1. What will be shape of Gross Domestic Product (GDP) growth recovery ?
a. S-shape
b. U-shape
c. V-shape
d. I-shape
✔️ c. V-shape
According to Chief Economic Advisor Krishanamurthy Subramaniam - GDP in 2019 : 4.2%, GDP in 2020 : -7% and GDP in 2021 : 11%.
It would be in V-shape economic recovery.
2. Union Budget 2021-22 presented in
a. First time Digitally
b. Rajya Sabha
c. Video Conferencing
d. Joint Session of the Parliament
✔️ a. First time Digitally
The Union Budget is presented first time in Digital form and Finance Minister launched Union Budget App.
3. Arrange the decreasing order of tax collection
I. GST
II. Corporation Tax
III. Income Tax
IV. Excise
a. I, IV, III, II
b. I, II, III, IV
c. I, III, II, IV
d. III, I, II, IV
✔️ c. I, III, II, IV
Decreasing order of Tax Collection 2021-22 :
GST, Income Tax, Corporation Tax, Excise, Customs.
4. Which is a CORRECT option for Cess ?
a. Permanent tax
b. It is imposed by State Government Only
c. It is kept in Consolidated Fund of India
d. It is same as surcharge
✔️ c. It is kept in Consolidated Fund of India
In simple word, Cess is tax on tax.
5. Recently, What percentage of cess on Direct tax for Health & Education ?
a. 3%
b. 4%
c. 5%
d. 6%
✔️ b. 4%
6. Rs. 1,18,452 crore as Revenue Deficit Grant in 2021-22 to
a. 15 States
b. 16 States
c. 17 States
d. 18 States
✔️ c. 17 States
7. What are tax relief by Union Budget 2021-22 ?
I. Exemption from filing income tax returns for senior citizens
II. Eligibility for claiming tax holiday for Start-ups proposed to be extended by one more year
III. Dividend payment to REIT/InvIT to be exempted from TDS
Select CORRECT code given below
a. I and II Only
b. I, II, III
c. II and III Only
d. I and III Only
✔️ c. II and III Only
Exemption from filing income tax returns for senior citizens (75 years and above) who only have pension and interest income. The paying Bank will deduct the necessary tax on their income.
8. Arrange increasing order of Expenditure
I. Interest Payments
II. Central Sector Schemes
III. Centrally Sponsored Schemes
IV. Subsidy
Select CORRECT code given below
a. I, II, III, IV
b. IV, III, II, I
c. II, III, I, IV
d. III, IV, II, I
✔️ b. IV, III, II, I
9. Which is a highest allocation Ministry in Budget 2021-22 ?
a. Ministry of Education
b. Ministry of Health and Family Welfare
c. Ministry of Railways
d. Ministry of Defence
✔️ d. Ministry of Defence
10. Consider a CORRECT statement regarding Indirect Tax in Budget 2021-22.
a. Rationalisation of duties on raw material inputs to man made textiles
b. No custom duty on gold and silver
c. Rationalisation of customs duty structure by continuing existing exemptions
d. None of the above
✔️ a. Rationalisation of duties on raw material inputs to man made textiles
11. Consider the following statements regarding External Debt 2013 to 2020
I. Increased Debt to Service Ratio
II. Slightly increased external debt to GDP
III. Reduce ratio of Short-term debt to reserves
Choose CORRECT statement given above
a. I and II Only
b. I and III Only
c. II and III Only
d. All of the Above
✔️ d. All of the Above
12. Affordable housing projects to get a tax holiday for
a. Three Years
b. Two Years
c. One Year
d. Five Years
✔️ c. One Years
13. Agriculture Infrastructure and development cess proposed on certain items including
I. Urea
II. Apples
III. Crude Soyabean and Sunflower Oil
IV. Crude Palm oil
V. Kabuli Chana
VI. Peas
Select CORRECT code given below
a. I, II, III and IV
b. II, III, IV, V and VI
c. III, IV, V and VI
d. All of the Above
✔️ d. All of the Above
14. Proposal to increase FDI limit from 49% in insurance to
a. 51%
b. 70%
c. 74%
d. 75%
✔️ c. 74%
15. Bank Deposit insurance increase from Rs. 1 lakh to
a. Rs. 3 lakh
b. Rs. 5 lakh
c. Rs. 7 lakh
d. Rs. 9 lakh
✔️ b. Rs. 5 lakh
16. How many Agricultural Mandis to be integrated into the e-NAM market place
a. 1,000
b. 2,000
c. 3,000
d. 4,000
✔️ a. 1,000
Also Read : what is e-NAM ?
