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Fiscal Responsibility

Total questions: 130

Worksheet time: 1hrs 5mins

Name
Class
Date
1.

Fiscal responsibility means

a)

Unlimited government spending

b)

Careful and efficient use of public money

c)

Private control of finances

d)

Foreign borrowing

2.

Fiscal responsibility mainly focuses on

a)

Political stability

b)

Economic sustainability

c)

Military strength

d)

Population growth

3.

Who defined fiscal responsibility as discipline in managing public finances?

a)

Adam Smith

b)

J. Premchand

c)

Keynes

d)

Marshall

4.

Fiscal responsibility aims to avoid

a)

Tax collection

b)

Budget preparation

c)

Excessive deficits

d)

Welfare schemes

5.

Which organisation defines fiscal responsibility as sustainable public resource management?

a)

WTO

b)

IMF

c)

World Bank

d)

UNICEF

6.

Fiscal responsibility requires the government to

a)

Borrow excessively

b)

Waste money

c)

Spend only what is needed

d)

Avoid taxation

7.

Fiscal responsibility protects

a)

Current politicians

b)

Private companies

c)

Future generations

d)

Foreign investors

8.

Excessive borrowing by the government leads to

a)

Economic stability

b)

Inflation

c)

Lower taxes

d)

Budget surplus

9.

Which country is cited as an example of financial crisis due to heavy borrowing?

a)

Japan

b)

Germany

c)

Sri Lanka

d)

Canada

10.

Fiscal responsibility ensures

a)

High fiscal deficit

b)

Public money misuse

c)

Stable economic growth

d)

Reduced accountability

11.

Transparency in fiscal responsibility means

a)

Secret budgeting

b)

Open and honest financial information

c)

Delayed reporting

d)

Political control

12.

Which document ensures transparency in public finance?

a)

Election manifesto

b)

Annual budget

c)

Newspaper reports

d)

Party constitution

13.

Off-budget borrowing reduces

a)

Transparency

b)

Revenue

c)

GDP

d)

Tax base

14.

The FRBM Act was enacted in

a)

1991

b)

1998

c)

2003

d)

2010

15.

Accountability means the government is

a)

Free from audits

b)

Answerable for public spending

c)

Controlled by private sector

d)

Above the law

16.

Who ensures accountability through audits?

a)

RBI

b)

CAG

c)

Finance Commission

d)

Supreme Court

17.

Parliamentary questions ensure

a)

Executive secrecy

b)

Accountability

c)

Judicial review

d)

Budget surplus

18.

Misuse of school construction funds shows lack of

a)

Revenue

b)

Transparency

c)

Accountability

d)

Federalism

19.

Deficit occurs when

a)

Revenue equals expenditure

b)

Expenditure exceeds revenue

c)

Revenue exceeds expenditure

d)

No spending occurs

20.

Fiscal deficit refers to

a)

Total borrowing needed

b)

Tax collection

c)

Subsidy allocation

d)

Revenue surplus

21.

Revenue deficit means

a)

Capital expenditure exceeds revenue

b)

Revenue expenditure exceeds revenue receipts

c)

Borrowing is zero

22.

Primary deficit is

a)

Fiscal deficit plus interest

b)

Fiscal deficit minus interest payments

c)

Revenue deficit plus interest

d)

Capital deficit

23.

Controlling deficit helps in

a)

Increasing inflation

b)

Reducing interest burden

c)

Increasing borrowing

d)

Political instability

24.

Fiscal deficit is usually expressed as a percentage of

a)

Population

b)

GDP

c)

Tax rate

d)

Inflation

25.

FRBM Act sets targets for

a)

Population control

b)

Budget secrecy

c)

Fiscal discipline

d)

Defence spending

26.

Public finance deals with

a)

Private savings

b)

Corporate finance

c)

Government revenue and expenditure

d)

Household budgeting

27.

GST collection comes under

a)

Private finance

b)

Public finance

c)

International finance

d)

Personal finance

28.

Public finance ensures

a)

Economic inequality

b)

Efficient use of public money

c)

Private monopoly

d)

Inflation rise

29.

According to Musgrave, public finance affects

a)

Climate change

b)

Resource allocation

c)

Population growth

d)

Culture

30.

Education and defence spending are examples of

a)

Private expenditure

b)

Public expenditure

c)

Capital investment

d)

Personal expense

31.

