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Practice Budget, Fiscal Policy, Taxes and GST – GK Quiz with Answers – Level 1

50 questions. Choose an option and see at once whether it was right, with the correct answer and a worked solution. No timer, and nothing to submit.

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  1. Question 1

    In India, the financial year runs from:

  2. Question 2

    Which bill is presented with the budget and contains details of taxes imposed, abolished or changed?

  3. Question 3

    Providing public goods such as national defence and roads is which function of the budget?

  4. Question 4

    Government borrowing is classified as a:

  5. Question 5

    Which of these is an example of revenue expenditure?

  6. Question 6

    Revenue deficit is equal to:

  7. Question 7

    Which deficit shows the total borrowing needed by the government?

  8. Question 8

    What is the full form of FRBM in the FRBM Act?

  9. Question 9

    Personal income tax, where a higher income means a higher tax rate, is an example of which type of tax?

  10. Question 10

    Customs duty is levied on:

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