17. Five major fishing hubs to b developed in
a. Chennai, Mumbai, Kolkata
b. Vishakhapatnam, Chennai, Paradip
c. DDP, Kochi, Tuticorin
d. Chennai, Kochi, Paradip
✔️ d. Chennai, Kochi, Paradip
18. Consider the following statements regarding Education in Budget 2021-22
I. 100 new schools to be set up
II. 750 Eklavya schools to be set up in tribal areas
III. A Central University to come up in Jammu
Choose CORRECT statement given above
a. I and III Only
b. I and II Only
c. II and III Only
d. I, II, III
✔️ b. I and II Only
A Central University to come up in Ladakh
19. Vivad Se Vishwas Scheme for
a. NPA
b. To settle Capital dispute
c. To settle Tax dispute
d. None of these
✔️ c. To settle Tax dispute
Over 1 lakh taxpayers opted to settle tax disputes of over Rs. 85,000 crore through Vivad Se Vishwas Scheme until 30th January 2021.
20. Four Indian astronauts being trained on Generic Space Flight aspects, in Russia as part of the
a. Mangal Mission
b. Chandra Mission
c. Gaganyan
d. NASA Mission
✔️ c. Gaganyan
21. Which technologies will be used to provide metro rail systems at much lesser cost with similar experience
I. MetroLite
II. MetroNeo
Select CORRECT code given below
a. I Only
b. II Only
c. Both (a) and (b)
d. None of the Above
✔️ c. Both (a) and (b)
22. Consider the following statements regarding Health in Budget 2021-22
I. Mission Poshan 2.0 to be launched to improve nutritional outcomes across 112 aspirational districts
II. Strengthening of Urban Swachh Bharat Mission 2.0
III. To tackle air pollution
IV. Jal Jeevan Mission (Urban) - to be launched
Select CORRECT code given below
a. I, II and III Only
b. II, III and IV Only
c. III and IV Only
d. All of the Above
✔️ d. All of the Above
Additional Read : Health Systems in India
23. The Health and Wellbeing in 2021-22 as against 2020-21 is an increase of
a. 117%
b. 127%
c. 137%
d. 147%
✔️ c. 137%
24. PM AtmaNirbhar Swasth Bharat Yojana is a
a. Centrally Sponsored Scheme
b. Central Sector Scheme
c. Both (a) and (b)
d. None of the Above
✔️ a. Centrally Sponsored Scheme
In Centrally Sponsored Schemes : State may have to contribute (Centre + States).
In Central Sector Scheme funded by Union Government only e.g. PM-KISAN (100% by Centre).
25. Six pillars of the Union Budget 2021-22
I. Health and Wellbeing
II. Physical and Financial Capital, and Infrastructure
III. Inclusive Development for Aspirational India
IV. Reinvigorating Human Capital
V. Innovation and R&D
VI. Minimum Government and Maximum Governance
Select INCORRECT code given below
a. I, II, III, IV and V Only
b. II, III, IV and VI Only
c. All of the Above
d. None of the Above
✔️ d. None of the Above
26. Atmanirbhar Bharat package is how much Percent of total GDP ?
a. 13%
b. 12%
c. 11%
d. 10%
✔️ a. 13%
27. Which Policy is Not related to Health in the Budget 2021-22 ?
a. Poshan 2.0
b. Swachh Bharat Mission 2.0
c. Jal Jeevan Mission (Urban)
d. SWAMITVA Scheme
✔️ d. SWAMITVA Scheme
SWAMITVA Scheme is a record of rights, which is being given to property owners in village.
