it is extended to 330 districts
b. budgetary allocation is Rs.12,000 crores
c. Minimum wage is to be fixed by the national government as an exception to the prevailing state laws
d. It is a flagship programme of the Government

13.The following statistic does not pertain to the fiscal deficit
a. 3.8%
b. 3.7%
c. 3.3%
d. 3.1.%

14.If the revenue deficit of the Union Government is reduced by 0.5% GDP in the year 2008-09, the following is true of the Fiscal responsibility and Budget Management Act obligations in the field
a. target is not met
b. target is exceeded
c. target is short by 1% of the GDP
d. targets are exceeded by 1% GDP

15.Regional Rural Banks are allowed to open the following two types of accounts . Answer the wrong one
a. FCNR(A)
b. FCNR(B)
c. NRE
d. All the above

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