QUESTIONS ABOUT UNION BUDGET 2011-12

1) Who presented the Union Budget 2011-12 in the Parliament on February 28, 2011?
a) Manmohan Singh b) Pratibha Devisingh Patil c) Hamid Ansari d) D.Subbarao e) Pranab Mukherjee

2) The first Union budget of independent India was presented by?
a) R.K.Shanmukham Chetty b) Jawaharlal Nehru c) Morarji Desai d) Indira Gandhi e) Manmohan Singh

3) Disinvestment Target for 2011-12 has been placed at?
a) Rs. 10000 crore b) Rs. 20000 crore c) Rs. 30000 crore d) Rs. 40000 crore e) None of these

4) Foreign Institutional Investor-(FII) limit for investment in Indian corporate bonds raised from $20 billion to?
a) $30 billion b) $40 billion c) $50 billion d) $60 billion e) None of these

5) As per Union Budget 2011-12, Indian Micro Finance Equity Fund of Rs.100 crore to be created with?
a) SBI b)ICICI
c) NABARD d)IDBI e) SIDBI

6) Rural Infrastructure Develo-pment Fund (RIDF) was set up by the Government in?
a) 1995-96 b) 1996-97 c) 1997-98 d)1998-99 e) None of these

7) The corpus allocated for Rural Infrastructure Development Fund (RIDF) for 2011-12 is?
a) Rs.16000 b) Rs.17000 c) Rs.18000 d) Rs.19000 e) None of these

8) The target of credit flow to farmers has been raised from Rs.3,75,000 crore of 2010-11 to ……in 2011-12?

a) Rs.4,75,000 crore b) Rs.5,75,000 crore c) Rs.6,75,000 crore d) Rs.7,75,000 crore e) None of these

9) Rural Infrastructure Develo-pment Fund (RIDF) is maintained by?

a) RBI b) SBI c) NABARD d) IDBI Bank e) None of these

10) Eligibility for pension under Indira Gandhi National Old Age Pension Scheme for BPL beneficiaries reduced from 65 years of age to?

a) 64 years b) 63 years c) 62 years d) 61 years e) 6o years

11) Exemption limit for the general category of individual taxpa-yers enhanced from 1,60,000 to?

a) 1,70,000 b) 1,80,000 c) 1,90,000 d) 2,00,000 e) None of these

12) As per Union Budget 2011-12, standard rate of Service Tax is?

a) 10 % b) 11 % c) 12 %d) 13 % e) None of these

13) As per Union Budget 2011-12, Defence allocation is?

a) 1.64 lakh crore b) 1.74 lakh crore c) 1.84 lakh crore d) 1.94 lakh crore e) None of these

14) In the Constitution of India, the Union Budget of India referred to as the?

a) Economic Survey b) Monetary and Credit Policy c) Foreign Trade Policy d) Annual Financial Statement

e) None of these

15) Which of the following department is not a part of Finance Ministry of India?

a) Department of Economic Affairs

b) Department of Expenditure

c) Department of Revenue

d) Department of Disinvestments

e) Department of Industrial Policy & Promotion

16) Which Department principal responsibility is the prep-aration of the Union Budget annually (excluding the Railway Budget)?

a) Department of Economic Affairs

b) Department of Expenditure

c) Department of Revenue

d) Department of Disinvestments

e)Department of Financial Servies

17) Which of the following is a government body that offers a single window clearance for proposals on foreign direct investment in the country that are not allowed access through the automatic route?

a) Securities and Exchange Board of India

b) Reserve Bank of India

c) Export-Import Bank of India

d) Foreign Investment Promo-tion Board

e) Bombay Stock Exchange

18) The first woman Finance Secretary of India?

a) Sushma Nath

b)Shyamala Gopinath

c) Chanda Kochhar

d) Shikha Sharma

e) None of these

19) The only woman to hold the post of the finance minister of India?

