Banking GK Questions 2026

Preparing the budget, that is estimating the receipts and the expenditure of every department and putting the estimates together, is the work of the executive: in Madhya Pradesh the Finance Department prepares it and the Finance Minister presents it.

Bihar has a bicameral legislature, and a money bill as defined in Article 199 can be introduced only in the Vidhan Sabha, the lower House, and only on the recommendation of the Governor.

The Bihar Fiscal Responsibility and Budget Management Act was passed in 2006, after the central Act of 2003 and the recommendation of the Twelfth Finance Commission that states pass such laws to earn debt relief.

The amendment that brought in the Goods and Services Tax had to be ratified by the legislatures of at least half the states.

Bihar enforced total prohibition from 5 April 2016 and then enacted the Bihar Prohibition and Excise Act, 2016, which bans the manufacture, trade, storage and consumption of liquor in the state.

The Barauni refinery of Indian Oil was commissioned in the 1960s at Barauni in Begusarai district with assistance from the Soviet Union, and around it grew the Barauni fertiliser plant and the Barauni thermal power station, making Begusarai the industrial hub of the state.

The Shahi Litchi of the Muzaffarpur belt in north Bihar received a geographical indication tag for its thin skin, small stone and high sugar content, and the district is often called the litchi capital, with the crop also grown in Vaishali, East Champaran and Samastipur.

Makhana, the gorgon nut or fox nut grown in the ponds and wetlands of the Mithila region, comes overwhelmingly from Bihar, and the produce of the region carries the geographical indication tag Mithila Makhana.

The Bihar Reorganisation Act, 2000 created Jharkhand on 15 November 2000, and with the Chhotanagpur plateau Bihar lost its coal, iron ore, copper, bauxite and mica, along with the heavy industry at Jamshedpur, Bokaro and Ranchi.

Article 267(2) allows the legislature of a state to establish a Contingency Fund of the State by law, placed at the disposal of the Governor, from which advances can be made for unforeseen expenditure pending authorisation by the legislature, the amount being recouped later through a supplementary demand.

A budget is classified by the relation between receipts and expenditure, which gives three kinds only: a balanced budget, in which estimated receipts equal estimated expenditure; a surplus budget, in which receipts exceed expenditure; and a deficit budget, in which expenditure exceeds receipts.

Under Article 204 an Appropriation Bill is introduced after the Vidhan Sabha has voted the demands for grants, and it alone makes the withdrawal of money from the Consolidated Fund of the State lawful; no money may leave that fund except under an appropriation made by law.

Article 202 requires the Governor to cause a statement of the estimated receipts and expenditure of the state for every financial year, called the annual financial statement, to be laid before the House or Houses of the legislature.

This is false: an economic model can be stated in words, shown in diagrams or graphs, or written as equations.

It is one of the two education indicators in NITI Aayog's National Multidimensional Poverty Index. The national MPI measures deprivation, not income, across three equally weighted dimensions: health, education and standard of living.

Both statements describe the standard method used to draw India's poverty line. A poverty line is the income or spending needed to meet basic needs.

TELNET is an application-layer protocol that lets a user log in to a remote computer and work on it through a text terminal.

Bank rate and open market operations are instruments of the Reserve Bank's monetary policy; public debt and public revenue belong to fiscal policy.

SGST Acts are passed by each State Legislature, not by Parliament. The 101st Amendment, 2016 added Article 246A, which gives both Parliament and the State Legislatures the power to make laws on GST, and Article 279A, which created the GST Council.

Deflation is the opposite of inflation: the general price level keeps falling over a period of time. When prices fall steadily, the purchasing power of money rises, but the effect on the economy is usually harmful.