India Budget 2022 MCQs

 1- Who presented the Budget 2022 in the Parliament?

A. Narendra Modi
B. Nirmala Sithraman
C. Rajnath Singh
D. Amit Shah

Ans: B

Explanation: Finance Minister Nirmala Sitharaman presented the Budget 2022 on February 1 in Parliament. 

2- Tax imposed on imports and exports of goods when they are transported across the international borders is known as______. 

A. Sales Tax
B. Value Added Tax
C. Customs Duty
D. Trade Tax

Ans: C

Explanation: Customs Duty is the tax which is imposed on imports and exports of goods when they are transported across the international borders. 

3- When was India's first Budget introduced?

A. 7 April 1860
B. 1 February 1948
C. 26 November 1947
D. 12 October 1947

Ans: A

Explanation: India's first Budget was introduced on 7 April 1860 by Scottish economist and politician James Wilson to the British Crown. 

4- ______ is the discount granted by the Government of India to make essential items available at affordable rates to the general public. 

A. Tax Exemption
B. PM SVANidhi
C. Maximum Retail Price
D. Subsidy Bill

Ans: D

Explanation: The Government of India provides Subsidy Bill to its citizens to make essential items available at affordable rates. 

5- At which rate, the income tax is imposed in India?

A. Regressive
B. Digressive
C. Progressive
D. Proportional

Ans: B

Explanation: The income tax is imposed at the digressive rate in India which is a combination of progressive and proportional. In the case of the digressive rate, the tax is increased firstly with an increase in income and then the rate remains flat or constant with a further increase in income.

6- Who presented the first Union Budget of Independent India?

A. CD Deshmukh
B. RK Shanmukham Chetty
C. Moraji Desai
D. Jawaharlal Nehru

Ans: B

Explanation: RK Shanmukham Chetty presented Independent India's first Budget on 26 November 1947. 

7- Who holds the record for delivering the longest Budget speech in India?

A. Nirmala Sitharaman
B. Arun Jaitley
C. Indira Gandhi
D. Jawaharlal Nehru

Ans: A

Explanation: Nirmala Sitharaman holds the record for delivering the longest Budget speech in India. While presenting the Union Budget 2020-21, she spoke for 2 hours and 42 minutes, breaking her previous record of July 2019 speech (2 hours 17 minutes). 

8- Who holds the record for delivering the shortest Budget speech in India?

A. Dr. Manmohan Singh
B. Arun Jaitley
C. Hirubhai Mulljibhai Patel
D. Jaswant Singh

Ans: C

Explanation: The shortest Budget speech was delivered by former Finance Minister Hirubhai Mulljibhai Patel. Patel presented the Interim Budget in 1977 which was 800 words long.

9- The word "Budget" is derived from which French word that means a "Small Bag"?

A. Budgetto
B. Budgetale
C. Budgatte
D. Bougette

Ans: D

Explanation: The word Budget has been derived from the French word 'Bougette' which means 'small bag'.

10- Who was the first Prime Minister to present the Union Budget?

A. Indira Gandhi
B. Jawaharlal Nehru
C. Raji Gandhi
D. None of the above

Ans: B

Explanation: Former Prime Minister Jawaharlal Nehru was the first PM to present the Union Budget for the FY 1958-1959. Other than Jawaharlal Nehru, Indira Gandhi and Rajiv Gandhi were the only Prime Ministers to have presented the Budget during their respective administration.