Union Budget 2018 Questions Set 3

2018 Union Budget Quiz Set 2

We have come up with important Quiz Questions based on the Union Budget 2018-19 that are expected in the upcoming examinations.

MCQs based on Union Budget 2018-19Click Here to Read the Highlights of Union Budget 2018-19

  1. In the Budget 2018, Finance Minister has announced to keep the Minimum support price (MSP) for the all unannounced crops of kharif at- least at _____ times of their production cost.
    1.5
    1
    2
    2.5
    3
    Option A
    Government has declared Minimum support price (MSP) for the majority of rabi crops at least at 1.5 times the cost involved and MSP for the all unannounced crops of kharif at least at 1.5 times of their production cost.

     

  2. What is the rate of tax fixed on distributed income by equity oriented mutual fund as per the Union Budget 2018?
    5%
    10%
    15%
    8%
    12%
    Option B
    Government has proposed to introduce a tax on distributed income by equity oriented mutual fund at the rate of 10%.

     

  3. In a move to benefit the senior citizen of the country, the government has decided to raise the deduction limit for health insurance premium/medical expenditure from Rs 30,000 to Rs ___________
    Rs. 35,000
    Rs. 40,000
    Rs. 50,000
    Rs. 55,000
    Rs. 45,000
    Option C
    Deduction limit for health insurance premium/medical expenditure raised from Rs. 30,000 to Rs. 50,000 under section 80D..

     

  4. For the benefit of the salaried class people and the pensioners, the Budget has proposed a standard deduction of Rs _______for transport allowance and reimbursement of miscellaneous medical expenses
    Rs 30,000
    Rs 50,000
    Rs 20,000
    Rs 10,000
    Rs 40,000
    Option E
    Standard Deduction of Rs. 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses to benefit salaried employees and pensioners.

     

  5. As per the data in the Union Budget 2018-19, how many new taxpayers were recorded to file returns of income in the fiscal 2016-17 as comapred to the preceding year?
    81.11 lakhs
    88.81 lakhs
    82.21 lakhs
    85.51 lakhs
    87.71 lakhs
    Option D
    85.51 lakhs new taxpayers filed their returns of income in financial year 2016-17, as against 66.26 lakhs in the immediately preceding year.

     

  6. The Government of India has decided to observe the ________ birth anniversary of Mahatma Gandhi from 2nd October, 2019 to 2nd October 2020.
    150
    145
    155
    125
    175
    Option A
    Commemorate 150th birth anniversary of Mahatma Gandhi, Father of the Nation, from 2nd October, 2019 to 2nd October 2020.

     

  7. The Union Budget 2018-19 proposes to automatically revise the emoluments of Member of Parliaments (MPs) every ________ years
    2
    7
    4
    5
    10
    Option D
    Proposed necessary changes to refix emoluments of Member of Parliaments (MPs) with effect from April 1, 2018; automatic revision of emoluments every 5 years, indexed to inflation.

     

  8. Which among the following policies regarding toll system would be introduced by the Indian Government as stated in the Union Budget 2018?
    Easy Pay
    Toll Tax Pay
    Pay As You Use
    My Toll Pay
    Pay On Way
    Option C
    Propose policy to introduce toll system on ‘‘pay as you use’’ basis.

     

  9. How much amount has been allocated for the development of suburban rail network in Bengaluru?
    Rs 20,000 crore
    Rs 10,000 crore
    Rs 12,000 crore
    Rs 15,000 crore
    Rs 17,000 crore
    Option E
    Rs 17,000 crore has been allocated to add 160 km of suburban network in Bengaluru.

     

  10. As per the Union Budget 2018, how many unmanned level crossing in the broad gauge network would be eliminated by the government in the next 2 years?
    4555
    4267
    4132
    4369
    4462
    Option B
    Government to eliminate 4267 unmanned level crossings in the broad gauge network in the next 2 years.

     

  11. How many more houses has been sanctioned to be constructed under the Prime Minister Awas Scheme (Rural) during 2018-19?
    45 lakh
    37 lakh
    51 lakh
    26 lakh
    69 lakh
    Option C
    Under Prime Minister Awas Scheme (Rural), 51 lakhs houses in year 2017-18 and 51 lakh houses during 2018-19 will be constructed exclusively in rural areas.

     

  12. The government has lowered the women employees’ contribution in EPF to _____ percent for first 3 years of their employment
    5%
    8%
    10%
    12%
    15%
    Option B
    Amend Employees Provident Fund and Miscellaneous Provisions Act, 1952 to reduce women employees’ contribution to 8% for first 3 years of their employment against existing rate of 12% or 10% with no change in employers’ contribution.

     

  13. How much amount has been allocated to the Scheduled Tribes (STs) in 2018-19?
    Rs 35,115 crore
    Rs 37,125 crore
    Rs 39,135 crore
    Rs 32,145 crore
    Rs 38,155 crore
    Option C
    Allocation for Scheduled Tribes (STs)- Rs 39,135 crore in BE 2018-19.

     

  14. How much amount has been allocated to the National Social Assistance Programme in the Union Budget 2018-19?
    Rs 9975 crore
    Rs 9795 crore
    Rs 9597crore
    Rs 9957 crore
    Rs 9579 crore
    Option A
    Rs 9975 crore allocated to National Social Assistance Programme.

     

  15. How many new Schools of Planning and Architecture (SPA) would be established in the IITs and NITs as autonomous Schools on challenge mode?
    10
    15
    18
    12
    20
    Option C
    18 new SPAs would be established in the IITs and NITs as autonomous Schools on challenge mode.

     

  16. How many centres under Ayushman Bharat programme will be set up to provide health facilities closer to home?
    1 lakh
    1.5 lakh
    2 lakh
    2.5 lakh
    3 lakh
    Option B
    Ayushman Bharat programme allocated Rs 1,200 crore under which 1.5 lakh centres will be set up to provide health facilities closer to home.

     

  17. According to the Union Budget 2018-19, how many free LPG gas connections has been proposed to be provided to women under UJJWALA Scheme?
    1 crore
    2 crore
    5 crore
    6 crore
    8 crore
    Option E
    Proposed 8 crore free LPG gas connections to women under UJJWALA Scheme

     

  18. How much amount has been allocated to the Fishery and Aquaculture Infrastructure Development Fund (FAIDF) and Animal Husbandry Infrastructure Development Fund (AHIDF) in the Budget 2018?
    Rs 10,000 crore
    Rs 20,000 crore
    Rs 30,000 crore
    Rs 40,000 crore
    Rs 50,000 crore
    Option A
    Fishery and Aquaculture Infrastructure Development Fund (FAIDF) and Animal Husbandry Infrastructure Development Fund (AHIDF) to be set up with total corpus of Rs 10,000 crore.

     

  19. Under the National Health Protection Scheme, how much insurance coverage would be provided to each poor and vulnerable families for treatment?
    Rs 2 lakh
    Rs 5 lakh
    Rs 7 lakh
    Rs 2.5 lakh
    Rs 6 lakh
    Option B
    World’s largest Health Protection Scheme covering over 10 crore poor and vulnerable families launched with coverage upto Rs 5 lakh per family for secondary and tertiary treatment.

     

  20. What is the expected range of GDP growth of India in the second half of 2017-18 as per data in Union Budget 2018?
    7.1% – 7.5%
    7.1% – 7.7%
    7.2% – 7.5%
    7.3% – 7.9%
    7.5% – 7.9 %
    Option C
    India’s GDP is expected to grow at 7.2% to 7.5% in the second half of 2017-18.

     


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