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Finance Commission


7. 

'Budget' is an

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

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

Answer : B. 2,50,000

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10. 

Fiscal deficit in the union budget means

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

Answer : C. P.Chidambaram

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12. 

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

Answer : D. 14 days

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