Consolidated Fund is mentioned in

a)

Article 266

b)

Article 280

c)

Article 148

d)

Article 110

32.

All taxes collected by the government go into

a)

Contingency Fund

b)

Public Account

c)

Consolidated Fund

d)

Finance Commission

33.

Withdrawal from Consolidated Fund requires

a)

Presidential order only

b)

Parliamentary approval

c)

Governor’s consent

d)

CAG approval

34.

Appropriation Bill authorizes withdrawal from

a)

Public Account

b)

Contingency Fund

c)

Consolidated Fund

d)

RBI

35.

Salaries of judges are paid from

a)

Contingency Fund

b)

Consolidated Fund

c)

Public Account

d)

State Fund

36.

Contingency Fund is used for

a)

Routine expenses

b)

Emergency situations

c)

Capital investment

d)

Tax refunds

37.

Contingency Fund is provided under

a)

Article 266

b)

Article 267

c)

Article 280

d)

Article 112

38.

Contingency Fund is placed at the disposal of

a)

Prime Minister

b)

Parliament

c)

President

d)

Finance Minister

39.

Amount withdrawn from Contingency Fund must be

a)

Ignored

b)

Restored later

c)

Converted into tax

d)

Audited privately

40.

Flood relief expenditure is an example of

a)

Planned spending

b)

Emergency spending

c)

Capital expenditure

d)

Revenue surplus

41.

Money Bill can be introduced only in

a)

Rajya Sabha

b)

Lok Sabha

c)

Supreme Court

d)

State Assembly

42.

Budget is presented first in

a)

Rajya Sabha

b)

Lok Sabha

c)

President’s office

d)

Finance Commission

43.

Voting on demands for grants is done by

a)

Rajya Sabha

b)

Lok Sabha

c)

Both Houses in a joint sitting

d)

President

44.

Rajya Sabha can

a)

Reject Money Bill

b)

Amend Money Bill

c)

Recommend changes

d)

Pass Budget

45.

Time limit for Rajya Sabha to return a Money Bill is

a)

7 days

b)

10 days

c)

14 days

d)

30 days

46.

Money Bills require whose recommendation?

a)

Prime Minister

b)

Speaker

c)

President

d)

CAG

47.

Finance Commission is appointed by

a)

Parliament

b)

Supreme Court

c)

President

d)

RBI

48.

Presidential assent is required under

a)

Article 111

b)

Article 148

c)

Article 280

d)

Article 151

49.

Contingency Fund control lies with

a)

Parliament

b)

President

c)

Lok Sabha

d)

CAG

50.

Budget is presented in the name of

a)

Prime Minister

b)

Finance Minister

c)

President

d)

Speaker

51.

CAG is provided under

a)

Article 110

b)

Article 148

c)

Article 280

d)

Article 112

52.

CAG audits

a)

Private households

b)

Government accounts

c)

Political parties

d)

NGOs only

53.

CAG reports are submitted to

a)

Prime Minister

b)

President or Governor

c)

Finance Minister

d)

Speaker

54.

CAG ensures

a)

Political control

b)

Financial accountability

c)

Policy making

d)

Law enforcement

55.

Performance audit checks

a)

Book keeping only

b)

Policy success and efficiency

c)

Tax rates

d)

Election expenses

56.

Finance Commission is established under

a)

Article 266

b)

Article 280

c)

Article 110

d)

Article 148

57.

Finance Commission is constituted every

a)

3 years

b)

4 years

c)

5 years

d)

10 years

58.

Finance Commission recommends

a)

Judicial appointments

b)

Tax distribution

c)

Election reforms

d)

Defence policy

59.

Grants-in-aid to states are under

a)

Article 275

b)

Article 280

c)

Article 148

d)

Article 112

60.

GST Council is established under

a)

Article 246A

b)

Article 279A

c)

Article 280

d)

Article 110

61.

Finance Commission recommendations are laid before Parliament under

a)

Article 266

b)

Article 281

c)

Article 112

d)

Article 149

62.

Finance Commission promotes

a)

Judicial activism

b)

Cooperative federalism

c)

Political accountability

d)

Electoral reforms

63.

Distribution of central taxes between Centre and States is recommended by

a)

RBI

b)

Planning Commission

c)

Finance Commission

d)

CAG

64.

Disaster management grants are recommended by

a)

Lok Sabha

b)

Rajya Sabha

c)

Finance Commission

d)

President

65.

