Budget and Economic Reforms - One Line Questions

1. What is a 'Vote on Account'? — A mechanism to approve expenditure when the budget is delayed
2. The concept of 'Consolidated Fund of India' is related to: — All government revenues and expenditures
3. Which article of the Indian Constitution deals with the presentation of the Union Budget? — Article 112
4. The Union Budget is also referred to as the Annual Financial Statement as per which Article of the Constitution? — Article 112
5. Which of the following is an indirect tax? — Customs Duty
6. The 'Development Expenditure' in the budget typically includes spending on: — Social and economic services
7. What does 'Revenue Expenditure' generally refer to? — Expenditure on day-to-day running of government and salaries
8. The 'Primary Deficit' is calculated as: — Fiscal Deficit minus Interest Payments
9. The 'Monetary Policy Committee' is primarily responsible for setting: — Repo Rate and other interest rates
10. Which of the following is a key characteristic of a 'Balanced Budget'? — Government revenue equals government expenditure
11. A 'Surplus Budget' occurs when: — Government revenue is greater than expenditure
12. A 'Deficit Budget' occurs when: — Government expenditure is greater than revenue
13. The 'Public Account of India' is used for: — Transactions where the government acts as a banker
14. Which of the following is an example of 'Capital Receipts'? — Loans raised by the government
15. The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 aims to: — Introduce fiscal discipline and reduce the fiscal deficit
16. The 'Minimum Government, Maximum Governance' slogan is associated with which reform approach? — Reducing the role and footprint of the government
17. The 'Privatization' component of the LPG reforms refers to: — Transfer of ownership of public sector enterprises to the private sector
18. The 'Disinvestment Policy' of the government refers to: — Selling off stakes in PSUs to the private sector
19. Which of the following is a tool used by the government to influence economic activity through the budget? — Government Spending and Taxation (Fiscal Policy)
20. Who is widely regarded as the architect of India's economic reforms of 1991? — Manmohan Singh
21. What does 'Revenue Receipts' in the budget typically include? — Taxes and non-tax revenue
22. What does 'Globalization' in the context of Indian economic reforms primarily mean? — Integrating the Indian economy with the global economy through trade and investment
23. The introduction of the Goods and Services Tax (GST) in India is an example of: — Fiscal policy reform
24. Which committee recommended the implementation of GST in India? — Vijay Kelkar Committee
25. Which reform measure aimed to reduce the fiscal deficit by improving tax administration and compliance? — Tax reforms
26. Which economic reform measure aimed at improving the ease of doing business by simplifying regulatory processes? — Deregulatory reforms
27. Expenditure charged on the Consolidated Fund of India does not require: — Parliamentary approval
28. Which of the following is a key feature of 'Zero-Based Budgeting'? — Every expenditure must be justified from scratch
29. Who presents the Union Budget of India in the Parliament? — Finance Minister
30. The 'Make in India' initiative is primarily aimed at: — Boosting domestic manufacturing and attracting foreign investment in manufacturing
31. The 'Financial Inclusion' initiative aims to: — Ensure access to essential financial services for all sections of society
32. The difference between the government's total expenditure and its total receipts (excluding borrowings) is known as: — Fiscal Deficit
33. Which deficit measures the government's borrowing requirement excluding interest payments? — Primary Deficit
34. Expenditure on building roads and bridges falls under which category of budget expenditure? — Capital Expenditure
35. Which of the following is NOT a component of the Union Budget? — Private Sector Investments
36. The 'Contingency Fund of India' is used for: — Unexpected and unforeseen expenditures
37. Which of the following is an example of expenditure charged on the Consolidated Fund of India? — Interest payments on government debt
38. Which of the following is a direct tax? — Income Tax
39. Outcome Budgeting, an evolution from Performance Budgeting, emphasizes: — The tangible results and impact of government spending
40. What does the 'Fiscal Deficit' indicate? — The government's total borrowing requirement
41. Which economic event is often associated with significant economic reforms in India in 1991? — The Liberalization, Privatization, and Globalization (LPG) reforms
42. Performance Budgeting focuses on: — The output and outcome of government programs
43. What is the primary objective of the FRBM Act? — To ensure fiscal prudence and long-term macroeconomic stability
44. What was a key objective of the liberalization reforms initiated in 1991? — To reduce trade barriers and encourage foreign investment
45. What is the primary goal of the Union Budget? — To outline government's financial performance and future plans
46. What is the main objective of fiscal reforms? — To reduce the fiscal deficit and improve the efficiency of public spending
47. What was the main aim of implementing GST in India? — To simplify the indirect tax structure and create a common national market
48. What is the primary role of the Reserve Bank of India (RBI) in the context of the budget? — To manage government debt and implement monetary policy that complements fiscal policy
49. What is the primary purpose of the 'Economic Survey' presented before the Union Budget? — To provide an overview of the state of the economy and future outlook
50. The 'Revenue Deficit' is the difference between: — Revenue Receipts and Revenue Expenditure
All One Line Questions
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