MCQs on Union Budget 2016-17 : Set 1

1) What is 'Bharat Binary Scheme' ?

a) Digital literacy scheme for rural India.
b) Digital literacy scheme for urban India.
c) Digital literacy scheme for whole India.
d) Digital literacy scheme for local self governing institutions.

2) Considering the fiscal consolidation roadmap, what is the fiscal deficit target for 2016-17, as the percentage of GDP ?

a) 3.7%
b) 3.9%
c) 3.5%
d) 3%

3) Which of the following is/are the implications of the hike in excise duty levied on aviation turbine fuel from 8% to 14% ?

a) Reduction in profit margins for airline companies.
b) Drop in air traffic in India.
c) Regional connectivity will be affected.
d) Both a and b

4) Which of the following measures did not figure in the budget for speeding up reforms in banking sector?

a) Listing of general insurance companies.
b) Rs 25000 cr capital infusion in public sector banks.
c) Transformation of SBI
d) 100% FDI in asset reconstruction companies through automatic route.

5) Mark true or false against each of the following statements indicating economic health for the year 2015-16.

a) Fiscal deficit was 3.5% of GDP.
b) IIP growth rate was 3.1%.
c) GDP growth rate was 7.6% ( Base year 2011-12)
d) Manufacturing GDP growth was 9.5%.
e) CPI inflation from April 2015-January 2016 was 4.8%
f) Agricultural GDP growth was 1.1%.

Answers:

1) a
2) c
3) d ( refer regional connectivity scheme)
4) c, Transformation of IDBI
5) Excerpt first statement all other statements are true. F.D. was 3.9% of GDP

Multiple Choice Questions on Indian Rail Budget 2016-17

1. Which one of the following components does not form the part of current Railway Budget?
   1. Third party audits for quality of stations.
   2. Optional health insurance at the time of booking.
   3. Telephonic cancellation of tickets.
   4. On-board entertainment.
       
2. Which one of the following statements regarding new trains for passengers is not correctly matched?
   1. UDAY (Utkrisht double decker air-conditioned yatri): Overnight double decker train on busiest routes for unreserved passengers.
   2. Tejas: High speed train (130 kmph) with on board entertainment, local cuisines and wifi services for reserved passengers.
   3. Humsafar: AC-3 tier coaches with optional meals for reserved passengers.
   4. Antyodaya Express: Long distance superfast trains on crowded routes for unreserved passengers.
       
3. What is 'fare-box revenue'?
   1. Tariff earnings
   2. Passenger and freight revenue
   3. Both a and b
   4. Non-tariff earnings
       
4. Which one of the following sources does not forms the part of 'non-fare box revenue'?
   1. Freight revenue
   2. Advertising
   3. Value added services
   4. Monetising assets of Railways like land.
       
5. Which of the following issues is been faced by Indian Railways today?
   1. Shortfall in traffic receipts.
   2. Low freight demand from core sectors.
   3. Increase in working expense.
   4. All of the above
       
6. Which of the following approaches is not been enunciated by the Railway Minister to address above stated issues?
   1. Expanding freight basket.
   2. Rationalising tariffs.
   3. Decentralised decision making.
   4. Building terminal capacity.
       
7. SMART (Specially Modified Aesthetic Refreshing Travel) coaches would  not include :
   1. Automatic doors and entertainment screens.
   2. Train stewards
   3. Bar code readers.
   4. Bio-vacuum toilets.
       
8. Which of the following Dedicated Freight Corridors (DFCs) has been announced in the Railway budget?
   1. North-South (Delhi to Chennai)
   2. East- West (Kharagpur to Mumbai)
   3. East Coast (Kharagpur to Vijayawada)
   4. All of the above.
       
9. Budget has announced 30,000 more bio-toilets in next financial year. Which of the following statements is not related to biotoilets?
   1. Decomposition of Human waste into water and gas.
   2. Aerobic Bacteria or 'DRDO Bacteria'.
   3. Research Designs and Standards Organisation in Lucknow.
   4. Eco-friendly and cleanliness.
       
