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Budget, Fiscal Policy, Taxes and GST – GK Quiz with Answers – Level 2

Intermediate Indian Economy practice on budget functions, capital receipts, revenue and primary deficit, the GST Council, the CGST, SGST and IGST split, and why alcoholic liquor stays outside GST.

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Choose Normal practice or a Simulated test.

Questions, answer key and solutions.

Questions
50
Duration
30 min
Marks
50

Negative marking

Attempts
100
Access
Free

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 30-minute clock, a question palette and full screen, and your score, the key and the solutions arrive when you submit.

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. 30 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

Budget, Fiscal Policy and GST GK Quiz Level 2: Deficits and GST Council

Level 2 of the Budget, Fiscal Policy, Taxes and GST GK series on Aptitude360 is an intermediate Indian Economy set. It mixes budget functions, government receipts and expenditure, deficit calculations and the working of GST, using statement, match-the-list, odd-one-out and chronology formats, each with a written explanation.

Areas tested in this intermediate fiscal policy set

  • Budget functions: matching allocation, redistribution and stabilisation to government actions
  • Receipts: why disinvestment is a capital receipt and which items are not
  • Expenditure: classifying interest payments and other items as revenue expenditure
  • Deficits: revenue, fiscal and primary deficit, with a simple calculation
  • Taxes: shifting of tax burden, corporation tax and taxes subsumed into GST
  • GST framework: GST Council membership and functions, the UT component, the constitutional article on GST powers and the exclusion of alcoholic liquor

Concepts that go beyond the basics

  • Applying the liability-or-asset test to unfamiliar receipts
  • Telling the stabilisation function apart from redistribution through progressive taxes
  • The order of the FRBM Act, the GST constitutional amendment and the nationwide GST rollout
  • Matching Constitution articles to the Money Bill, Consolidated Fund and Finance Commission

Preparation tips for Budget and GST questions

  • For odd-one-out items, label each one revenue or capital, direct or indirect, then find the misfit
  • Interest payments are subtracted from fiscal deficit to get primary deficit, never added
  • Revise GST Council members and the matters it recommends on as a short list

Who should take Level 2

Learners who already know the basics of the Budget and GST and want application-based practice for General Awareness and Indian Economy.

FAQs about Budget, Fiscal Policy, Taxes and GST – GK Quiz with Answers – Level 2

How is primary deficit calculated?
Primary deficit is fiscal deficit minus interest payments. It shows the government's borrowing need excluding interest on past loans.
Are interest payments revenue expenditure or capital expenditure?
Interest payments are revenue expenditure. They neither create assets nor reduce the government's liabilities.
Why is disinvestment a capital receipt?
When the government sells its shares in public sector companies, its assets are reduced. Receipts that reduce assets or create liabilities are capital receipts.
Why is alcohol not included in GST?
The Constitution excludes alcoholic liquor for human consumption from GST. States therefore continue to levy their own taxes, such as excise duty and VAT, on it.

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 25030 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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