Budget Fundamentals & Constitutional Framework — Practice MCQs

Consider the following statements about the Annual Financial Statement (AFS):

1. It is laid before both Houses of Parliament under Article 112 of the Constitution.
2. The Constitution of India explicitly uses the term 'Union Budget' to describe this document.
3. It contains the estimated receipts and expenditure of the Union Government for a financial year.

Which of the statements given above are correct?

Match List I (Document) with List II (Constitutional / Statutory source):

Choose the correct match:

With reference to the three government funds in India, consider the following statements:

1. The Consolidated Fund of India is established under Article 266(1) of the Constitution.
2. Withdrawals from the Contingency Fund of India require prior approval of Parliament before the money can be spent.
3. Money in the Public Account is held by the government in the capacity of a banker, not as owner.

Which of the statements given above are correct?

Consider the following statements about the FRBM Act, 2003:

1. It requires the Finance Minister to lay the Macro-Economic Framework Statement and the Medium-Term Fiscal Policy & Strategy Statement before Parliament every year.
2. From FY27, debt-to-GDP has been adopted as the headline fiscal anchor with the fiscal deficit calibrated to it.
3. The Act prohibits the government from invoking any escape clause during a national emergency.

Which of the statements given above are correct?

Consider the following statements:

Assertion (A):

Reason (R):

Match List I (Term) with List II (Meaning):

Choose the correct match:

Consider the following statements regarding Money Bills:

1. Under Article 110, the Speaker of the Lok Sabha decides whether a Bill is a Money Bill.
2. A Money Bill can be introduced in either House of Parliament.
3. The Rajya Sabha can only make recommendations on a Money Bill, which the Lok Sabha may accept or reject.

Which of the statements given above are correct?