1.The first finance commission was constituted in:
2. When will demand become a grant?
(a) When a demand is proposed
(b) After the discussion on demand is over
(c) After the demand is granted
(d) When the Budget Session is closed
3. The Finance Commission—
(a) Draws up Five Year Plans
(b) Formulates Monetary Policy
(c) Recommends pay revision of Central Government Employees
(d) Adjudicates on the sharing of resources between Centre and the States
4. For distribution of powers between the Union and the States, the Constitution of India introduces three lists. Which two of the following Articles govern the distribution of powers:
(a) Articles 4 and 5
(b) Articles 56 and 57
(c) Articles 141 and 142
(d) Articles 245 and 246
5. For which purpose is the Finance Commission appointed?
(a) To make recommendation for devolution of non-plan revenue resources
(b) To earn foreign exchange
(c) To recommend measures for profit making public sector enterprises
(d) To impose taxes
6. With reference to the Constitution of India, which one of the following pairs is NOT correctly matched?
(a) Forests : Concurrent List
(b) Stock Exchange : Concurrent List
(c) Post Office Saving Bank : Union List
(d) Public Health : State List
7. Which one of the following Articles of the Constitution of India says that the executive power of every State shall be so exercise as not to impede or prejudice the exercise of the executive power of the Union?
(a) Article 257
(b) Article 258
(c) Article 355
(d) Article 358
8. Fiscal Deficit is:
(a) Total expenditures — Total receipts
(b) Revenue expenditures — Revenue receipts
(c) Capital expenditures — Capital receipts — Borrowings
(d) Sum of Budget deficit and Government’s market borrowings and liabilities
9. Which one of the following forms the largest share of deficit in Government of India Budget?
(a) Primary deficit
(b) Fiscal deficit
(c) Revenue deficit
(d) Budgetary deficit
10. In which list does the Union Government enjoy exclusive powers?
(a) Union List
(b) State List
(c) both ‘a’ and ‘b’
(d) Concurrent List