a) Vijaya Lakshmi Nehru Pandit b) Sarojini Naidu

c) Rajkumari Amrit Kaur d) Indira Gandhi e)None of these

20) The Union Budget is always presented first in ?

a) Lok Sabha b) Rajya Sabha c) Joint Session of the Parliament d) State Assemblies e) None of these

21) Which of the following presents the Economic Survey in the parliament every year, just before the Union Budget?

a) RBI b) Ministry of Finance c) Ministry of Commerce d) Planning Commission e) Finance Commission

22) The financial year in India starts on?

a) 1st January b)1stMarch c) 1st April d) 1st July e) None of these

23) A fiscal year in India ends on?

a) February 28 b) March 31 c)April1 d)July1e)December 31

24) A. Gross Tax receipts are estimated at 9,32,440 crore.

B. Non-tax revenue receipts estimated at 1,25,435 crore.

C. Total expenditure proposed at 12,57,729 crore.

D. Increase of 18.3 per cent in total Plan allocation.

E. Increase of 10.9 per cent in the Non-plan expenditure.

Which of the statements given above is/are correct?

a) A and B b) B and C

c) C and D d) D and E e) All of the above

25) A.Gross Domestic Product (GDP) estimated to have grown at 8.6 per cent in 2010-11 in real terms.

B. Government expects econo-my to grow at 9 % in 2011-12.

C. Fiscal Deficit target at 4.6% for 2011-12, down from 5.1% estimated for 2010-11.

D. Central Government debt estimated at 44.2 per cent of GDP for 2011-12 as against 52.5 per cent recomm-ened by the 13th Finance Commission.

E. 40,000 crore to be raised through disinvestment in 2011-12.

Which of the statements given above is/are correct?

a) A and B b) B and C

c) C and D d) D and E e) All of the above

26) A. Government committed to retain at least 51 per cent ownership and management control of the Central Public Sector Undertakings.

B. "India Microfinance Equity Fund" of  Rs.100 crore to be created with SIDBI. Gover-nment considering putting in place appropriate regulatory framework to protect the interest of small borrowers.

C."Women's SHG's Develo-pment Fund" to be created with a corpus of  Rs. 500 crore.

D. Corpus of RIDF XVII to be raised from Rs.16,000 crore to 20,000 crore.

E. 1,000 crore to be provided to SIDBI for refinancing incre-mental lending by banks to these enterprises.

Which of the statements given above is/are correct?

a) A and D b) A, B and C c) C and D d) D and E e) None of these

27) A.Allocation under Rashtriya Krishi Vikas Yojana (RKVY) increased from Rs. 6,755 crore to 7,860 crore.

B. Rs.10,000 crore to be contributed to NABARD's Short-term Rural Credit fund for 2011-12.

C. Allocation for Bharat Nirman programme proposed to be increased by Rs.10,000 crore from the current year to Rs. 58,000 crore in 2011-12.

D. Rs. 21,000 crores for primary education to implement Sarva Shiksha Abhiyan.

E. Defence budget hiked to ’1.64 lakh crore

Which of the statements given above is/are correct?

a) A and B b) B and C c) C and D d) D and E

e) All of the above

28) Consider the following statements:

1) Finance minister Pranab Mukherjee unveiled the Union Budget 2011-12 on February 28, 2011.

2) Economic Survey 2010-11 was presented in the Parliament on Feb 25, 2011.

3) India's Railway Minister Mamta Banerjee presented the new Railway Budget for the year 2011-12 in the parliament on February 25, 2011.

Which of the statements given above is/are correct?

a) 1 only b) 2 only

c) 3 only d) All of the above e) None of these

Answers:

1) e, 2) a, 3) d, 4) a, 5) e, 6) a, 7) c, 8) a, 9) c, 10) e, 11) b, 12) a, 13) a, 14) d, 15) e, 16) a, 17) d, 18) a, 19) d, 20) a, 21) b, 22) c, 23) b, 24) e, 25) e, 26) b, 27) e, 28) d