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