Question : Identify the incorrect equation.

Option 1: Revenue receipts = Tax revenue (net of State's share) less non-tax revenue

Option 2: Gross fiscal deficit = Total expenditure - (Revenue receipts + Non-debt creating capital receipts)

Option 3: Gross primary deficit = Gross fiscal deficit - Net interest liabilities

Option 4: Revenue deficit = Revenue expenditure - revenue receipts

Question : Taxes are as certain as death because

Option 1: They constitute the major source of government revenue

Option 2: The government have no other source of revenue

Option 3: Most Public sector undertakings (PSUs) are run inefficiently

Option 4: The government has its budget constraints

Question : Which one of the following is not included in current revenue of the union government ?

Option 1: Tax revenue

Option 2: non tax revenue

Option 3: Loans

Option 4: Interest payments

Question : Revenue expenditure minus revenue receipts is____________.

Option 1: revenue deficit

Option 2: budget deficit

Option 3: always negative

Option 4: always positive

Question : Gross primary deficit is equal to ____________.

Option 1: difference between gross fiscal deficit and interest payments

Option 2: difference between total expenditure and total receipts

Option 3: difference between net borrowings and net capital receipts

Option 4: difference between revenue deficit and capital expenditure