Finance Commission TNPSC Group 1 Questions

Indian Economy

Finance Commission MCQ Questions

7.
'Budget' is an
A.
plan outley
B.
Annual financial statement
C.
Balance sheet
D.
Estimate of expenditure
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ANSWER :
B. Annual financial statement
8.
Zero-based Budgeting (ZBB) lays emphasis on
I. Unlimited deficit financing
II. Preparing new budget right from scratch
III. Preparing buget neglecting history of expenditure
Choose the correct answer from the above
A.
I,II and III
B.
I and III
C.
II and III
D.
None of the above
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ANSWER :
C. II and III
9.
As per the Union Budget of 2014-15 , the income-tax exemption limit for persons below 65 years of age is
A.
3,00,000
B.
2,50,000
C.
2,75,000
D.
2,25,000
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ANSWER :
B. 2,50,000
10.
Fiscal deficit in the union budget means
A.
The difference between current expenditure and current revenue
B.
Net increase in union governments borrowings from the reserve bank of India
C.
The sum of budgetary deficit and net increase in internal and external borrowings
D.
the sum of monetised deficit and budgetary deficit
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ANSWER :
C. The sum of budgetary deficit and net increase in internal and external borrowings
11.
Name the person who held the Finance portfolio thrice in India
A.
T.T. Krishnamachari
B.
Deshmukh
C.
P.Chidambaram
D.
Manmohan Singh
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ANSWER :
C. P.Chidambaram
12.
Money bills can be delayed by the Rajya Sabha only for ?
A.
30 days
B.
15 days
C.
20 days
D.
14 days
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ANSWER :
D. 14 days