Public Finance Basics MCQs 2026

Corporate finance focuses on

1. A only preparing tax returns ✓
2. B only factory maintenance scheduling ✓
3. C maximizing firm value through investment and financing decisions ✓
4. D only retail shelf arrangement ✓

Corporate finance transaction 27: 2-for-1 stock split typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B exemption from SECP disclosure requirements ✓
3. C guaranteed increase in market price by law ✓
4. D lower nominal share price with proportional share count increase ✓

Corporate finance transaction 31: leveraged buyout typically results in

1. A high debt financing of acquisition with equity stake for sponsors ✓
2. B automatic elimination of all minority shareholders without process ✓
3. C exemption from SECP disclosure requirements ✓
4. D guaranteed increase in market price by law ✓

Rights issue allows

1. A only foreign investors to buy ✓
2. B existing shareholders to buy new shares proportionally ✓
3. C only bondholders to convert ✓
4. D only employees without payment ✓

Spin-off corporate action

1. A merges two competitors always ✓
2. B creates independent company from division of parent ✓
3. C eliminates all shareholders ✓
4. D is identical to bankruptcy ✓

Leveraged buyout uses

1. A only equity with no debt ✓
2. B only government grants ✓
3. C significant debt to finance acquisition of a company ✓
4. D only barter trade ✓

Mergers and acquisitions can create value through

1. A synergies, tax benefits, or improved efficiency ✓
2. B guaranteed stock price decline ✓
3. C mandatory layoffs only purpose ✓
4. D eliminating all debt always ✓

Greenfield investment means

1. A building new operations from ground up in foreign country ✓
2. B acquiring existing foreign firm only ✓
3. C exporting without investment ✓
4. D licensing brand only ✓

Working capital adjustment in acquisition valuation

1. A ignores receivables entirely ✓
2. B uses only goodwill ✓
3. C excludes inventory always ✓
4. D normalizes target cash and operating current accounts ✓

Corporate finance transaction 1: rights issue at discount typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B exemption from SECP disclosure requirements ✓
3. C guaranteed increase in market price by law ✓
4. D new equity capital from existing shareholders with preemptive allocation ✓

Corporate finance transaction 6: spin-off of division typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B exemption from SECP disclosure requirements ✓
3. C guaranteed increase in market price by law ✓
4. D independent listing of former division unlocking value ✓

Corporate finance transaction 10: bonus share issuance typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B increased shares outstanding without cash inflow to company ✓
3. C exemption from SECP disclosure requirements ✓
4. D guaranteed increase in market price by law ✓

Corporate finance transaction 32: ESOP trust formation typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B exemption from SECP disclosure requirements ✓
3. C guaranteed increase in market price by law ✓
4. D employee ownership stake affecting capital structure and governance ✓

Corporate finance transaction 52: share buyback program typically results in

1. A reduced shares outstanding and return of cash to shareholders ✓
2. B automatic elimination of all minority shareholders without process ✓
3. C exemption from SECP disclosure requirements ✓
4. D guaranteed increase in market price by law ✓

Corporate finance transaction 53: horizontal merger typically results in

1. A automatic elimination of all minority shareholders without process ✓
2. B exemption from SECP disclosure requirements ✓
3. C combined entity seeking synergies and market power ✓
4. D guaranteed increase in market price by law ✓

Book building in IPO process

1. A sets price without any demand data ✓
2. B replaces SECP approval ✓
3. C collects investor bids to discover offer price ✓
4. D eliminates prospectus ✓

Public finance data set 52: revenue Rs 13995 billion, expenditure Rs 13995 billion excluding borrowing. Fiscal deficit is Rs

1. A 0 billion surplus ✓
2. B 27990 billion ✓
3. C 0 billion ✓
4. D 0 billion by definition ✓

Public finance data set 60: revenue Rs 15715 billion, expenditure Rs 16005 billion excluding borrowing. Fiscal deficit is Rs

1. A -290 billion surplus ✓
2. B 290 billion ✓
3. C 31720 billion ✓
4. D 0 billion by definition ✓

Public finance data set 59: revenue Rs 15410 billion, expenditure Rs 15660 billion excluding borrowing. Fiscal deficit is Rs

