Full Quiz on 2015-16 Union Budget

Hello Aspirants. Welcome to Union Budget 2015 Quiz in TCA PAGE. Here we are creating quiz covering important news in Union Budget 2015, which is common for all the SBI PO or IBPS exams, SSC, UPSC and other competitive exam. So here is the question and answers for Union Budget 2015-16

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UNION BUDGET 2015-16 Quiz

1. In the Union
Budget 2015-16, Service tax was raised from ____% to 14%.

(a) 12.46
(b) 12.36
(c) 12.63
(d) 12.26
(e) None of the above
2. What is the
Defence Budget in 2015-16 Union Budget? (Options in Lacs Crore)
(a) 2.35
(b) 2.26
(c)  2.46
(d) 2.29
(e) 2.31
3. What is the
increased Excise Duty on Cigarettes in Union Budget 2015-16?
(a) 23%
(b) 22%
(c)  15%
(d) 25%
(e) 40%
4. Union Government
announced Swachch Bharat cess on selected services. What will be the % added

to the services under this cess?
(a) 1.2%
(b) 1%
(c)  2.3%
(d) 4%
(e) 2%
5. What is the
premium amount of Pradhan Mantri Suraksha Bima Yojana?
(a) Rs 12
(b) Rs 14
(c)  Rs 16
(d) Rs 24
(e) Rs 11
6. What is the amount
Increased in limit of deduction in health insurance premium?
(a) Rs 25,000
(b) Rs 40,000
(c)  Rs 15,000
(d) Rs 10,000
(e) Rs 30,000
7. Permanent Account
Number (PAN) was made mandatory for transactions above ______ rupees.
(a) 75 thousand
(b) 50 thousand
(c)  2 lacs
(d) 1 lac
(e) 1 lac 50 thousand
8. The Plan
Expenditure for 2015-16 is set at Rs __________ crores.
(a) 4,65,277
(b) 4,25,277
(c)  4,35,277
(d) 4,65,377
(e) 4,25,377
9. Name the state(s)
announced in the Budget 2015-16 to receive Special Financial Assistance by
(a) Telengana
(b) Bihar
(c)  West Bengal
(d) Both (a) & (b)
(e) Both (b) & (c)
10. Indian School of
Mines which is proposed to be upgraded to IIT is located in which State?
(a) Chhattisgarh
(b) Odisha
(c)  Jharkhand
(d) Madhya Pradesh
(e) Bihar
11. Which of the
following is/are NOT a salient feature of PM Jeevan Jyoti Bima Yojana?
(a) A premium of Rs 330 per Annum.
(b) A coverage of Rs 2 Lacs in Case of Death or Disability.
(c)  The age limit is from 18 years to 55 years.
(d) Both (a) & (b)
(e) Both (b) & (c)
12. What is the
healthcare expenditure set for 2015-16? (Options in Crore)
(a) 33,156
(b) 33,152
(c)  23,156
(d) 23,152
(e) 44,156
13. In the Union
Budget 2015-16, it was announced that the Corporate tax will be gradually
from 30% to 25% over the
period of ____ years.
(a) 3
(b) 2
(c)  4
(d) 5
(e) 7
14. What is the
amount allocated to support micro-irrigation, watershed development and the
Mantri Krishi Sinchai
(a) 5,300 Crore
(b) 5,600 Crore
(c)  6,300 Crore
(d) 6,500 Crore
(e) 5,800 Crore
15. What is Paramparagat
Krishi Vikas Yojana?
(a) A watershed development scheme
(b) An organic farming scheme
(c)  Co-operative Agricultural Credit scheme
(d) Agricultural infrastructure development scheme
(e) None of them

Part- 2

1) What is the name of the proposed micro and SME development finance unit that was announced in the Budget? – MUDRA Bank
2) How much allocation has been made for the proposed MUDRA Bank, which has been proposed for giving boost to micro and SME sectors? – Rs. 20,000 crore
3) Which regulator is proposed to be merged with the SEBI as announced in this budget? – Forward Markets Commission – FMC (FMC is the regulator of the commodities market in India)
4) The service tax has been hiked from present 12.36% to – 14%
5) 100% tax deduction has been allowed for contribution to which two important central govt. schemes in this budget? – Swachh Bharat Fund and Namami Gange Fund
6) Which tax has been abolished with a cess in this budget? – Wealth Tax (It has been replaced with a 2% cess on super rich individuals. The super rich individuals are those with an annual income of over Rs. 1 crore)
7) The establishment of a new film production centre (Centre for Film Production and Animation) in which Northeastern state has been proposed in the budget? – Arunachal Pradesh
8) What is the name of the new scheme to empower and enable minority youths, announcement for which was made in the budget? – “Nayi Manzil” (This scheme was announced to enable minority youth to obtain school leaving certificate and gain better employment)
9) The corporate tax will be reduced from present 30% to 25% as announced in the Budget. This reduction, however, will be done across how many years? – 4 years
10) What is the name of the new insurance scheme announced in the Budget under which insurance coverage of Rs. 2 lakh will be provided with a daily premium of Re.1? –“Pradhan Mantri Jeevan Jyoti Bima Yojana”
11) How much additional allocation for MGNREGA was announced in the Budget, which had made this year’s MNREGA allocation the highest ever? – Rs. 5,000 crore(Total allocation stands at Rs. 34,699 crore)
12) The Budget proposed what status to the non-banking financial companies (NBFCs) registered with RBI with corpus above Rs. 5,000 crore? – Financial Institutions
13) Establishment of how many Ultra Mega Power Plants (UMPPs) with capacity of 4,000 MW each has been proposed in the Budget? – Five (Total investment of Rs. 1 lakh crore has been proposed for establishment of these 5 UMPPs)
14) How many years deferment for General Anti-Avoidance Rules (GAAR) was announced in the Budget? – 2 years (GAAR is a general set of rules enacted to limit tax avoidance. It was proposed to be effective from April 2015. But with this announcement it has now been deferred to April 2017)

15) What is level of fiscal deficit for 2015-16 as proposed in the budget? – 3.9% of GDP

You may also like this:-

  1. Union Budget 2015-16 Highlights
  2. Important Economic Terms
  3. Economics Notes

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