Question

Compare the following facts and select the correct option given below against each other.

List 1	List 2
Financial Bill	Sanction of law by President or Governor
Parliament	Head of upper House
Vice President	Making of law
Ordinance	Fiscal policy

Answer 1

• A bill is called a financial bill if it results in imposition, abolition, remission, alteration, or regulation of any tax at the union or state level but NOT at the local level. It includes fiscal policy. Fiscal policy is the means by which a government adjusts its spending levels and tax rates to monitor and influence a nation's economy.
  
• Ordinance: It is an authoritative order or a Sanction of law by the president or Governor.
  
• Parliament: It includes upper and lower houses. It deals with law-making processes.
  
• Vice president: He is the Ex-officio Chairman of Rajyasabha which is the upper house.