Performance-based grants aim to improve

a)

Defence spending

b)

Health and education

66.

The 14th Finance Commission increased States’ share to

a)

32%

b)

35%

c)

42%

d)

50%

67.

The 15th Finance Commission recommended States’ share as

a)

40%

b)

41%

c)

42%

d)

45%

68.

Finance Commission Act was enacted in

a)

1947

b)

1950

c)

1951

d)

1960

69.

Local body funding recommendations are made by

a)

RBI

b)

Finance Commission

c)

Parliament

d)

Supreme Court

70.

Income distance is a criterion used by

a)

CAG

b)

Finance Commission

c)

GST Council

d)

NITI Aayog

71.

No expenditure can be made without legislative sanction as held in

a)

A.K. Roy case

b)

Joginder Singh case

c)

Gwalior Rayon case

d)

Subramanian Swamy case

72.

Emergency financial powers were discussed in

a)

Union of India v. Punjab

b)

State of Kerala v. Gwalior Rayon

c)

Mohd. Saeed Siddiqui case

d)

Reliance Natural Resources case

73.

Speaker’s decision on Money Bill is final as per

a)

A.K. Roy case

b)

Mohd. Saeed Siddiqui case

c)

Swamy case

d)

Punjab case

74.

CAG independence was emphasized in

a)

Subramanian Swamy case

b)

A.K. Roy v. Union of India

c)

Reliance case

d)

Kerala case

75.

Audit of telecom operators was upheld in

a)

Joginder Singh case

b)

A.K. Roy case

c)

Association of Unified Telecom Service Providers case

d)

Punjab case

76.

Reducing wasteful expenditure helps to control

a)

Revenue surplus

b)

Fiscal deficit

c)

Trade deficit

d)

Balance of payments

77.

Interest payments are excluded in calculating

a)

Revenue deficit

b)

Fiscal deficit

c)

Primary deficit

d)

Budget deficit

78.

Excessive deficits threaten

a)

Economic stability

b)

Cultural growth

c)

Judicial review

d)

Federal balance

79.

Fiscal discipline mainly refers to

a)

Strict taxation

b)

Controlled spending and borrowing

c)

Monetary tightening

d)

Export promotion

80.

Macro-economic stability is ensured by

a)

High borrowing

b)

Fiscal responsibility

c)

Political reforms

d)

Judicial activism

81.

Annual Financial Statement is known as

a)

Finance Bill

b)

Money Bill

c)

Union Budget

d)

Appropriation Bill

82.

Article dealing with Budget presentation is

a)

Article 110

b)

Article 112

c)

Article 114

d)

Article 117

83.

Finance Bill mainly deals with

a)

Expenditure

b)

Taxation proposals

c)

Emergency funds

d)

Audits

84.

Rajya Sabha cannot vote on

a)

Budget discussion

b)

Demands for grants

c)

Recommendations

d)

Debates

85.

Which Article of the Indian Constitution defines a Money Bill?

a)

Article 102

b)

Article 110

c)

Article 105

d)

Article 116

86.

Public Account of India mainly includes

a)

Taxes

b)

Emergency funds

c)

Provident funds and deposits

d)

Defence spending

87.

Government bonds are deposited in

a)

Contingency Fund

b)

Consolidated Fund

c)

Public Account

d)

RBI surplus

88.

Supplementary grant is used to

a)

Increase taxes

b)

Restore Contingency Fund

c)

Reduce deficit

d)

Audit expenditure

89.

Parliamentary approval for expenditure is given through

a)

Finance Commission

b)

Appropriation Act

c)

CAG report

90.

Emergency expenditure without prior approval uses

a)

Consolidated Fund

b)

Public Account

c)

Contingency Fund

d)

State Fund

91.

Audit of receipts checks

a)

Spending efficiency

b)

Tax collection accuracy

c)

Policy formulation

d)

Judicial review

92.

PSU audit includes entities like

a)

RBI

b)

LIC

c)

Supreme Court

d)

Parliament

93.

Performance audit evaluates

a)

Legal validity only

b)

Achievement of objectives

c)

Tax rates

d)

Borrowing limits

94.

Public debt audit ensures

a)

Unlimited borrowing

b)

Borrowing within limits

c)

Foreign investment

d)

Monetary expansion

95.

PAC examines reports of

a)

Finance Commission

b)

CAG

c)

GST Council

d)

RBI

96.

Fiscal responsibility avoids

a)

Budget planning

b)

Unnecessary borrowing

c)

Tax collection

d)

Welfare spending

97.

Investor confidence increases due to

a)

Political speeches

b)

Fiscal discipline

c)

High inflation

d)

Deficit financing

98.

Public welfare spending must be

a)

Unlimited

b)

Wasteful

c)

Need-based

d)

Hidden

99.

Efficient allocation of resources is stressed by

a)

Harvey Rosen

b)

Adam Smith

c)

Marx

d)

Bentham

100.

Long-term sustainability is central to

a)

Fiscal responsibility

b)

Monetary policy

c)

Trade policy

d)

Defence policy

101.

RTI Act supports

a)

Secrecy

b)

Transparency

c)

Deficit

d)

Borrowing

102.

Government guarantees should be

a)

Hidden

b)

Disclosed

c)

Ignored

d)

Unlimited

103.

Budget deficit affects

a)

Economy

b)

Climate

c)

Culture

d)

Language

104.

Tax efficiency helps reduce

a)

Revenue

b)

Fiscal deficit

c)

GDP

d)

Exports

105.

Public money misuse leads to

a)

Accountability

b)

Corruption

c)

Growth

d)

Stability

106.

Parliamentary control ensures

a)

Executive dominance

b)

Financial discipline

c)

Judicial supremacy

d)

Federal conflict

107.

Borrowing for freebies affects

a)

Fiscal health

b)

Transparency

c)

Accountability

d)

All of the above

108.

Sustainable debt means

a)

Unlimited borrowing

b)

Manageable repayment

c)

Zero taxes

d)

No expenditure

109.

Economic instability arises from

a)

Balanced budgets

b)

Excessive deficits

c)

Transparency

d)

Accountability

110.

Public finance aims at

a)

Private profit

b)

Public welfare

c)

Corporate growth

d)

Export promotion

111.

Legislative sanction ensures

a)

Speed

b)

Legality

c)

Secrecy

d)

Delay

112.

Financial credibility improves with

a)

Deficits

b)

Discipline

c)

Borrowing

d)

Inflation

113.

Audit objections highlight

a)

Achievements

b)

Irregularities

c)

Policies

114.

Supplementary grants require

a)

CAG approval

b)

Parliamentary approval

c)

Judicial order

d)

RBI consent

115.

Cooperative federalism is strengthened by

a)

GST Council only

b)

Finance Commission

c)

Supreme Court

d)

Election Commission

116.

Financial transparency builds

a)

Public trust

b)

Corruption

c)

Deficit

d)

Inflation

117.

Government credibility depends on

a)

Spending alone

b)

Borrowing alone

c)

Responsible finance

d)

Foreign aid

118.

Public expenditure should be

a)

Arbitrary

b)

Planned

c)

Secret

d)

Political

119.

Deficit targets are set to

a)

Increase spending

b)

Discipline spending

c)

Avoid budgeting

d)

Reduce accountability

120.

Fiscal responsibility discourages

a)

Welfare

b)

Waste

c)

Planning

d)

Accountability

121.

Parliamentary debates ensure

a)

Transparency

b)

Secrecy

c)

Inflation

d)

Borrowing

122.

Financial oversight strengthens

a)

Democracy

b)

Monopoly

c)

Autocracy

d)

Oligarchy

123.

Emergency funds must later be

a)

Ignored

b)

Regularized

c)

Cancelled

d)

Hidden

124.

Public finance ultimately aims at

a)

Profit

b)

Welfare of people

c)

Political power

d)

Corporate growth

125.

Fiscal responsibility is essential for

a)

Short-term politics

b)

Long-term stability

c)

Private gain

d)

Secrecy

126.

GST Council is chaired by the

a)

Prime Minister

b)

President

c)

Union Finance Minister

d)

RBI Governor

127.

GST Council decides

a)

Income tax rates

b)

Customs duty

c)

GST rates

d)

Corporate tax

128.

GST stands for

a)

General Sales Tax

b)

Goods and Services Tax

c)

Global Service Tax

d)

Government Service Tax

129.

GST is a

a)

Direct tax

b)

Indirect tax

c)

Wealth tax

d)

Corporate tax

130.

GST came into effect in India on

a)

1st April 2016

b)

1st July 2017

c)

1st January 2018

d)

1st April 2018

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