Additional Read : Budget 2021-22 for Health
28. Under the pillar of Inclusive Development for Aspirational India, the budget speech announced
I. Agriculture and allied sectors
II. Farmers Welfare
III. Migrant Workers
IV. Financial Inclusion
V. Financial Capital
Select CORRECT code given below
a. I, II, III, IV
b. I, II, III IV, V
b. I, II, III, V
c. I, III, IV, V
✔️ a. I, II, III, IV
29. Which company's IPO will be launched in Annual Financial Statements 2021-22 as a part of Government's disinvestment strategy ?
a. LIC
b. BHEL
c. Air India
d. Indian Railways
✔️ a. LIC
30. The Finance Minister has announced how much amount for COVID-19 vaccine during the period 2021-22 ?
a. Rs. 55,000 crore
b. Rs. 40,000 crore
c. Rs. 35,000 crore
d. Rs. 30,000 crore
✔️ c. Rs. 35,000 crore
31. How many new Emergency Health Center and Mobile Hospital will open in India ?
a. 15 and 5
b. 15 and 2
c. 13 and 5
d. 13 and 2
✔️ b. 15 and 2
32. In budget session 2021-22, Government decided to setting up how many Regional National Institute for Virology ?
a. 6
b. 5
c. 4
d. 3
✔️ c. 4
33. In budget 2021, A multipurpose seaweed park will be established in which state ?
a. Kerala
b. Andhra Pradesh
c. Odisha
d. Tamil Nadu
✔️ d. Tamil Nadu
34. Which is an INCORRECT regarding Production Linked Incentive Scheme (PLI) ?
a. Promote Vocal for Local
b. Achieve goal of Atmanirbhar Bharat
c. Increase Export
d. Increase Import
✔️ d. Increase Import
PLI scheme to create manufacturing global champions for an AtmaNirbhar Bharat have announced for 13 sectors in budget session 2021-22.
35. Which announcements of budget 2021-22 related to clean environment ?
a. Vehicle scraping policy
b. SWAMITVA Scheme
c. Disinvestment
d. Poshan 2.0
✔️ a. Vehicle scraping policy
36. Which is an INCORRECT regarding the Swachh Bharat Mission 2.0 ?
a. Complete faecal sludge management and waste water treatment
b. Source segregation of garbage
c. Bio-remediation of some legacy dump sites
d. Reduction in Single-use plastic
✔️ c. Bio-remediation of some legacy dump sites
37. The Urban Swachh Bharat Mission 2.0 will be implemented over a period of 5 years from ?
a. 2021-2026
b. 2020-2025
c. 2022-2027
d. 2023-2028
✔️ a. 2021-2026
38. What is/are aim of Mega Investment Textiles Parks (MITRA) ?
a. To making globally competitive Textile Industry
b. Textile Industry attract large investment
c. To boost Employment Generation & export
d. All of the Above
✔️ d. All of the Above
39. The Madurai-Kollam corridor, Chittoor-Thatchur corridor will be developed under 3,500 km of NH in ......?
a. Karnataka
b. Tamil Nadu
c. Andhra Pradesh
d. Kerala
✔️ b. Tamil Nadu
40. Western Dedicated Freight Corridor (DFC) and Eastern DFC to be commissioned by
a. January 2022
b. March 2022
c. June 2022
d. July 2022
✔️ c. June 2022
Western Dedicated Freight Corridor (DFC) and Eastern DFC to be commissioned by June 2022, will bring down the logistic costs there by enabling Make in India strategy.
41. 100% electrification of Broad-Gauge route will be completed by......?
a. December 2022
b. December 2023
c. December 2024
d. December 2025
✔️ b. December 2023
42. A comprehensive National Hydrogen Energy Mission 2021-22 will be launched for generating hydrogen from......?
a. Renewable Sources
b. Non-renewable Sources
c. Both (a) and (b)
d. None of these
✔️ a. Renewable Sources
43. Which is not a part of Single Security Markets Code ?
a. SEBI Act, 1992
b. Depository Act, 1996
c. Government Security Act, 2007
d. RBI Regulation Act, 1992
✔️ d. RBI Regulation Act, 1992
44. Which is/are part of strategic disinvestment ?
a. IDBI bank
b. Pawan Hans
c. Both (a) and (b)
d. None of these
✔️ c. Both (a) and (b)
Strategic Disinvestment of BPLC, Air India, Shipping Corporation of India, Container Corporation of India, IDBI Bank, BEML, Pawan Hans, Nilanchal Ispat Nigam Limited etc. to be completed by 2021-22.
