The 'Finance Bill' is passed under which article of the Constitution? MCQ with Answer and Explanation

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The 'Finance Bill' is passed under which article of the Constitution?

A. Article 280

B. Article 117

C. Article 324

D. Article 110

Answer: Option B

Solution (By JKSSB Mock Tests)

The Finance Bill is a Money Bill passed under Article 117.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Eighth Five Year Plan' period was:

A. 1990-1995

B. 1997-2002

C. 1987-1992

D. 1992-1997

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Correct Answer: Option D

Explanation:
The Eighth Five Year Plan covered 1992-1997.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' is collected by the central government under which component?

A. SGST

B. CGST and IGST

C. UTGST only

D. SGST only

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Correct Answer: Option B

Explanation:
The central government collects CGST and IGST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Revenue deficit' indicates that the government's:

A. revenue receipts exceed revenue expenditure

B. total budget is balanced

C. capital expenditure exceeds capital receipts

D. revenue expenditure exceeds revenue receipts

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Correct Answer: Option D

Explanation:
Revenue deficit is the excess of revenue expenditure over revenue receipts.

This question belongs to: Economy GK Economy Set 1

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