Union Budget MCQs

1. Union Budget of India is referred to as the Annual Financial Statement in which ariticle of the Constitution of India ?
Ans: Art 112

2. Which Finance Minister presented the budget ten times, the most by any in Parliament ?
Ans: Morarji Desai (8 budgets and 2 interims)

3. Indian Government provides ____________crore for rehabilitation of displaced Kashmiri migrants as announced in Union Budget 2014-15?
Ans: 500

4. Crisis Management Center for women will be open at?
Ans: Delhi

5. Name the Finance minister of India who has presented the Union Budget 2014 in Parliament on 10th July 2014 ?
Ans: Arun Jaitley

6. Who has presented the First Union Budget of Independent India on 26th November 1947 ?
Ans: R.K. Shanmukham Chetty

7. Amount allotted for the project of developing 100 Smart Cities?
Ans: 7060 cr

8. Mandatory wage ceiling of subscription to EPS (Employee Pension Scheme) raised from Rs 6,500 to __________ ?
Ans: 15,000

9. Housing loan interest rate deduction limit has been increased to?
Ans: 2 lakhs

10. Finance Minister has put forth aim to achieve __________ per cent economic growth rate in next 3-4 years?
Ans: 7-8%

11. On which day the Union Budget presented in Lok Sabha normally ?
Ans: Last working day of the month February by the Finance Minister

12. Agriculture University announced in Budget will be set up at?
Ans: Andhra Pradesh and Rajasthan

13. On 29th February 1964 and 1968, who became the only Finance minister to present the Unoin Budget on his birthday ?
Ans: Morarji Desai

14. Who were the three Prime Ministers who presented the Budget in Parliament as they were holding the Finance Ministry portfolio?
Ans: Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi

15. What is the targeted fiscal deficit for 2016 (year 2015-16) as announced in the Union Budget 2014-15?
Ans: 3.6% of GDP

16. How much fund was set aside for the proposed National Rural Internet and Technology Mission (NRITM)?
Ans: 500 cr

17. Investment limit under Section 80C has also been increased to ....... from existing 1 lakhs in Budget 2014?
Ans: 1.5 lakhs

18. When does the Budget come to effect every financial year ?
Ans: 1st April

19. How many new IIMs have been announced in Union Budget 2014?
Ans: 5 (HP, Bihar, Rajasthan, Punjab and Odisha)

20. What does 'Vote on Account' deals with ?
Ans: Expenditure side of the Govt Budget