1. A -250 billion surplus ✓
2. B 31070 billion ✓
3. C 0 billion by definition ✓
4. D 250 billion ✓

Public finance data set 58: revenue Rs 15105 billion, expenditure Rs 15315 billion excluding borrowing. Fiscal deficit is Rs

1. A -210 billion surplus ✓
2. B 30420 billion ✓
3. C 210 billion ✓
4. D 0 billion by definition ✓

Public finance data set 57: revenue Rs 14800 billion, expenditure Rs 14970 billion excluding borrowing. Fiscal deficit is Rs

1. A -170 billion surplus ✓
2. B 170 billion ✓
3. C 29770 billion ✓
4. D 0 billion by definition ✓

Public finance data set 56: revenue Rs 14495 billion, expenditure Rs 14625 billion excluding borrowing. Fiscal deficit is Rs

1. A 130 billion ✓
2. B -130 billion surplus ✓
3. C 29120 billion ✓
4. D 0 billion by definition ✓

Public finance data set 55: revenue Rs 14190 billion, expenditure Rs 15030 billion excluding borrowing. Fiscal deficit is Rs

1. A -840 billion surplus ✓
2. B 840 billion ✓
3. C 29220 billion ✓
4. D 0 billion by definition ✓

Public finance data set 54: revenue Rs 14605 billion, expenditure Rs 14685 billion excluding borrowing. Fiscal deficit is Rs

1. A -80 billion surplus ✓
2. B 80 billion ✓
3. C 29290 billion ✓
4. D 0 billion by definition ✓

Public finance data set 53: revenue Rs 14300 billion, expenditure Rs 14340 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion surplus ✓
2. B 28640 billion ✓
3. C 40 billion ✓
4. D 0 billion by definition ✓

Public finance data set 51: revenue Rs 13690 billion, expenditure Rs 13650 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion ✓
2. B 40 billion surplus ✓
3. C 27340 billion ✓
4. D 0 billion by definition ✓

Public finance data set 50: revenue Rs 13385 billion, expenditure Rs 14055 billion excluding borrowing. Fiscal deficit is Rs

1. A 670 billion ✓
2. B -670 billion surplus ✓
3. C 27440 billion ✓
4. D 0 billion by definition ✓

Public finance data set 49: revenue Rs 13080 billion, expenditure Rs 13710 billion excluding borrowing. Fiscal deficit is Rs

1. A -630 billion surplus ✓
2. B 26790 billion ✓
3. C 0 billion by definition ✓
4. D 630 billion ✓

Public finance data set 33: revenue Rs 10360 billion, expenditure Rs 10440 billion excluding borrowing. Fiscal deficit is Rs

1. A -80 billion surplus ✓
2. B 80 billion ✓
3. C 20800 billion ✓
4. D 0 billion by definition ✓

Public finance data set 34: revenue Rs 10665 billion, expenditure Rs 10785 billion excluding borrowing. Fiscal deficit is Rs

1. A 120 billion ✓
2. B -120 billion surplus ✓
3. C 21450 billion ✓
4. D 0 billion by definition ✓

Public finance data set 35: revenue Rs 10970 billion, expenditure Rs 11130 billion excluding borrowing. Fiscal deficit is Rs

1. A -160 billion surplus ✓
2. B 22100 billion ✓
3. C 0 billion by definition ✓
4. D 160 billion ✓

Public finance data set 36: revenue Rs 11275 billion, expenditure Rs 10725 billion excluding borrowing. Fiscal deficit is Rs

1. A -550 billion ✓
2. B 550 billion surplus ✓
3. C 22000 billion ✓
4. D 0 billion by definition ✓

Public finance data set 37: revenue Rs 10860 billion, expenditure Rs 11070 billion excluding borrowing. Fiscal deficit is Rs

1. A -210 billion surplus ✓
2. B 21930 billion ✓
3. C 210 billion ✓
4. D 0 billion by definition ✓

Public finance data set 38: revenue Rs 11165 billion, expenditure Rs 11415 billion excluding borrowing. Fiscal deficit is Rs

1. A -250 billion surplus ✓
2. B 250 billion ✓
3. C 22580 billion ✓
4. D 0 billion by definition ✓

Public finance data set 39: revenue Rs 11470 billion, expenditure Rs 11760 billion excluding borrowing. Fiscal deficit is Rs

