What is the main purpose of the Finance Commission in India?

To prepare the annual Union Budget.

To recommend measures for the distribution of financial resources between the Union and States.

To control the fiscal policies of the Central Government.

To regulate the banking sector in the country.

What is the significance of the principle of accountability in financial administration?

It ensures that financial resources are equally distributed between the Union and States.

It emphasizes the need for effective control and coordination in budgeting.

It holds the government responsible for spending money only as sanctioned by the legislature.

It encourages the Union and State Governments to work independently of each other.

Which of the following taxes are levied and collected by the Union but assigned to the States within which they are leviable?

Income tax on agricultural income.

Taxes on transactions in stock exchanges.

Taxes on the sale and purchase of newspapers.

Excise duties on medicinal and toilet preparations.

In the context of the Union Budget, what is the significance of "budget estimates," "revised estimates," and "actuals"?

Budget estimates represent estimated revenues and expenditures for the next financial year.

Revised estimates provide an overview of actual revenues and expenditures for the current financial year.

Actuals represent the expected revenue and expenditure figures for the following year.

Budget estimates are the actual revenues and expenditures realized during the current financial year.

What is the primary purpose of the Planning Commission's consultation with Union government ministries?

To finalize the budget estimates for the upcoming fiscal year.

To allocate funds for state governments.

To assess the performance of ongoing government schemes.

To provide input for the Central Budget's plan expenditure.

What is the primary objective of the fiscal responsibility and budget management Act?

To increase fiscal deficit for economic growth.

To encourage government borrowing for infrastructure development.

To reduce fiscal and revenue deficits and ensure prudent fiscal management.

To allocate more funds for social welfare programs.

What role does the Finance Ministry play in the budget formulation process?

It finalizes the budget estimates for plan expenditure.

It provides revised estimates for the ongoing fiscal year.

It consolidates all figures for the budget and prepares the final budget documents.

It approves the budget proposals submitted by other ministries.

Which stage of budget preparation involves pre-budget consultations with relevant stakeholders?

Legislative review of budget implementation

How does the Finance Minister seek permission to present the Union Budget to Parliament?

By consulting the President of India.

By obtaining approval from the Planning Commission.

By submitting the budget proposals to the Cabinet.

By seeking input from the Chief Justice of India.

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