Thursday, May 21, 2015

Day 34 - Questions


Day 34 - Public Funds

( Public Funds - Consolidated Fund, Contingency Fund, Public Account )


Recommended Study links - (Go through these topics before attempting MCQs)


1.  Which of the following is not a source of tax revenue of government?
a.  Export and imports
b.  Goods and Services produced
c.  Inter-governmental aids
d.  Income of individuals and corporations

2.  Who audits the receipts and expenditures of Consolidated Fund of India?
a.  Finance Secretary
b.  Finance Minister
c.  Comptroller and Auditor General
d.  Prime Minister

3.  Income from Treasury Bills issued by government will be stored in -
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  Any of these

4.  Withdrawal from which of the following account will require authorization of Parliament?
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  All of the above

5.  Which of the following account acts as an imprest account of the government?
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  None of the above

6.  Who has the authority of expenditure from Contingency Fund of India?
a.  Prime Minister
b.  President
c.  Finance Secretary
d.  Parliament

7.  Public money from National Pension Scheme (NPS) (government is liable to repay to the individual) will be stored in which account?
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  None of the above

8.  What is the fixed corpus of Contingency Fund of India?
a.  Rs. 50 crore
b.  Rs. 100 crore
c.  Rs. 500 crore
d.  Rs. 1,000 crore

9.  Expenditure from which of the following funds does not require any authorization, either prior or post, of the Parliament?
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  Both (b) and (c)

Note that Post authorization of Parliament is required for Contingency Fund, to resume the spent money in it.

10.  Expenditure from which of the following funds does not require any prior authorization of the Parliament?
a.  Consolidated Fund
b.  Contingency Fund
c.  Public Account
d.  Both (b) and (c)




Note - Do not refer any source while answering the questions. You can comment in the Comment Section below.



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