1. A 290 billion ✓
2. B -290 billion surplus ✓
3. C 23230 billion ✓
4. D 0 billion by definition ✓

Public finance data set 30: revenue Rs 10165 billion, expenditure Rs 10155 billion excluding borrowing. Fiscal deficit is Rs

1. A 10 billion surplus ✓
2. B 20320 billion ✓
3. C 0 billion by definition ✓
4. D -10 billion ✓

Public finance data set 40: revenue Rs 11775 billion, expenditure Rs 12105 billion excluding borrowing. Fiscal deficit is Rs

1. A -330 billion surplus ✓
2. B 23880 billion ✓
3. C 0 billion by definition ✓
4. D 330 billion ✓

Public finance data set 41: revenue Rs 12080 billion, expenditure Rs 11700 billion excluding borrowing. Fiscal deficit is Rs

1. A -380 billion ✓
2. B 380 billion surplus ✓
3. C 23780 billion ✓
4. D 0 billion by definition ✓

Public finance data set 42: revenue Rs 12385 billion, expenditure Rs 12045 billion excluding borrowing. Fiscal deficit is Rs

1. A 340 billion surplus ✓
2. B 24430 billion ✓
3. C -340 billion ✓
4. D 0 billion by definition ✓

Public finance data set 43: revenue Rs 11970 billion, expenditure Rs 12390 billion excluding borrowing. Fiscal deficit is Rs

1. A -420 billion surplus ✓
2. B 24360 billion ✓
3. C 0 billion by definition ✓
4. D 420 billion ✓

Public finance data set 44: revenue Rs 12275 billion, expenditure Rs 12735 billion excluding borrowing. Fiscal deficit is Rs

1. A -460 billion surplus ✓
2. B 460 billion ✓
3. C 25010 billion ✓
4. D 0 billion by definition ✓

Public finance data set 45: revenue Rs 12580 billion, expenditure Rs 13080 billion excluding borrowing. Fiscal deficit is Rs

1. A 500 billion ✓
2. B -500 billion surplus ✓
3. C 25660 billion ✓
4. D 0 billion by definition ✓

Public finance data set 46: revenue Rs 12885 billion, expenditure Rs 12675 billion excluding borrowing. Fiscal deficit is Rs

1. A 210 billion surplus ✓
2. B 25560 billion ✓
3. C 0 billion by definition ✓
4. D -210 billion ✓

Public finance data set 47: revenue Rs 13190 billion, expenditure Rs 13020 billion excluding borrowing. Fiscal deficit is Rs

1. A 170 billion surplus ✓
2. B 26210 billion ✓
3. C 0 billion by definition ✓
4. D -170 billion ✓

Public finance data set 31: revenue Rs 9750 billion, expenditure Rs 9750 billion excluding borrowing. Fiscal deficit is Rs

1. A 0 billion surplus ✓
2. B 19500 billion ✓
3. C 0 billion ✓
4. D 0 billion by definition ✓

Public finance data set 32: revenue Rs 10055 billion, expenditure Rs 10095 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion surplus ✓
2. B 40 billion ✓
3. C 20150 billion ✓
4. D 0 billion by definition ✓

Public finance data set 48: revenue Rs 13495 billion, expenditure Rs 13365 billion excluding borrowing. Fiscal deficit is Rs

1. A -130 billion ✓
2. B 130 billion surplus ✓
3. C 26860 billion ✓
4. D 0 billion by definition ✓

Public finance studies

1. A only private corporate dividends ✓
2. B only household budgeting apps ✓
3. C government revenue, expenditure, and debt management ✓
4. D only stock technical analysis ✓

Crowding out in public finance suggests

1. A government spending always increases private investment ✓
2. B tax cuts never affect behavior ✓
3. C deficits are always harmless ✓
4. D government borrowing may raise rates and reduce private investment ✓

Public finance data set 1: revenue Rs 4200 billion, expenditure Rs 3900 billion excluding borrowing. Fiscal deficit is Rs

1. A 300 billion surplus ✓
2. B 8100 billion ✓
3. C -300 billion ✓
4. D 0 billion by definition ✓

Public finance data set 2: revenue Rs 4505 billion, expenditure Rs 4245 billion excluding borrowing. Fiscal deficit is Rs

