CA Foundation · Paper 4 · 75 Questions · 3 Levels
Direct recall: budget definition, Article 112, Guillotine, Appropriation Bill, Finance Bill, deficit types (revenue/fiscal/primary), FRBM Act, fiscal policy objectives, Keynes, GDP equation, WMA.
Applied: deficit numericals (revenue/fiscal/primary), expansionary vs contractionary effects, crowding out, taxation during recession/inflation, progressive tax, Outcome Budget, MTDS, RBI Retail Direct.
ICAI exam-style: multi-step deficit calculations, statement analysis, budget process edge cases (Rajya Sabha role, election year), fiscal policy lags, Keynesian vs classical, debt management pillars, redistribution.
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