10.  Which of the following measures has been taken in the budget to accommodate the needs of vulnerable groups?
    1. Quota per coach for elderly will be raised by 25%
    2. Disabled friendly stations and toilets.
    3. Online booking of wheelchairs and Braille enabled new coaches.
    4. All of the above

Answers:

1. b, Optional travel insurance at the time of booking
2. a, Overnight double decker train on busiest routes for reserved passengers
3. c
4. a
5. d
6. c
7. b
8. d
9. b, Decomposition is performed by anaerobic bacteria.
10. d

Budget Special Set 1,2 : Historical Perspective

Set-1

1. The first budget in India was presented on 7^th April, 1860 by East India Company to British Crown. Who presented this budget?
   1. James Wilson
   2. John Mathai
   3. James Augustus Hickey
   4. None of the above
       
2. The first Indian Prime Minister to present the budget was:
   1. Shri. Morarji Desai
   2. Shri. Lal Bahadur Shastri
   3. Pandit Jawaharlal Nehru
   4. Shri. Manmohan Singh
       
3. Which of the following finance minister has a record of presenting maximum number of budgets in independent India?
   1. Shri. C.D. Deshmukh
   2. Shri. Morarji Desai
   3. Shri. Yashwant Sinha
   4. Shri. R.K. Sanmukham Chetty
       
4. The first Union Budget of Independent India was presented by :
   1. Shri. R.K. Sanmukham Chetty
   2. Pandit Jawaharlal Nehru
   3. Shri. Morarji Desai
   4. Shri. Yashwant Sinha
       
5. Who presented the final and interim budgets in 1991-92?
   1. Manmohan Singh and Yashwant Singh respectively
   2. Yashwant Singh and Manmohan Singh respectively
   3. Manmohan Singh
   4. Jaswant Singh
       
6. Which finance minister had changed the time of budget presentation from 5pm to 11am?
   1. Shri. Jaswant Singh
   2. Shri. Yashwant Sinha
   3. Shri. Manmohan Singh
   4. Shri. Pranab Mukherjee
       
7. The first budget for republic of India was presented in 1950-51 by:
   1. Shri. John Mathai
   2. Shri. C.D. Deshmukh
   3. Shri. Lal Bahadur Shastri
   4. Shri. R.K. Sanmukham Chetty
       
8. Who presented the first budget in the first elected parliament on the basis of adult franchise?
   1. Shri. John Mathai
   2. Shri. Lal Bahadur Shastri
   3. Shri. R.K. Sanmukham Chetty
   4. Shri. C.D. Deshmukh

Answers

1. a
2. c, He presented budget in 1958-59
3. b, 10 times
4. a, He presented budget on 26^th November 1947 at 5:00 pm. The budget included only seven and a half months starting from 15^th August 1947 till 31^st March 1948.
5. a
6. b, in 2001
7. a
8. d

Set-2

1. Write 'true' or 'false' against each of following 10 statements.
   1. Budget papers began to be prepared in Hindi from 1991-92.
   2. Shri. Morarji Desai was the only finance minister to have had the opportunity to present two budgets on his birthday.
   3. The word "Budget" was derived from the French word "bougette", which means "red briefcase"
   4. Indian budget is presented in Parliament on a date fixed by the Finance Minister.
   5. The union budget also contains estimated for the next year called the budgeted estimates.
   6. Shri. TT Krishnamachari as the finance minister during 1964-65 introduced the voluntary disclosure of concealed income scheme in India for the first time.
   7. Budget of 1985-86 is known for 'Black Budget' in India due to high budget deficit.
   8. R. Venkataraman is the only finance minister of India who later also served as the president of India from 1987-92
   9. Corporate Tax (now known as MAT) was first introduced by Shri. Manmohan Singh in 1990-91.
   10. Service Tax was introduced by Shri. Manmohan Singh in 1994 Budget.

Answers:

1. False (1955-56)
2. True
3. False (It means "leather purse")
4. False, President
5. True
6. True
7. False, Budget of 1973-74
8. True
9. False, By Shri. Rajiv Gandhi in 1987 budget.
10. True