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Union Budget & Taxation

UPSC Economy • 10 questions • Free on ExamBattle

Practice Questions

1. Q1

   The Union Budget is presented by the:

   • A. Prime Minister
   • B. Finance Minister
   • C. RBI Governor
   • D. President

2. Q2

   The Fiscal Responsibility and Budget Management (FRBM) Act aims to:

   • A. Increase government spending
   • B. Reduce fiscal deficit and government debt to sustainable levels
   • C. Control inflation only
   • D. Nationalise banks

3. Q3

   Direct taxes in India include:

   • A. GST and customs duty
   • B. Income tax and corporate tax
   • C. Excise duty only
   • D. Service tax

4. Q4

   Revenue deficit is:

   • A. Total expenditure minus total receipts
   • B. Revenue expenditure minus revenue receipts
   • C. Capital expenditure minus capital receipts
   • D. Total deficit including borrowings

5. Q5

   The Finance Commission in India is constituted under Article:

   • A. 280
   • B. 368
   • C. 312
   • D. 356

6. Q6

   The concept of "Laffer Curve" suggests that:

   • A. Higher taxes always mean more revenue
   • B. Beyond an optimal tax rate, tax revenue starts declining
   • C. Zero taxes maximise revenue
   • D. Tax rates have no effect on economic growth

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