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The two Houses of Parliament enjoy co-equal power in all spheres except:
1. financial matters
2. responsibility of the Council of Ministers
3. amendment procedure
4. election of President
A. III and IV
B. II, III and IV
C. I, ll and III
D. I and II

Answer
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Hint: There is a distribution of legislative, executive and financial powers between union and states. The government of the whole country is called the Union government and government of components units called state government.

Complete answer:
The government of the whole country is called the Union government and government of components units called state government. Union government and state government derive their authority from the Constitution itself. Rajya sabha has a federal character and acts as a representative of States. Lok sabha is composed of directly elected representatives on the basis of universal adult franchise. Rajya sabha is composed of representatives of states and union territories. Neither house by itself constitutes parliament. It is a house together that is parliament Lok Sabha occupiers central position in Indian polity. The second chamber of Indian parliament unlike which can be dissolved by the President's permanent body and is not subject to dissolution.The Lok Sabha is more powerful of the two houses of Parliament with regards to financial matters as a money bill can be tabled only in Lok Sabha. Thus it controls the finances of the government. The Lok Sabha is the most powerful of the two houses with regards to the Council of Ministers because they take all the important decisions of the country under the leadership of prime minister Rajya Sabha does not have a Council of Ministers.

Hence, the correct answer is option (D).

Note: We have two sets of governments, One for the center and the other the first state. Powers of both the governments have been defined in the constitution. We have a federal form of government.