Question : The "Annual Financial Statement" in the government budget includes:
Option 1: Revenue Budget and Capital Budget
Option 2: Receipts Budget and Expenditure Budget
Option 3: Consolidated Fund and Public Account
Option 4: Direct Taxes and Indirect Taxes
Correct Answer: Revenue Budget and Capital Budget
Solution : The correct answer is (a) Revenue Budget and Capital Budget.
The "Annual Financial Statement" in the government budget typically includes the Revenue Budget and Capital Budget.
The Revenue Budget provides details about the government's anticipated revenue receipts and expenditure on revenue accounts. It includes revenue from various sources such as taxes (direct and indirect), non-tax revenue, grants, and other receipts. The expenditure on revenue accounts includes expenses related to salaries, pensions, subsidies, maintenance costs, and other day-to-day expenses.
The Capital Budget, on the other hand, focuses on the government's capital receipts and expenditure. It includes capital receipts from sources such as borrowings, disinvestment, and recovery of loans. The capital expenditure covers investments in infrastructure, assets, and developmental projects.
Together, the Revenue Budget and Capital Budget form the Annual Financial Statement, providing a comprehensive overview of the government's anticipated revenue and planned expenditure.
Question : The government budget is classified into ____________ and ____________.
Option 1: Direct taxes, indirect taxes
Option 2: Planned expenditure, non-planned expenditure
Option 3: Revenue receipts, revenue expenditure
Option 4: Current account, capital account
Question : The annual financial statement shows the receipts and payments of the government in the form of ___________.
Option 1: Contingency Fund, Public Account and Capital Projects
Option 2: Contingency Fund, Public Account and Consolidated Funds
Option 3: Public Account and Consolidated Funds
Option 4: Contingency Fund and Consolidated Funds
Question : The concept of "fiscal deficit" in the government budget represents:
Option 1: The excess of total revenue over total expenditure
Option 2: The excess of total expenditure over total revenue
Option 3: The excess of revenue receipts over revenue expenditure
Option 4: The excess of capital receipts over capital expenditure
Question : The government's borrowings from the public are known as ____________.
Option 1: Revenue receipts
Option 2: Capital receipts
Option 3: Revenue expenditure
Option 4: Capital expenditure
Question : Income and Expenditure account records:
Option 1: Revenue receipts and payments
Option 2: Capital receipts and payments
Option 3: Only revenue receipts
Option 4: Only capital payments
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile