60+ GK Questions on Union Budget 2024 in MCQ format

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In this blog post, we present over 60 GK Questions on Union Budget 2024 in a user-friendly MCQ format. From historical milestones to the latest fiscal policies, we’ve crafted questions that cater to various levels of expertise. So, gear up for an enlightening journey through the corridors of economic decision-making!

Also See: All MCQ List

Let’s test your knowledge and uncover the intricacies of Union Budget 2024. Are you ready to take the plunge? Let the quiz begin! 👇

GK Questions on Union Budget 2024: Set -1

Q1. What is the Union Budget of India also known as?
[A] Fiscal Policy
[B] Economic Policy
[C] Annual Financial Statement
[D] Government Budget

Answer – [C] Annual Financial Statement

Q2. According to which article of the Constitution of India is the Union Budget referred to as the Annual Financial Statement?
[A] Article 110
[B] Article 111
[C] Article 112
[D] Article 113

Answer – [C] Article 112

Q3. Who is responsible for setting the Union Budget of India?
[A] Ministry of External Affairs
[B] Ministry of Finance
[C] Ministry of Home Affairs
[D] Ministry of Defence

Answer – [B] Ministry of Finance

Q4. Which department is responsible for gathering revenues for the Union Budget?
[A] Department of Defence
[B] Department of Revenue
[C] Department of Education
[D] Department of Health

Answer –[B] Department of Revenue

Q5. The Department of Expenditure is responsible for gathering the expenditures of which sector?
[A] Private sector
[B] Public sector
[C] Industrial sector
[D] Agricultural sector

Answer – [B] Public sector

Q6. On which date is the Union Budget traditionally presented by the Government of India?
[A] Last working day of February
[B] First day of March
[C] First day of February
[D] Last working day of January

Answer – [A] Last working day of February

Q7. Who presents the Union Budget in Parliament?
[A] Prime Minister
[B] President
[C] Finance Minister
[D] Chief Economic Advisor

Answer – [C] Finance Minister

Q8. Which Department of Economic Affairs (DEA) division is responsible for producing the budget?
[A] Budgetary Division
[B] Economic Planning Division
[C] Finance Division
[D] Budget Division

Answer –[D] Budget Division

Q9. Why is the first day of February chosen for presenting the Union Budget?
[A] To coincide with a historical event
[B] To align with the financial year beginning in April
[C] To allow more time for public consultation
[D] To commemorate a national holiday

Answer –[B] To align with the financial year beginning in April

Q10. To come into effect on April 1st, the Union Budget must be passed by which house of the Parliament?
[A] Rajya Sabha
[B] Lok Sabha
[C] Both Rajya Sabha and Lok Sabha
[D] President’s approval

Answer –[B] Lok Sabha

Q11. What are the two key bills related to the presentation of the Union Budget?
[A] Finance bill and Revenue bill
[B] Appropriation bill and Finance bill
[C] Budget bill and Expenditure bill
[D] Economic bill and Appropriation bill

Answer – [B] Appropriation bill and Finance bill

Q12. Which budget, presented separately for 92 years, has been merged with the Union Budget?
[A] Defense Budget
[B] Rail Budget
[C] Health Budget
[D] Education Budget

Answer – [B] Rail Budget

Q13. Until 1999, at what time was the Union Budget traditionally announced?
[A] 9:00 am
[B] 12:00 pm
[C] 5:00 pm
[D] 8:00 pm

Answer –[C] 5:00 pm

Q14. Who changed the tradition of announcing the Union Budget at 5:00 pm and announcing the 1999 Union Budget at 11 am?
[A] Manmohan Singh
[B] Yashwant Sinha
[C] P. Chidambaram
[D] Pranab Mukherjee

Answer – [B] Yashwant Sinha

Q15. From which year did the tradition of announcing the Union Budget at 11 am start?
[A] 1995
[B] 1999
[C] 2001
[D] 2005

Answer –[C] 2001

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