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

Beginner-level Indian Economy practice on the Union Budget, budget functions, revenue and capital receipts, fiscal and primary deficit, the FRBM Act, direct and indirect taxes, and CGST, SGST and IGST.

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Choose Normal practice or a Simulated test.

Questions, answer key and solutions.

Questions
50
Duration
25 min
Marks
50

Negative marking

Attempts
100
Access
Free
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Normal practice, or a Simulated test

Both use the same questions. Normal practice is untimed and needs no account: choose an option and the answer and solution appear at once. The Simulated test is the real computer-based format, with one 25-minute clock, a question palette and full screen, and your score, the key and the solutions arrive when you submit.

Open Normal practiceTake the Simulated test
How the two modes differ
No account needed

Normal

Untimed

Every question on one page, loading as you scroll. Choose an option and see straight away whether it was right.

  • No timer. Nothing to start and nothing to submit. Stop whenever you like.
  • Answered as you choose. Tap an option and it is marked at once, with the correct answer shown.
  • Solutions in place. The explanation, and the video where one has been added, sit under the question.
  • Open to guests. Normal practice needs no sign-in.
Real exam conditions

Simulated

Timed CBT

The computer-based test format: one clock, a question palette, and a score the moment you submit.

  • A clock that does not pause. 25 minutes from the moment you begin, and the paper is submitted for you when it reaches zero.
  • Question palette. Answered, not answered and marked for review, section by section, as the real interface has it.
  • Full screen, proctored. The test takes over the screen; leaving it three times submits the paper.
  • Answers hidden until you submit. The key, the explanations and your score all arrive together at the end.

About this test

Union Budget, Fiscal Policy and GST GK Practice Quiz for Beginners

Made for learners starting Indian Economy, this Level 1 GK quiz on Aptitude360 covers the basics of the Union Budget, fiscal policy, taxes and GST. It tests budget functions, government receipts and expenditure, the main deficits, the FRBM Act, direct and indirect taxes, and the GST structure, with an explanation for every answer.

What this Budget and GST Level 1 quiz covers

  • Budget basics: the April to March financial year, the Annual Financial Statement, the Finance Bill and the Money Bill
  • Budget functions: allocation, redistribution and stabilisation
  • Receipts and expenditure: disinvestment, borrowing, subsidies, interest payments and loan repayment
  • Deficits: revenue, fiscal and primary deficit, and the FRBM Act
  • Taxes: progressive income tax, corporation tax and customs duty
  • GST: the amendment that introduced it, the GST Council, CGST, SGST and IGST

Basic fiscal concepts to know first

  • Capital receipts create a liability or reduce assets; revenue receipts do neither
  • Primary deficit is fiscal deficit minus interest payments
  • Interest and subsidies are revenue expenditure; loan repayment is capital expenditure
  • A direct tax burden cannot be shifted, while an indirect tax burden can be passed on to the buyer

How to revise Budget, taxes and GST

  • Sort each receipt and expenditure item into revenue or capital using the liability-or-asset test
  • Keep a one-page list of constitutional articles on the Budget and GST
  • Learn the GST split by asking whether the sale is within a state or between two states

Who this beginner quiz is for

Students new to Indian Economy and General Awareness who want a first round of practice on the Budget and GST.

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

What is fiscal deficit?
Fiscal deficit is the government's total expenditure minus its revenue receipts and non-debt capital receipts. It shows the total borrowing the government needs in a year.
What is the difference between revenue receipts and capital receipts?
Revenue receipts, such as tax and non-tax revenue, neither create a liability nor reduce the government's assets. Capital receipts, such as borrowing and disinvestment, either create a liability or reduce assets.
What is the difference between CGST, SGST and IGST?
On a sale within a state, CGST goes to the Centre and SGST goes to that state. On a supply between two states, IGST is levied and collected by the Centre.
Who is the chairperson of the GST Council?
The Union Finance Minister is the chairperson of the GST Council. Its members include the Union Minister of State for Finance and ministers nominated by each state.

Test structure

How the paper is split, and how long each part runs. A section you have finished cannot be returned to.

SectionQuestionsTime
Budget, Fiscal Policy, Taxes and GST GK Level 15025 min

Marking & rules

Total marks
50 across 50 questions.
Negative marking
A wrong answer costs marks. Leaving a question unanswered costs nothing.
Attempts
100 in total. An attempt is spent the moment you begin one.

What you get when you submit

The analysis is ready the moment you submit the paper.

Score and accuracy

Marks, percentage, right, wrong and skipped, and the time you took.

Section by section

The same figures for each section, so a weak one cannot hide in an average.

The full answer key

Every question with your answer, the right one, the working, and the video where there is one.

Where you stand

Your score against the spread of everyone else who has sat this test.

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