GK Quiz on Union Budget 2026

As the Finance Minister prepares to present the Union Budget on 1 February 2026, it’s the right time to refresh your knowledge of India’s financial system. The Union Budget defines the government’s revenue and expenditure plans and plays a key role in shaping the economy, impacting every sector and citizen. This year’s budget is especially important as it focuses on controlling inflation, boosting infrastructure, and strengthening welfare schemes. Test your understanding with these MCQ-based GK questions, useful for competitive exams and general awareness.

Q1. Who presents the Union Budget in India?
A. Prime Minister
B. President
C. Finance Minister ✅
D. RBI Governor

Q2. On which date is the Union Budget usually presented?
A. 26 January
B. 15 August
C. 1 February ✅
D. 31 March

Q3. The Union Budget is presented for which financial year?
A. Calendar Year
B. Fiscal Year (April–March) ✅
C. January–December
D. Two-Year Period

Q4. Which article of the Indian Constitution deals with the Union Budget?
A. Article 110
B. Article 112 ✅
C. Article 123
D. Article 280

Q5. The Union Budget is also known as—
A. Annual Financial Statement ✅
B. Economic Survey
C. Finance Report
D. Fiscal Policy

Q6. Who approves the Union Budget?
A. President
B. Supreme Court
C. Lok Sabha ✅
D. RBI

Q7. Which house of Parliament discusses the Budget first?
A. Rajya Sabha
B. Lok Sabha ✅
C. Joint Session
D. Standing Committee

Q8. What type of expenditure creates permanent assets?
A. Revenue Expenditure
B. Capital Expenditure ✅
C. Fiscal Expenditure
D. Planned Expenditure

Q9. Which tax is the largest source of revenue for the Government of India?
A. Customs Duty
B. Corporate Tax
C. GST ✅
D. Excise Duty

Q10. What is Fiscal Deficit?
A. Total Expenditure – Total Revenue excluding borrowings
B. Total Revenue – Total Expenditure
C. Total Expenditure – Total Revenue including borrowings
D. Total Expenditure – Total Revenue excluding borrowings ✅

Q11. Which document is presented before the Union Budget?
A. Finance Bill
B. Economic Survey ✅
C. White Paper
D. Appropriation Bill

Q12. What is the main objective of the Union Budget?
A. Control Judiciary
B. Manage Government Finances ✅
C. Run Elections
D. Control RBI

Q13. Which body audits government expenditure mentioned in the Budget?
A. RBI
B. Election Commission
C. CAG ✅
D. Finance Commission

Q14. What is Revenue Deficit?
A. Revenue Expenditure – Capital Receipts
B. Revenue Expenditure – Revenue Receipts ✅
C. Capital Expenditure – Revenue Receipts
D. Total Expenditure – Total Revenue

Q15. Which tax is an indirect tax?
A. Income Tax
B. Corporate Tax
C. GST ✅
D. Wealth Tax

Q16. Which ministry prepares the Union Budget?
A. Home Ministry
B. Finance Ministry ✅
C. Commerce Ministry
D. Planning Commission

Q17. What is a Vote on Account?
A. Full-Year Budget
B. Temporary Budget Approval ✅
C. Supplementary Budget
D. State Budget

Q18. Union Budget 2026 is the budget of which government?
A. State Government
B. Local Government
C. Central Government ✅
D. Municipal Government

Q19. What does Capital Receipt include?
A. Taxes
B. Borrowings ✅
C. Subsidies
D. Salaries

Q20. Which bill authorizes government spending from the Consolidated Fund?
A. Finance Bill
B. Money Bill
C. Appropriation Bill ✅
D. Tax Bill

Q21. Which sector usually gets major focus in the Union Budget?
A. Agriculture
B. Infrastructure
C. Health & Education
D. All of the above ✅

Q22. What is the Consolidated Fund of India?
A. Private Fund
B. Government Account of Revenues & Loans ✅
C. RBI Reserve
D. State Fund

Q23. Who can reject the Union Budget?
A. Rajya Sabha
B. Supreme Court
C. Lok Sabha ✅
D. President

Q24. Budget deficit indicates—
A. Economic Growth
B. Excess Revenue
C. Excess Expenditure over Revenue ✅
D. Balanced Economy

Q25. Union Budget directly affects—
A. Only Government Employees
B. Only Business Sector
C. Only Farmers
D. Every Citizen of India ✅