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JAIIB IE&IFS Unit 19 — Union Budget: Free MCQs with Explanations

By Swarnakshi Jha (ex-banker) · Updated 20 September 2026 · Paper 1 of the November 2026 cycle (1 November 2026)

This page is a free slice of our JAIIB IE&IFS question bank for Unit 19 — Union Budget (Module B — Economic Concepts Related to Banking). The Mock Centre holds 61 questions on this unit alone, every one with a why-right / why-wrong explanation; below are the facts examiners keep returning to, five of those questions to try, and the traps that cost marks.

IE&IFS · Module B61 MCQs in the Mock Centre5 free belowPaper on 1 November 2026

Key facts examiners test from this unit

  1. Budget = FM presents; Art. 112 AFS; till 2016 last working day of February → now 1 February (for 1-April implementation); Rail Budget merged 2017.
  2. Revenue receipts = tax + non-tax; gross tax includes corporation/income/customs/GST (CGST + IGST + compensation cess) + residual excise; interest receipts = NON-tax.
  3. Net tax revenue = gross − NCCD(→NCCF) − states' share; NCCD = National Calamity Contingency Duty (note the textbook's Check-Your-Progress key quirk).

5 free practice questions — tap an option

Five basic questions from this unit. Answers lock on the first tap, exactly as in the exam, and a short explanation opens underneath. The Mock Centre adds the moderate and tough questions, why every other option is wrong, the concept capsule and the exam tip — with your score and revision dates tracked.

Question 1 of 5
The Union Budget is presented by the:
Why (b): The Union Budget is presented by THE UNION FINANCE MINISTER — the Article-112 annual financial statement laid before Parliament.
Question 2 of 5
A NON-TAX revenue among these:
Why (b): INTEREST RECEIPTS are non-tax revenue — earnings on loans the government made, plus dividends and grants.
Question 3 of 5
Capital Receipts equal:
Why (a): Capital Receipts = NON-DEBT receipts + DEBT receipts — the two capital streams summed.
Question 4 of 5
The PRIMARY deficit equals:
Why (a): Stripping interest isolates today's fiscal behaviour from yesterday's debt-servicing legacy — a small primary deficit with a big fiscal deficit means interest is the culprit.
Question 5 of 5
GST's split in gross tax revenue includes:
Why (a): The Centre's GST take = CGST + its IGST share + the compensation cess (SGST belongs to states).
0 of 5 answered.

Traps in this unit

Confusable AConfusable BThe difference
Last day of Feb1 FebruaryPre-2017 vs current date
Tax revenueNon-tax revenueCustoms/income vs interest/dividends/grants
Practise all 61 questions on Unit 19. The free demo opens a slice of every subject with the same explanations; the IE&IFS Online-only pass unlocks all 3,032 IE&IFS questions, the full and module mocks, Smart Revision and the Readiness Score for one year (₹1,299). Not sure where you stand? Take the free 10-question test first.
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Independent study aid — not affiliated with, endorsed by, or sponsored by the Indian Institute of Banking & Finance (IIBF). Exam pattern, dates, fees and passing criteria are set by IIBF — always confirm the current rules at iibf.org.in. Regulatory figures verified as of September 2026; verify from official sources before relying on them in practice.