Tag: government budget and economy

Quizzes (6) Questions (228)

Questions Related to government budget and economy

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

The word budget is derived from the ___________ word 'bougette'.

  1. Latin

  2. German

  3. French

  4. none of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The word budget is derived from a french word 'bougette' which means 'little bag' from where the budget concept was derived and after years of development the budget for every single country was started getting prepared. 

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Budget is a/an _____________ statement of expenditure and revenue of the government prepared by the financial authority of the country.

  1. annual

  2. semi-annual

  3. quarterly

  4. monthly
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. Budget is usually prepared annually keeping in mind the financial year. 
Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

____________ of the Constitution of India, requires the central government to prepare the 'Annual Financial Statement' of the country.

  1. Article 172

  2. Article 116

  3. Article 112

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to Article 112 of the Constitution of India, the central government has to prepare the annual financial statement of the country following the standard format and mentioning the required details adhering to the budget of the country. 

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Which of the following are the constituents of the budget in India?

  1. Annual statement of accounts for the current year.

  2. Annual statement of accounts for the preceding year.

  3. Estimates of revenue and expenditure for the current year.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. In India, budget is prepared for three consecutive years: preceding year, current year and estimated budget of the upcoming year. 
Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

Budget period is the __________.

  1. Period of budget committee

  2. Period of budget centers

  3. Period for which a budget is prepared

  4. Period of budget officer
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A budget period is the specific timeframe for which a budget is prepared, approved, and implemented, typically aligning with a fiscal year or a specific project duration.

Multiple choice business economics and quantitative methods public economics components of budget and budgetary procedure government budget and taxation government budget and economy

The ultimate responsibility of framing and executing economic policies is that of ________.

  1. govt

  2. RBI

  3. state govt

  4. none of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Economic policies refers to those policies which are required for efficient functioning of an economy in proper law and order. These policies are framed and implemented by the government of the country in order to run the economy effectively. Therefore, the ultimate responsibility of framing and executing economic policies is that of the government of the country. 

Multiple choice economics government budget and economy public debt public debt main feature of tax

The difference between revenue deficit and grants for creation of capital assets is called _____.

  1. budget deficit

  2. effective revenue deficit

  3. primary deficit

  4. fiscal deficit
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Effective Revenue Deficit is the difference between revenue deficit and grants for the creation of capital assets. In other words, the Effective Revenue Deficit excludes those revenue expenditures which were done in the form of grants for the creation of capital assets.
It was introduced in the Budget for the first time in 2011-2012

Multiple choice economics government budget and economy public debt public debt main feature of tax

Public finance means ______.

  1. people's money

  2. government's finance

  3. personal finance

  4. government and people's money
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Public finance is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.

Multiple choice economics government budget and economy public debt public debt main feature of tax

If in a budget the government's revenue receipts and non-debt capital revenue are less than the government's total expenditure, it is called _____.

  1. budget deficit

  2. revenue deficit

  3. fiscal deficit

  4. primary deficit
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits.