The 'Finance Commission' is appointed under which article? MCQ with Answer and Explanation

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The 'Finance Commission' is appointed under which article?

A. Article 356

B. Article 324

C. Article 360

D. Article 280

Answer: Option D

Solution (By JKSSB Mock Tests)

The Finance Commission is constituted under Article 280.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'Primary Deficit' indicates:

A. Revenue deficit excluding interest payments

B. Fiscal deficit excluding interest payments

C. Fiscal deficit including interest payments

D. Budgetary deficit only

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Correct Answer: Option B

Explanation:
Primary deficit = Fiscal deficit − Interest payments. It shows the borrowing requirement of the government excluding the interest burden of past debt.

This question belongs to: Economy GK Economy Set 1

Question #2

The primary market deals with:

A. only government bonds

B. new issue of securities

C. trading of existing shares

D. foreign currency

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Correct Answer: Option B

Explanation:
The primary market deals with the issuance of new securities.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is the primary objective of the Fiscal Responsibility and Budget Management (FRBM) Act in India?

A. To promote deficit financing through money creation

B. To ensure inter-generational equity and fiscal sustainability

C. To eliminate all forms of taxation

D. To increase fiscal deficit indefinitely

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Correct Answer: Option B

Explanation:
The FRBM Act aims to ensure fiscal discipline, inter-generational equity in fiscal management and long-term macroeconomic stability by setting targets for deficit reduction.

This question belongs to: Economy GK Economy Set 1

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