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1.  
The Sixteenth Finance Commission recommended the States' share of the divisible pool for 2026-31 at:

Correct Answer: B [41%]

Explanation:

41% – the same as the Fifteenth FC (PRS summary of the report).

2.  
Which horizontal-devolution criterion of the Fifteenth FC does NOT appear in the Sixteenth FC's formula?

Correct Answer: C [tax and fiscal effort]

Explanation:

Tax and fiscal effort was replaced by 'contribution to GDP' (10%).

3.  
The new base of the all-India CPI is:

Correct Answer: A [2024 = 100]

Explanation:

CPI base 2024.

4.  
Fiscal deficit minus interest payments equals:

Correct Answer: D [primary deficit]

Explanation:

PD = FD − interest.

5.  
Budget 2026-27 estimates the fiscal deficit at:

Correct Answer: D [4.3% of GDP]

Explanation:

4.3% (RE 2025-26: 4.4%).

6.  
The Finance Commission is constituted under:

Correct Answer: B [Article 280]

Explanation:

Article 280.

7.  
GST came into force on:

Correct Answer: C [1 July 2017]

Explanation:

1 July 2017.

8.  
In the Sixteenth Finance Commission's formula for sharing among States, the largest weight (42.5%) is given to:

Correct Answer: A [income distance]

Explanation:

Income distance 42.5%; population 17.5%; demographic performance, area, forest and contribution to GDP 10% each.

9.  
When prices keep rising but more slowly than before, the economy is going through:

Correct Answer: D [disinflation]

Explanation:

Disinflation = slowing inflation; a fall in the price level is deflation.

10.  
The Economic Survey 2025-26 was tabled on:

Correct Answer: B [29 January 2026]

Explanation:

29 January 2026.

11.  
Fill in the blank: GNP = GDP + ____.

Correct Answer: C [net factor income from abroad]

Explanation:

Domestic → National: add NFIA.

12.  
The Contingency Fund of India is provided for in:

Correct Answer: A [Article 267]

Explanation:

Article 267.

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