Wednesday, May 20, 2015

Day 33 - Questions

Day 33 - General and Railway Budget

( General and Railway Budget, Budget 2015-16 )

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

1.  The Union Budget of India, also known as AFS in the Article 112 of the Constitution of India. What is the full form of AFS?
a.  Annual Financial Section
b.  Annual Financial Statement
c.  Account Financial Statement
d.  Account Financial Section

2.  Union Budget is presented each year by the Finance Minister of India in Parliament on -
a.  February 28
b.  Last working day of February
c.  March 1
d.  Any day in the last week of February

3.  The budget consists of -
a.  Financial Bill
b.  Appropriation Bill
c.  Both (a) and (b)
d.  Neither (a) nor (b)

4.  Which of the following is/are true regarding Interim Budget?
a.  Interim Budget is presented on the year of Parliament election (Loksabha election)
b.  It is a complete set of accounts, consisting both expenditures and receipts of government
c.  Any major change in income tax laws is generally avoided in Interim Budget, due to possibility of government change
d.  All of the above

5.  The first Union budget of independent India was presented by -
a.  I.K.Gujral
b.  Jawaharlal Nehru
c.  R.K.Shanmukham Chetty
d.  Morarji Desai

6.  Which Finance Minister presented budget for maximum times (10 times - 8 full budgets and 2 interim budgets)
a.  R.K.Shanmukham Chetty
b.  Morarji Desai
c.  Indira Gandhi
d.  Pranab Mukherjee

7.  In the Budget 2015-16, fiscal deficit target for financial year 2015-16 is set at -
a.  4 %
b.  4.1 %
c.  3.9 %
d.  4.2 %

8.  In the Budget 2015-16, corporate tax rate is reduced from 30 % to -
a.  25 %
b.  20 %
c.  27 %
d.  15 %

9.  Which of the following tax is abolished in the Budget 2015-16?
a.  Corporate Tax
b.  Service Tax
c.  Wealth Tax
d.  Octroi

10.  In the Budget 2015-16, Forward Market Commission (FMC), the regulator of commodity market, is proposed to merge with -
a.  Reserve Bank of India (RBI)
b.  Securities and Exchange Board of India (SEBI)
c.  National Stock Exchange (NSE)
d.  Central Board of Direct Taxes (CBDT)

11.  In the Budget 2015-16, Rural Infrastructure Development Bank is proposed to be built with corpus of -
a.  Rs. 20,000 crore
b.  Rs. 25,000 crore
c.  Rs. 30,000 crore
d.  Rs. 35,000 crore

12.  In the Budget 2015-16, University of Disability Studies is proposed to be built in -
a.  Tamil Nadu
b.  Punjab
c.  Kerala
d.  West Bengal

13.  In the Budget 2015-16, Center of film production, animation and gaming is proposed to be built in -
a.  Tamil Nadu
b.  Arunachal Pradesh
c.  Uttarakhand
d.  Madhya Pradesh

14.  Which of the following state will not get AIIMS in the Budget 2015-16?
a.  Jammu and Kashmir
b.  Himachal Pradesh
c.  Madhya Pradesh
d.  Assam

15.  JAM Trinity consists of -
a.  Jan Dhan Yojana
b.  Aadhar
c.  Mobile
d.  All of the above

16.  MUDRA Bank will regulate and refinance all Micro-Finance Institutions (MFIs) in India. What is the full form of 'MUDRA'?
a.  Micro and Universal Development Refinance Agency
b.  Micro Units Development and Refinance Agency
c.  Micro-finance Units Development and Regulation Agency
d.  Micro Units Development and Regulation Agency

17.  What is the total Renewable Energy (RE) target for 2022, according to the Budget 2015-16?
a.  1,00,000 MW
b.  1,50,000 MW
c.  1,75,000 MW
d.  2,00,000 MW

18.  PG Institute of Horticulture is to be built in -
a.  New Delhi
b.  Mumbai
c.  Amritsar
d.  Kolkata

19.  In the Budget 2015-16, service tax is raised from 12.36 % to -
a.  15 %
b.  14 %
c.  15.36 %
d.  16 %

20.  Which Railway Minister has presented the Railway Budget 2015-16 in Parliament?
a.  Nitin Gadkari
b.  Suresh Prabhu
c.  Sadananda Gowda
d.  Arun Jaitley

21.  How many new trains are announced in the Railway Budget 2015-16?
a.  100 trains
b.  150 trains
c.  75 trains
d.  No new trains

22.  In the Railway Budget 2015-16, ticket booking window is increased from 2 months to -
a.  3 months (90 days)
b.  4 months (120 days)
c.  5 months (150 days)
d.  6 months (180 days)

23.  In the Railway Budget 2015-16, how many stations are announced to be brought under the 'Adarsh Station Scheme', that will provide basic amenities like toilets, drinking water, catering services, waiting rooms, etc.?
a.  100 stations
b.  150 stations
c.  200 stations
d.  250 stations

24.  In the Railway Budget 2015-16, how many Railway Research Center is proposed?
a.  3
b.  4
c.  5
d.  6

25.  'Operation 5 minute' in the Railway Budget 2015-16, refers to -
a.  unreserved ticket purchase through smart phones, debit cards within 5 minute from entering station
b.  train boarding within 5 minutes from entering station
c.  local train every 5 minute in major stations
d.  none of the above

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