Union Budget Quiz: Set 1

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| By Tanmay Shankar
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Tanmay Shankar
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Union Budget Quiz: Set 1 - Quiz


Questions and Answers
  • 1. 

    Union Budget of India is presented by whom and in which house/ houses of the Parliament?

    • A.

      Finance Minister of India; Lok Sabha

    • B.

      Prime Minister of India; Rajya Sabha

    • C.

      Cabinet Secretary; Both Lok Sabha and Rajya Sabha

    • D.

      President of India; in joint session of Parliamnet

    Correct Answer
    A. Finance Minister of India; Lok Sabha
    Explanation
    The Union Budget of India is presented by the Finance Minister of India in the Lok Sabha. The Lok Sabha is the lower house of the Parliament of India. The Finance Minister presents the budget on behalf of the government, outlining the financial plans and allocations for the upcoming fiscal year. This presentation is an important event in the parliamentary calendar and sets the direction for the country's economic policies and priorities.

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  • 2. 

    Who among the following presented Union Budget maximum number of times?

    • A.

      P. Chidambaram

    • B.

      R K Shanmukham Chetty

    • C.

      Pranav Mukherjee

    • D.

      Morarji Desai

    Correct Answer
    D. Morarji Desai
    Explanation
    Morarji Desai presented the Union Budget maximum number of times.

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  • 3. 

    Who among the following presented the first budget (interim) of Independent India?

    • A.

      Manmohan Singh

    • B.

      Jawaharlal Nehru

    • C.

      R K Shanmukham Chetty

    • D.

      N.D. Tiwari

    Correct Answer
    C. R K Shanmukham Chetty
    Explanation
    R K Shanmukham Chetty presented the first budget (interim) of Independent India.

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  • 4. 

    The annual Union budget of India is usually presented in the Parliament on the last day of___.

    • A.

      March

    • B.

      February

    • C.

      April

    • D.

      January

    Correct Answer
    B. February
    Explanation
    The annual Union budget of India is usually presented in the Parliament on the last day of February. This is because the financial year in India starts on April 1st and ends on March 31st. Presenting the budget in February allows the government to have a clear understanding of the financial situation and plan for the upcoming fiscal year. Additionally, it gives enough time for the budget proposals to be discussed and approved by the Parliament before the start of the new financial year in April.

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  • 5. 

    The word Interim Budget was introduced for the first time by whom among the following in his budget speech?

    • A.

      Jawaharlal Nehru

    • B.

      VP Singh

    • C.

      Pranav Mukherjee

    • D.

      R K Shanmukham Chetty

    Correct Answer
    D. R K Shanmukham Chetty
    Explanation
    R K Shanmukham Chetty introduced the term "Interim Budget" for the first time in his budget speech.

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  • 6. 

    Who among the following presented the first budget of Republic India?

    • A.

      John Mathai

    • B.

      R K Shanmukham Chetty

    • C.

      N.D. Tiwari

    • D.

      CD Deshmukh

    Correct Answer
    A. John Mathai
    Explanation
    John Mathai presented the first budget of Republic India.

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  • 7. 

    Which budget among the following is known as the black budget in Indian budget history?

    • A.

      Budget of 1990-91

    • B.

      Budget of 1965-66

    • C.

      Budget of 1973-74

    • D.

      Budget of 1962-63

    Correct Answer
    C. Budget of 1973-74
    Explanation
    The budget of 1973-74 is known as the black budget in Indian budget history because it was a controversial budget that introduced several tax reforms and increased taxes on luxury goods. It was criticized for its focus on revenue generation rather than promoting economic growth. The term "black budget" refers to a budget that is considered secretive or controversial, often involving hidden or undisclosed expenditures.

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  • 8. 

    Who among the following was the first finance minister to present budget in India before Independence?

    • A.

      James Wilson

    • B.

      Motilal Nehru

    • C.

      Dada Bhai Naoroji

    • D.

      Lord Mountbatten

    Correct Answer
    A. James Wilson
    Explanation
    James Wilson was the first finance minister to present the budget in India before Independence. He presented the budget in 1860-61 during the British Raj. Wilson, a British economist and politician, was appointed as the finance member of the India Council in London and played a crucial role in shaping India's financial policies. His budget focused on revenue and expenditure, introducing various tax reforms and measures to stimulate economic growth. Wilson's budget laid the foundation for the financial system in India and set the precedent for future budget presentations.

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  • 9. 

    When was the first time union budget was presented in Indian history?

    • A.

      7 April 1860

    • B.

      7 April 1858

    • C.

      7 February 1860

    • D.

      7 November 1898

    Correct Answer
    A. 7 April 1860
    Explanation
    The first time the union budget was presented in Indian history was on 7 April 1860.

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  • 10. 

    In which one of the following budgets the services tax was introduced?

    • A.

      Budget 1994-1995

    • B.

      Budget 1997-1998

    • C.

      Budget 2000-2001

    • D.

      Budget 1987-1988

    Correct Answer
    A. Budget 1994-1995
    Explanation
    The services tax was introduced in the Budget 1994-1995.

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  • Current Version
  • Apr 10, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 28, 2014
    Quiz Created by
    Tanmay Shankar
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