1. A 260 billion surplus ✓
2. B -260 billion ✓
3. C 8750 billion ✓
4. D 0 billion by definition ✓

Public finance data set 3: revenue Rs 4810 billion, expenditure Rs 4590 billion excluding borrowing. Fiscal deficit is Rs

1. A -220 billion ✓
2. B 220 billion surplus ✓
3. C 9400 billion ✓
4. D 0 billion by definition ✓

Public finance data set 4: revenue Rs 5115 billion, expenditure Rs 4935 billion excluding borrowing. Fiscal deficit is Rs

1. A -180 billion ✓
2. B 180 billion surplus ✓
3. C 10050 billion ✓
4. D 0 billion by definition ✓

Public finance data set 5: revenue Rs 5420 billion, expenditure Rs 5280 billion excluding borrowing. Fiscal deficit is Rs

1. A 140 billion surplus ✓
2. B 10700 billion ✓
3. C 0 billion by definition ✓
4. D -140 billion ✓

Public finance data set 6: revenue Rs 5725 billion, expenditure Rs 4875 billion excluding borrowing. Fiscal deficit is Rs

1. A 850 billion surplus ✓
2. B 10600 billion ✓
3. C 0 billion by definition ✓
4. D -850 billion ✓

Public finance data set 7: revenue Rs 5310 billion, expenditure Rs 5220 billion excluding borrowing. Fiscal deficit is Rs

1. A 90 billion surplus ✓
2. B -90 billion ✓
3. C 10530 billion ✓
4. D 0 billion by definition ✓

Public finance data set 28: revenue Rs 9555 billion, expenditure Rs 9465 billion excluding borrowing. Fiscal deficit is Rs

1. A 90 billion surplus ✓
2. B 19020 billion ✓
3. C 0 billion by definition ✓
4. D -90 billion ✓

Public finance data set 27: revenue Rs 9250 billion, expenditure Rs 9120 billion excluding borrowing. Fiscal deficit is Rs

1. A 130 billion surplus ✓
2. B 18370 billion ✓
3. C -130 billion ✓
4. D 0 billion by definition ✓

Public finance data set 26: revenue Rs 8945 billion, expenditure Rs 8775 billion excluding borrowing. Fiscal deficit is Rs

1. A 170 billion surplus ✓
2. B 17720 billion ✓
3. C 0 billion by definition ✓
4. D -170 billion ✓

Public finance data set 25: revenue Rs 8640 billion, expenditure Rs 9180 billion excluding borrowing. Fiscal deficit is Rs

1. A -540 billion surplus ✓
2. B 17820 billion ✓
3. C 0 billion by definition ✓
4. D 540 billion ✓

Crowding out in public finance suggests

1. A government spending always increases private investment ✓
2. B tax cuts never affect behavior ✓
3. C deficits are always harmless ✓
4. D government borrowing may raise rates and reduce private investment ✓

Tax incidence examines

1. A only who physically pays to government ✓
2. B only corporate logo design ✓
3. C who ultimately bears economic burden of a tax ✓
4. D only audit sample size ✓

Public sector development program (PSDP) represents

1. A private bank lending only ✓
2. B microfinance group lending only ✓
3. C federal development project spending plan ✓
4. D stock buyback programs ✓

National Finance Commission award in Pakistan determines

1. A vertical and horizontal distribution of federal taxes to provinces ✓
2. B PSX brokerage commissions ✓
3. C SBP policy rate level ✓
4. D corporate dividend tax credits ✓

Development expenditure in government budget funds

1. A only debt interest payments ✓
2. B only pension arrears exclusively ✓
3. C infrastructure, education, and health projects ✓
4. D only currency printing cost only ✓

Public debt sustainability depends on

1. A growth, interest rates, and primary fiscal balance ✓
2. B only cricket match outcomes ✓
3. C only corporate logos ✓
4. D only university rankings ✓

Indirect taxes include

1. A salary income tax only ✓
2. B corporate income tax only ✓
3. C sales tax and customs duties passed to consumers ✓
4. D wealth tax on net assets only ✓

