The 'Interim Budget' is presented when: MCQ with Answer and Explanation

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The 'Interim Budget' is presented when:

A. there is a financial emergency

B. elections are near or the government is in transition

C. the government has full term

D. there is a war

Answer: Option B

Solution (By JKSSB Mock Tests)

An interim budget is presented before elections or a transition period.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:

A. 28%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Cinema tickets above Rs 100 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Open Market Operations' refer to:

A. Buying and selling of government securities by the central bank

B. Buying and selling of goods in the open market by the government

C. Issuing new shares by companies

D. Lending by commercial banks to the public

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Correct Answer: Option A

Explanation:
Open Market Operations involve the purchase and sale of government securities by the central bank to regulate liquidity and money supply in the economy.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Tax Deduction and Collection Account Number' is used for:

A. depositing TDS and TCS

B. opening a bank account

C. getting PAN

D. filing income tax returns only

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Correct Answer: Option A

Explanation:
TAN is used for depositing tax deducted or collected at source.

This question belongs to: Economy GK Economy Set 1

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