CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Bank borrowing in the federal budget can involve:
A. T-bills, PIBs and Sukuk
B. Only foreign grants
C. Only remittances
D. Only export proceeds
Correct Answer: A
Government securities such as T-bills, PIBs and Sukuk are financing instruments.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
The main purpose of a budget's financing plan is to explain:
A. How the deficit will be financed
B. How elections are conducted
C. How monetary policy is set
D. How provinces appoint officials
Correct Answer: A
Financing shows domestic/external borrowing and other means used to cover the deficit.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Non-tax revenue may include:
A. Profits/dividends and regulatory receipts
B. Only income tax
C. Only customs duty
D. Only provincial sales tax
Correct Answer: A
Non-tax revenue includes dividends, profits, fees, levies and other receipts.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Which is normally an indirect federal tax?
A. Income tax
B. Sales tax
C. Wealth declaration
D. Property rent
Correct Answer: B
Sales tax is an indirect tax.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Which is normally classified as a direct tax?
A. Income tax
B. Sales tax
C. Customs duty
D. Federal excise duty
Correct Answer: A
Income tax is a direct tax; sales tax, customs and excise are indirect taxes.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
A fiscal deficit occurs when:
A. Exports exceed imports
B. Government expenditure exceeds revenue and non-debt receipts
C. Inflation falls
D. Reserves rise
Correct Answer: B
A fiscal deficit reflects a gap between public expenditure and available non-debt resources.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Under the NFC framework, a major part of federal tax receipts is:
A. Transferred to provinces
B. Transferred to SBP reserves
C. Paid only to SOEs
D. Converted into foreign exchange
Correct Answer: A
The divisible pool is shared with provinces under the NFC Award.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Which institution is primarily responsible for collecting federal taxes in Pakistan?
A. State Bank of Pakistan
B. Federal Board of Revenue
C. Planning Commission
D. NFC Secretariat
Correct Answer: B
The Federal Board of Revenue administers major federal taxes.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
A primary surplus means that government revenue exceeds expenditure excluding:
A. Defence spending
B. Interest payments
C. Provincial transfers
D. Development spending
Correct Answer: B
The primary balance excludes interest payments.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
In Pakistan's federal budget, PSDP primarily refers to:
A. Public Sector Development Programme
B. Provincial Social Debt Plan
C. Pakistan Sovereign Deposit Programme
D. Public Service Delivery Policy
Correct Answer: A
PSDP finances federal development projects and programmes.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
On what date is the FY 2026–27 Budget in Brief prefaced by the Finance Division?
A. 1 July 2026
B. 12 June 2026
C. 30 June 2026
D. 14 August 2026
Correct Answer: B
The official document is dated 12 June 2026.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
Which document gives the official overview of Pakistan's FY 2026–27 federal budget?
A. Economic Survey only
B. Budget in Brief
C. SBP Annual Report
D. NFC White Paper
Correct Answer: B
Finance Division's Budget in Brief summarizes revenues, expenditure, deficit and financing.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What is the federal PSDP allocation for FY 2026–27?
A. Rs 0.5 trillion
B. Rs 1.0 trillion
C. Rs 1.5 trillion
D. Rs 2.0 trillion
Correct Answer: B
Federal PSDP is budgeted at Rs 1.000 trillion.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What nominal GDP is used in the FY 2026–27 budget framework?
A. Rs 126.870 trillion
B. Rs 129.567 trillion
C. Rs 143.604 trillion
D. Rs 150.000 trillion
Correct Answer: C
The budget framework uses nominal GDP of Rs 143.604 trillion.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What is the targeted primary surplus as a percentage of GDP in FY 2026–27?
A. 1.0%
B. 2.0%
C. 2.5%
D. 3.6%
Correct Answer: B
The budget targets a primary surplus of 2.0% of GDP.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What is the targeted overall fiscal deficit as a percentage of GDP in FY 2026–27?
A. 2.0%
B. 2.8%
C. 3.6%
D. 5.0%
Correct Answer: C
The overall fiscal deficit target is 3.6% of GDP.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What is the federal budget deficit for FY 2026–27?
A. Rs 5.336 trillion
B. Rs 7.020 trillion
C. Rs 8.848 trillion
D. Rs 3.000 trillion
Correct Answer: B
The federal deficit is Rs 7.020 trillion.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What are net federal revenue receipts after the provincial share in FY 2026–27?
A. Rs 8.848 trillion
B. Rs 11.751 trillion
C. Rs 15.264 trillion
D. Rs 7.020 trillion
Correct Answer: B
Net revenue receipts for the federal government are Rs 11.751 trillion.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What is the budgeted provincial share from federal revenues for FY 2026–27?
A. Rs 5.336 trillion
B. Rs 7.020 trillion
C. Rs 8.848 trillion
D. Rs 4.012 trillion
Correct Answer: B
The provincial share is budgeted at Rs 7.020 trillion.
CSS - PMS - CCE - PCS - Current Affairs (C.A)
Federal Budget 2026–27
What amount is budgeted as gross federal revenue receipts (FBR taxes plus non-tax revenue) for FY 2026–27?
A. Rs 18.771 trillion
B. Rs 15.264 trillion
C. Rs 11.751 trillion
D. Rs 20.600 trillion
Correct Answer: A
Gross revenue receipts are Rs 18.771 trillion.