45. Operation Green Scheme extended to
a. 15 Perishable Products
b. 22 Perishable Products
c. 25. Perishable Products
d. 23 Perishable Products
✔️ b. 22 Perishable Products
46. The fiscal deficit in BE 2021-2022 is estimated to be ...... Percentage of GDP ?
a. 6.5%
b. 6.6%
c. 6.7%
d. 6.8%
✔️ d. 6.8%
47. The FRBM Act mandates fiscal deficit of ....... of GDP to be achieved by 31st March 2020-21.
a. 3%
b. 3.3%
c. 3.5%
d. 3.6%
✔️ a. 3%
48. Where is mentioned annual financial statements (Budget) in the Constitution of India ?
a. Article 110
b. Article 111
c. Article 112
d. Article 117
✔️ c. Article 112
49. Who represent Budget in the Parliament ?
a. Finance Minister
b. Finance Commission
c. Prime Minister
d. President
✔️ a. Finance Minister
50. Which is an INCORRECT regarding Budget.
a. It is an annual Financial Statement
b. Joint Session of the Parliament due to Dead lock
c. More power in Lok Sabha
d. Budget represent in parliament with prior recommendations of the President
✔️ b. Joint Session of the Parliament due to Dead lock
Also Read : Highlights of Union Budget 2021-22
51. Consider the following statements regarding disinvestment target for 2021-22
I. The government has set a disinvestment target of Rs. 1.75 lakh crore for 2021-22.
II. The disinvestment is lower than Rs. 2.1 lakh crore from disinvestment in 2020-21
Select the CORRECT code given below
a. I Only
b. II Only
c. Both I and II
d. None of These
✔️ c. Both I and II
52. Why is/are disinvestment necessary ?
a. To reduce the fiscal burden on the exchequer
b. To bridge the revenue shortfall from other regular sources
c. Both (a) and (b)
d. None of the Above
✔️ c. Both (a) and (b)
In some cases, disinvestment may be done to privatise assets. However, not all disinvestment is privatisation.
53. What is the biggest source of income for Central Government in the Union Budget 2021-22 ?
a. GST
b. borrowing and other Liabilities
c. Income Tax
d. Corporate Tax
✔️ b. Borrowing and Other Liabilities
54. What is the largest item of expenditure in the Union Budget 2021-2022 ?
a. Interest Payment
b. States share of taxes and duties
c. Central Sector Scheme
d. Subsidies
✔️ a. Interest Payment
55. Recycling of Ports to be doubled by
a. 2022
b. 2024
c. 2026
d. 2028
✔️ b. 2024
56. Consider the following statement regarding Union Budget 2021-22 proposal
I. Education for all
II. Healthy India
III. Women empowerment
IV. Strong infrastructure
V. Inclusive development
Select the CORRECT code given below
a. I, II, III and IV
b. II, III, IV and V
c. III, IV and V
d. All of the Above
✔️ d. All of the Above
57. According to Budget speech 2021-22, Manufacturering companies need to become
I. An integral part of global supply chains
II. Possess core competence
III. Cutting edge technology
Select the CORRECT answer using code given below
a. I Only
b. II Only
c. I and II Only
d. I, II and III
✔️ d. I, II and III
58. How India will achieve V-shaped economic recovery ?
a. Asset monetisation only
b. Spending in public health and Public infrastructure
c. Creating Jobs
d. All of these
✔️ d. All of these
59. Consider the following statements related to promoting Domestic Industry under Budget 2021-22 proposal
I. Increase custom duty
II. Incentive to exporter of garments, leather, and handicraft items
Select the CORRECT answer using code given below
a. I Only
b. II Only
c. Both I and II
d. None of these
✔️ c. Both I and II
60. Under Budget 2021-22 proposal with respect to Migrant Workers and Labourers, which statements is/are correct
I. One Nation One card implementation underway
II. New portal to collect information on unorganized labour force, migrant workers
especially
III. Single registration and licencing
Select the CORRECT answer using code given below
a. I Only
b. I and II Only
c. I, II and III
d. II and III Only
✔️ c. I, II and III
➡️ Which of the following constitute Capital Account ?
I. Foreign Loans
II. Foreign Direct Investment
III. Private Remittances
IV. Portfolio Investment
Select the CORRECT answer using the codes given below.
(a) I, II and III
(b) I, II and IV
(c) II, III and IV
(d) I, III and IV
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