Direct taxes in Pakistan include

1. A sales tax on goods only ✓
2. B customs duty only ✓
3. C excise on services only ✓
4. D income tax on individuals and corporations ✓

Fiscal deficit occurs when

1. A government expenditure exceeds revenue excluding borrowings ✓
2. B exports exceed imports ✓
3. C tax revenue exceeds all spending always ✓
4. D PSX index rises ✓

Public finance studies

1. A only private corporate dividends ✓
2. B only household budgeting apps ✓
3. C government revenue, expenditure, and debt management ✓
4. D only stock technical analysis ✓

Public finance data set 59: revenue Rs 15410 billion, expenditure Rs 15660 billion excluding borrowing. Fiscal deficit is Rs

1. A -250 billion surplus ✓
2. B 31070 billion ✓
3. C 0 billion by definition ✓
4. D 250 billion ✓

Public finance data set 58: revenue Rs 15105 billion, expenditure Rs 15315 billion excluding borrowing. Fiscal deficit is Rs

1. A -210 billion surplus ✓
2. B 30420 billion ✓
3. C 210 billion ✓
4. D 0 billion by definition ✓

Public finance data set 57: revenue Rs 14800 billion, expenditure Rs 14970 billion excluding borrowing. Fiscal deficit is Rs

1. A -170 billion surplus ✓
2. B 170 billion ✓
3. C 29770 billion ✓
4. D 0 billion by definition ✓

Public finance data set 56: revenue Rs 14495 billion, expenditure Rs 14625 billion excluding borrowing. Fiscal deficit is Rs

1. A 130 billion ✓
2. B -130 billion surplus ✓
3. C 29120 billion ✓
4. D 0 billion by definition ✓

Public finance data set 55: revenue Rs 14190 billion, expenditure Rs 15030 billion excluding borrowing. Fiscal deficit is Rs

1. A -840 billion surplus ✓
2. B 840 billion ✓
3. C 29220 billion ✓
4. D 0 billion by definition ✓

Public finance data set 54: revenue Rs 14605 billion, expenditure Rs 14685 billion excluding borrowing. Fiscal deficit is Rs

1. A -80 billion surplus ✓
2. B 80 billion ✓
3. C 29290 billion ✓
4. D 0 billion by definition ✓

Public finance data set 53: revenue Rs 14300 billion, expenditure Rs 14340 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion surplus ✓
2. B 28640 billion ✓
3. C 40 billion ✓
4. D 0 billion by definition ✓

Public finance data set 52: revenue Rs 13995 billion, expenditure Rs 13995 billion excluding borrowing. Fiscal deficit is Rs

1. A 0 billion surplus ✓
2. B 27990 billion ✓
3. C 0 billion ✓
4. D 0 billion by definition ✓

Public finance data set 51: revenue Rs 13690 billion, expenditure Rs 13650 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion ✓
2. B 40 billion surplus ✓
3. C 27340 billion ✓
4. D 0 billion by definition ✓

Public finance data set 60: revenue Rs 15715 billion, expenditure Rs 16005 billion excluding borrowing. Fiscal deficit is Rs

1. A -290 billion surplus ✓
2. B 290 billion ✓
3. C 31720 billion ✓
4. D 0 billion by definition ✓

Public finance data set 50: revenue Rs 13385 billion, expenditure Rs 14055 billion excluding borrowing. Fiscal deficit is Rs

1. A 670 billion ✓
2. B -670 billion surplus ✓
3. C 27440 billion ✓
4. D 0 billion by definition ✓

Public finance data set 49: revenue Rs 13080 billion, expenditure Rs 13710 billion excluding borrowing. Fiscal deficit is Rs

1. A -630 billion surplus ✓
2. B 26790 billion ✓
3. C 0 billion by definition ✓
4. D 630 billion ✓

Public finance data set 48: revenue Rs 13495 billion, expenditure Rs 13365 billion excluding borrowing. Fiscal deficit is Rs

1. A -130 billion ✓
2. B 130 billion surplus ✓
3. C 26860 billion ✓
4. D 0 billion by definition ✓

Public finance data set 47: revenue Rs 13190 billion, expenditure Rs 13020 billion excluding borrowing. Fiscal deficit is Rs

