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Finance Commission

7. 

'Budget' is an

A. plan outley B. Annual financial statement C. Balance sheet D. Estimate of expenditure

Answer : B. Annual financial statement

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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

Answer : C. II and III

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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

Answer : B. 2,50,000

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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

Answer : C. The sum of budgetary deficit and net increase in internal and external borrowings

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11. 

Name the person who held the Finance portfolio thrice in India

A. T.T. Krishnamachari B. C.D. Deshmukh C. P.Chidambaram D. Manmohan Singh

Answer : C. P.Chidambaram

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12. 

Money bills can be delayed by the Rajya Sabha only for ?

A. 30 days B. 15 days C. 20 days D. 14 days

Answer : D. 14 days

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