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SSC MTS 2022 PYQ — Question 38

SSC MTS - 25 July 2022 - Shift 1 • General Awareness • Q38

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According to Article 112 of the Constitution of India, the Union Budget of a year is called __________.

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Correct answer: C

Explanation

The correct answer is Option 3 i.e. Annual Financial Statement

  • Article 112 of the Constitution requires the government to present to Parliament a statement of estimated receipts and expenditure in respect of every financial year, from April 1 to March 31. This statement is called the annual financial statement.
  • Annual reports typically include financial statements, such as balance sheets, income statements, and cash flow statements. In addition, there will often be graphs or charts included, helping break down the financials into easily readable information.
  1. Fiscal Budget The difference between total revenue and total expenditure of the government is termed as fiscal Budget or deficit.
    Assessment Statement Economic assessment is the process of identifying, calculating and comparing the costs and benefits of a proposal in order to evaluate its merit, either absolutely or in comparison with alternatives.
    Annual Budget Statement Annual Budget Statement means the annual statement of the estimated receipts and expenditures of the Federal Government laid before the National Assembly under Article 80 of the Constitution;