MCQs BASED ON UNION BUDGET 2017-18 – BUDGETARY REFORMS, CHALLENGES & ROAD AHEAD

MCQs BASED ON UNION BUDGET 2017-18

BUDGETARY REFORMS, CHALLENGES & ROAD AHEAD

Q1. Which of following reforms has not been introduced as part of Union Budget 2017-18?

a. Abolition of distinction between Plan & Non-Plan Expenditure

b. Merger of Union & Rail Budget

c. Advancement of Presentation of Union Budget

d. Abolition of distinction between Direct & Indirect Taxes with introduction of GST

Q2. A significant reform initiative in the budgeting process, announced by the Finance Minister, in his Budget Speech of 2016-17 was the removal of the Plan and Non-Plan distinction in expenditure budgeting. What will be rationale of such a reform?

a. With the removal of this distinction it is expected that the link between spending and outcomes will improve and become more holistic and focused.

b. More freedom to government to spend the money

c. Now, all expenditures will be Planned

d. Planning was a British legacy and has removed.

Q3. The whole process, beginning with the presentation of the Budget and ending with discussions and voting on the Demands for Grants, requires a sufficiently long time. The Lok Sabha is, therefore, empowered by the Constitution to make any grant in advance in respect of the estimated expenditure for a part of the financial year pending completion of the procedure of the voting on the Demands. This is termed as ___________.

a. Vote on Account

b. Guillotine

c. Contingency Fund of India

d. Interim Budget

Q4. In financial year 2017-18, a vote on account was not required. Why?

a. as the Budget presentation is advanced to the first of February, 2017.

b. as the distinction between Plan & Non-Plan Expenditure is removed.

c. as demonetisation already had created a surplus in hands of govt.

d. as this was not an election year.

Q5. Which of following are major challenges for emerging economies for the year 2017-18?

  1. monetary policy stance of the US Federal Reserve
  2. uncertainty around commodity prices
  3. signs of increasing retreat from globalisation

Which of following statements are correct?

a. only 1 & 3

b. only 2

c. All

d. None of the above

Q6. Which organisation releases Doing Business Report?

a. World Bank

b. World Economic Forum

c. IMF

d. UNCTAD

Q7. Which organisation releases World Investment Report?

a. World Bank

b. World Economic Forum

c. IMF

d. UNCTAD

Q8. Which organisation released Global Competitiveness Report?

a. World Bank

b. World Economic Forum

c. IMF

d. UNCTAD

Q9. The merger of the Railways Budget with the General Budget is a historic step.  We have discontinued the colonial practice prevalent since 1924. What will be impact of such a move?

  1. This decision brings the Railways to the centre stage of Government’s fiscal policy and would facilitate multi modal transport planning between railways, highways and inland waterways.
  2. The functional autonomy of Railways will vanish.

Which of following statements are correct?

a. only 1

b. only 2

c. Both 1 & 2

d. None of the above

Q10. The agenda for the year as per Union Budget 2017-18 is of TEC India. What does it stand for?

a. Train, Energise and Clean India

b. Transform, Energise and Clean India

c. Transform, Eco friendly and Clean India

d. Transform, Energise and Competitive India

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