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Budget 2021 MCQs for Cseet

1. Regarding Budget 2021 choose the correct statement

i) India’s fiscal deficit is set to jump to 9.5 per cent of Gross Domestic Product in 2020-21

ii) No tax reforms have been brought this year

a) Only i

b) Only ii

c) Both i and ii

d) None of the above

Ans. a

2. Regarding Agri-infra cess imposed in this Budget find the correct statement

i) Agri infra cess of 2.5% imposed on gold, silver bars have been imposed

ii) Agri infra cess of 100 pc imposed on alcoholic beverages

a) Only i

b) Only ii

c) Both i and ii

d) None of the above

Ans. c

3. How much customs duty has been levied on cotton and silk in the Budget 2021

a) 10% and 15%

b) 11% and 16%

c) 15% and 10%

d) 8% and 15%

Ans. a

4. Regarding the proposals set forward in the Bidegt 2021 choose the correct statement]

i) Government has proposed to introduce the National Nursing and MIdwifery Commission Bill

ii) Government also proposed national language translation initiative

a) Only i

b) Only ii

c) Both i and ii

d) None

Ans. c

5. The senior citizens had to file income tax but now the income tax filing for what age has been removed?

a) 70 years

b) 72 Years

c) 60 years

d) 75 years

Ans. d

6. Choose the correct statement regarding the Budget 2021

i) Government announced to increase the maximum threshold paid-up capital of small companies from Rs 50 lakh to Rs 2 crore

ii) The government has also increased the threshold of maximum turnover from Rs 2 crore to Rs 20 crore.

a) Only i

b) Only ii

c) Both i and ii

d) None of the above

Ans. c

7. Where is the Budget introduced in India every year?

a) Rajya Sabha

b) Lok Sabha

c) Joint session

d) Rashtrapati Bhawan

Ans.b

8. Who presents Budget in Parliament?

a) Prime Minister

b) Finance Minister

c) Home Minister

d) President of India

e) Defence Minister

Correct Answer: “b”

9 How many times Nirmala Sitharaman presented the budget in parliament?

a) 5

b) 1

c) 3

d) 4

e) 2

Correct Answer: “c”

10. Who presented India’s first-ever budget?

a) James Wilson

b) Jawaharlal Nehru

c) Lord Mountbatten

d) C Rajagopalachari

e) None of the above

Correct Answer: “a”

11. Budget 2021-22 proposals to rest on six pillars. Which of the following is not among them?

a) Health & well being

b) Minimum Government, Maximum Governance

c) Innovation and R&D

d) Inclusive Development for Aspirational India

e) Agricultural Development

Correct Answer: “e”

12. What is the total budget outlay for health & well being?

a) 3.21 lakh crore

b) 2.23 lakh crore

c) 5.06 lakh crore

d) 1.89 lakh crore

e) 4.35 lakh crore

Correct Answer: “b”

13. According to the budget, how much amount is allocated for Covid Vaccine?

a) 20,000 crore

b) 15,000 crore

c) 35,000 crore

d) 30,000 crore

e) 25,000 crore

Correct Answer: “c”

14. How much amount is allocated for PM Atmanirbhar Swasth Bharat Yojana?

a) 64,180 crore

b) 89,634 crore

c) 70,000 crore

d) 65,000 crore

e) 72,237 crore

Correct Answer: “a”

15. In Union Budget 2021, how much amount is allocated for Railways?

a) 1,00,000 crore

b) 3,25,000 crore

c) 1,10,055 crore

d) 2,30,345 crore

e) 30,55,000 crore

Correct Answer: “c”

16. A national rail plan has been prepared by Indian Railways for India. The plan is to create a future-ready railway system by

a) 2030

b) 2025

c) 2035

d) 2040

e) 2050

Correct Answer: “a”

17. Ujjawala Scheme has been extended to how many more districts?

a) 150

b) 110

c) 120

d) 160

e) 100

Correct Answer: “e”

18. How much amount is allocated for tea workers in Assam & West Bengal?

a) 2000 crore

b) 1000 crore

c) 3000 crore

d) 2500 crore

e) 1500 crore

Correct Answer: “b”

19. How much custom duty on cotton and auto parts increased respectively?

a) 20% & 10%

b) 10% & 25%

c) 10% & 15%

d) 25% & 30%

e) 15% & 20%

Correct Answer: “c”

20. According to Union Budget 2021, gross borrowing from the market for the next year would be around

a) 12 lakh crore

b) 15 lakh crore

c) 10 lakh crore

d) 16 lakh crore

e) 13 lakh crore

Correct Answer: “a”

21. The forthcoming census would be the first digital census in the history of India. How much amount is allocated for this in 2021-22?

a) 2,654 crore

b) 4,973 crore

c) 2,872 crore

d) 3,768 crore

e) 4,675 crore

Correct Answer: “d”

22. How much custom duty on solar lantern has been reduced?

a) 4%

b) 7%

c) 6%

d) 5%

e) 3%

Correct Answer: “d”

23. Which company’s IPO will be launched in 2021-22 as a part of the Government’s disinvestment strategy?

a) IDBI

b) LIC

c) Air India

d) SBI

e) IOCL

Correct Answer: “b”

24. As per Union Budget 2021, the fiscal deficit is estimated to be how much percent of GDP?

a) 9.5%

b) 7.4%

c) 8%

d) 8.9%

e) 7.8%

Correct Answer: “a”

25. Union Budget for 2020-21 announced an increase in Foreign Direct Investment (FDI) limit in insurance from 49% to ________.

a) 71%

b) 72%

c) 73%

d) 74%

e) 75%

Correct Answer: “d”

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