Budget Planning Quiz
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Questions and Answers

What does a deficit in a budget indicate?

  • Expenditures exceed income or other resources (correct)
  • Income exceeds expenditures by a small margin
  • There is no surplus or deficit
  • Expenditures are exactly equal to income

    • What is a budget primarily used for?

  • Recording historical financial data
  • Predicting future economic trends
  • Calculating tax liabilities
  • Expressing strategic plans in measurable terms (correct)

    • Who prepares the federal budget in the United States?

  • The Federal Reserve
  • The Congressional Budget Office
  • The Office of Management and Budget (correct)
  • The Department of Treasury

    • What are the three types of government budgets mentioned in the text?

    <p>Operating, capital, and cash flow budget</p> Signup and view all the answers

    Which department is responsible for preparing the annual budget in India?

    <p>Budget Division Department of Economic Affairs of the Ministry of Finance</p> Signup and view all the answers

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