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Test your knowledge with this GK quiz on India’s Union Budget. From fiscal years to historic moments, challenge yourself and learn key facts!
The Union Budget 2025 is set to be presented on February 1. (Courtesy: Reuters)
GK Quiz On Union Budget: Finance Minister Nirmala Sitharaman will present the Union Budget for the upcoming fiscal year on February 1, 2025. The finance minister, along with senior officials, works together to craft the budget, a process that is kept confidential. Participants in the budget-making process are placed under lockdown and prohibited from using their phones until the presentation. Now is the time to brush up on your knowledge of this crucial financial document as the Union Budget 2025 approaches.
GK Quiz On Budget: Test Your General Knowledge
- Who presents the Union Budget of India?
a) Prime Minister
b) Finance Minister
c) President of India
d) Governor of RBI
Answer: b) Finance Minister
- What is the fiscal year period in India?
a) 1st April to 31st March
b) 1st January to 31st December
c) 1st June to 31st May
d) 1st October to 30th September
Answer: a) 1st April to 31st March
- Who was the first Finance Minister to present the Union Budget of independent India?
a) R. K. Shanmukham Chetty
b) Jawaharlal Nehru
c) Morarji Desai
d) C. D. Deshmukh
Answer: a) R. K. Shanmukham Chetty
- When is the Union Budget usually presented?
a) 1st January
b) 26th January
c) 1st February
d) 15th March
Answer: c) 1st February
- What is the fiscal deficit?
a) Total tax collected by the government
b) Difference between imports and exports
c) Total expenditure minus total receipts (excluding borrowings)
d) Total income of the government
Answer: c) Total expenditure minus total receipts (excluding borrowings)
- Which constitutional article relates to the Union Budget?
a) Article 110
b) Article 320
c) Article 124
d) Article 112
Answer: d) Article 112
- Which sector gets the highest allocation in most Union Budgets?
a) Education
b) Defence
c) Infrastructure
d) Agriculture
Answer: b) Defence
- What is a ‘Vote on Account’?
a) A summary of the budget
b) A temporary arrangement for expenditure
c) A report on government debt
d) None of the above
Answer: b) A temporary arrangement for expenditure
- What does GDP stand for?
a) Gross Domestic Product
b) Gross Development Plan
c) General Data Policy
d) Government Development Project
Answer: a) Gross Domestic Product
- What is a direct tax?
a) Tax levied on income and profits
b) Tax on goods and services
c) Tax on imports and exports
d) None of the above
Answer: a) Tax levied on income and profits
- The Union Budget is presented in which house of Parliament?
a) Lok Sabha
b) Rajya Sabha
c) Both
d) None
Answer: a) Lok Sabha
- Which document outlines the estimated receipts and expenditures of the government for a particular fiscal year?
a) Economic Survey
b) Annual Financial Statement
c) Finance Bill
d) Monetary Policy
Answer: b) Annual Financial Statement
- The Union Budget of India is also known as?
a) Fiscal Statement
b) Economic Plan
c) Annual Financial Plan
d) None of the above
Answer: c) Annual Financial Plan
- What is the primary source of revenue for the Indian government according to the Union Budget?
a) Income Tax
b) Goods and Services Tax (GST)
c) Corporate Tax
d) Customs Duty
Answer: b) Goods and Services Tax (GST)
- The concept of Zero-Based Budgeting was introduced in which Union Budget?
a) 2018-19
b) 2017-18
c) 2016-17
d) 2015-16
Answer: c) 2016-17
- The Finance Minister’s Budget speech usually begins with which traditional Indian salutation?
a) Vande Mataram
b) Jai Hind
c) Om Shanti
d) Satyameva Jayate
Answer: d) Satyameva Jayate
- When is the term “Interim Budget” used?
a) A new government is formed
b) The government is facing financial constraints
c) A full budget is presented during an election year
d) The budget is presented for a short period before a new fiscal year
Answer: d) The budget is presented for a short period before a new fiscal year
- India’s first-ever Budget was announced on 7th April, 1860, in pre-independent India. Who presented it?
a) Robert Clive
b) Lord Mountbatten
c) King George V
d) James Wilson
Answer: James Wilson
- Who are the only three Prime Ministers to have presented a Budget?
a) Indira Gandhi, Manmohan Singh, HD Deve Gowda
b) Jawaharlal Nehru, Indira Gandhi, Manmohan Singh
c) PV Narasimha Rao, Lal Bahadur Shastri, Chandra Shekhar
d) Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi
Answer: d) Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi
- Who holds the record of presenting the most number of Budgets in the history of India?
a) Moraraji Desai
b) Indira Gandhi
c) Nirmala Sitharaman
d) Pranab Mukherjee
Answer: a) Moraraji Desai
- The shortest Budget speech had only 800 words and was delivered in 1977. Who delivered it?
a) Chandra Shekhar
b) Hirubhai Mulljibhai Patel
c) VP Singh
d) Madhu Dhanwate
Answer: b) Hirubhai Mulljibhai Patel
- In 1991, who concluded the Budget speech by quoting French poet Victor Hugo’s words, “Nothing can stop the idea whose time has come”?
a) Manmohan Singh
b) VP Singh
c) Indira Gandhi
d) Nirmala Sitharaman
Answer: a) Manmohan Singh
- Finance Minister Nirmala Sitharaman delivered the longest-ever Budget speech in which year?
a) 2000
b) 2020
c) 2021
d) 2024
Answer: b) 2020
- How long was Finance Minister Nirmala Sitharaman’s Budget speech in 2020?
a) 2 hours and 42 minutes
b) 1 hour and 3 minutes
c) 3 hours and 10 minutes
d) Half an hour
Answer: a) 2 hours and 42 minutes
- The Union Budget has one popular tradition, called?
a) Haldi ceremony
b) Halwa ceremony
c) Religious ceremony
d) Ring ceremony
Answer: b) Halwa ceremony
