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Indian Government Budget Classification

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Questions and Answers

Which body is responsible for preparing the Budget as per the text?

President

Ministry of Finance

Department of Economic Affairs (correct)

Budget Division

How is the Budget classified in the Union Budget as per the text?

Short-term Budget and Long-term Budget

Operational Budget and Strategic Budget

Revenue Budget and Capital Budget (correct)

Income Budget and Expense Budget

In which houses of Parliament is the annual financial statement laid before as per Article 112?

Lok Sabha (House of the People)

Rajya Sabha (Council of States)

Both Lok Sabha and Rajya Sabha (correct)

None of the above

What is the basis of preparation for the Budget according to the text?

Cash Basis (B) Signup and view all the answers

Who presents the budget in the Parliament according to the text?

Union Finance Minister (C) Signup and view all the answers

Which part of the budget consists of various schemes and priorities announced by the government?

Part A (B) Signup and view all the answers

What are the two main components of the Union Budget mentioned in the text?

Revenue Budget and Capital Budget (D) Signup and view all the answers

What is the purpose of the Fiscal Policy Statements mandated under the FRBM Act?

To outline the government's strategy to achieve fiscal targets (B) Signup and view all the answers

Which document provides a summary of the government's expenditure and revenue for the upcoming fiscal year?

Budget at a Glance (D) Signup and view all the answers

What is the significance of the Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement?

It outlines the government's long-term fiscal policy goals and strategies (D) Signup and view all the answers

Which document explains in detail the government's plans to implement budget announcements from the previous fiscal year?

Implementation of Budget Announcements, 2023-24 (A) Signup and view all the answers

What does the Annual Financial Statement under Article 112 primarily focus on?

Expenditure projections for the upcoming fiscal year (B) Signup and view all the answers