1. A 170 billion surplus ✓
2. B 26210 billion ✓
3. C 0 billion by definition ✓
4. D -170 billion ✓

Public finance data set 46: revenue Rs 12885 billion, expenditure Rs 12675 billion excluding borrowing. Fiscal deficit is Rs

1. A 210 billion surplus ✓
2. B 25560 billion ✓
3. C 0 billion by definition ✓
4. D -210 billion ✓

Public finance data set 45: revenue Rs 12580 billion, expenditure Rs 13080 billion excluding borrowing. Fiscal deficit is Rs

1. A 500 billion ✓
2. B -500 billion surplus ✓
3. C 25660 billion ✓
4. D 0 billion by definition ✓

Public finance data set 44: revenue Rs 12275 billion, expenditure Rs 12735 billion excluding borrowing. Fiscal deficit is Rs

1. A -460 billion surplus ✓
2. B 460 billion ✓
3. C 25010 billion ✓
4. D 0 billion by definition ✓

Public finance data set 43: revenue Rs 11970 billion, expenditure Rs 12390 billion excluding borrowing. Fiscal deficit is Rs

1. A -420 billion surplus ✓
2. B 24360 billion ✓
3. C 0 billion by definition ✓
4. D 420 billion ✓

Public finance data set 42: revenue Rs 12385 billion, expenditure Rs 12045 billion excluding borrowing. Fiscal deficit is Rs

1. A 340 billion surplus ✓
2. B 24430 billion ✓
3. C -340 billion ✓
4. D 0 billion by definition ✓

Public finance data set 41: revenue Rs 12080 billion, expenditure Rs 11700 billion excluding borrowing. Fiscal deficit is Rs

1. A -380 billion ✓
2. B 380 billion surplus ✓
3. C 23780 billion ✓
4. D 0 billion by definition ✓

Public finance data set 40: revenue Rs 11775 billion, expenditure Rs 12105 billion excluding borrowing. Fiscal deficit is Rs

1. A -330 billion surplus ✓
2. B 23880 billion ✓
3. C 0 billion by definition ✓
4. D 330 billion ✓

Public finance data set 39: revenue Rs 11470 billion, expenditure Rs 11760 billion excluding borrowing. Fiscal deficit is Rs

1. A 290 billion ✓
2. B -290 billion surplus ✓
3. C 23230 billion ✓
4. D 0 billion by definition ✓

Public finance data set 38: revenue Rs 11165 billion, expenditure Rs 11415 billion excluding borrowing. Fiscal deficit is Rs

1. A -250 billion surplus ✓
2. B 250 billion ✓
3. C 22580 billion ✓
4. D 0 billion by definition ✓

Public finance data set 37: revenue Rs 10860 billion, expenditure Rs 11070 billion excluding borrowing. Fiscal deficit is Rs

1. A -210 billion surplus ✓
2. B 21930 billion ✓
3. C 210 billion ✓
4. D 0 billion by definition ✓

Public finance data set 36: revenue Rs 11275 billion, expenditure Rs 10725 billion excluding borrowing. Fiscal deficit is Rs

1. A -550 billion ✓
2. B 550 billion surplus ✓
3. C 22000 billion ✓
4. D 0 billion by definition ✓

Public finance data set 35: revenue Rs 10970 billion, expenditure Rs 11130 billion excluding borrowing. Fiscal deficit is Rs

1. A -160 billion surplus ✓
2. B 22100 billion ✓
3. C 0 billion by definition ✓
4. D 160 billion ✓

Public finance data set 34: revenue Rs 10665 billion, expenditure Rs 10785 billion excluding borrowing. Fiscal deficit is Rs

1. A 120 billion ✓
2. B -120 billion surplus ✓
3. C 21450 billion ✓
4. D 0 billion by definition ✓

Public finance data set 33: revenue Rs 10360 billion, expenditure Rs 10440 billion excluding borrowing. Fiscal deficit is Rs

1. A -80 billion surplus ✓
2. B 80 billion ✓
3. C 20800 billion ✓
4. D 0 billion by definition ✓

Public finance data set 32: revenue Rs 10055 billion, expenditure Rs 10095 billion excluding borrowing. Fiscal deficit is Rs

1. A -40 billion surplus ✓
2. B 40 billion ✓
3. C 20150 billion ✓
4. D 0 billion by definition ✓