SSC CGL Economy – Public Finance: Budget & Deficits – Level 1 · Warm-up · Tier I Level

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SSC CGL Economy – Public Finance: Budget & Deficits – Level 1 · Warm-up · Tier I Level – 12 questions, subject: Indian Economy. Every question has the correct answer with a one-line explanation; tap "Show Answer". Free practice for TNPSC, UPSC, SSC, Bank and RRB exams – Shanmugam IAS Academy, Coimbatore.

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1.  
One-line recallThe Constitution refers to the Union Budget as the:

Correct Answer: B [Annual Financial Statement]

Explanation:

Article 112 – Annual Financial Statement.

2.  
The Contingency Fund of India is provided for in Article:

Correct Answer: A [267]

Explanation:

Art. 267; Art. 266 covers the Consolidated Fund and Public Account.

3.  
Which of these is a capital receipt?

Correct Answer: D [Disinvestment proceeds]

Explanation:

Sale of PSU shares reduces an asset → capital (non-debt).

4.  
Fiscal deficit minus interest payments is the:

Correct Answer: C [primary deficit]

Explanation:

First Interest Pay: F − I = P.

5.  
Which of these is revenue expenditure for the Central Government?

Correct Answer: C [Interest payments]

Explanation:

Answer: Interest payments. Interest creates no asset.

6.  
The Contingency Fund of India is at the disposal of the:

Correct Answer: D [President]

Explanation:

Art. 267 – an imprest at the President's disposal.

7.  
Fill in the blankSpending for part of the year before the full budget is passed is allowed through a ______.

Correct Answer: B [vote on account]

Explanation:

Answer: vote on account. Art. 116 – vote on account.

8.  
Independent India's first budget was presented by:

Correct Answer: A [R. K. Shanmukham Chetty]

Explanation:

26 November 1947. James Wilson presented British India's first budget in 1860.

9.  
The FRBM Act was passed in:

Correct Answer: B [2003]

Explanation:

Fiscal Responsibility and Budget Management Act, 2003.

10.  
Since 2017 the Union Budget is generally presented on:

Correct Answer: C [1 February]

Explanation:

Advanced from the last working day of February in 2017.

11.  
Revenue deficit equals:

Correct Answer: D [revenue expenditure − revenue receipts]

Explanation:

Answer: revenue expenditure − revenue receipts. RD uses revenue items only.

12.  
Statement-based
I. Charged expenditure is voted by the Lok Sabha.
II. The salary of the CAG is charged on the Consolidated Fund of India.
Which is/are correct?

Correct Answer: A [Only II]

Explanation:

Charged items are discussed but not voted.

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