Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What does a deficit in a budget indicate?
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?
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?
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?
What are the three types of government budgets mentioned in the text?
Signup and view all the answers
Which department is responsible for preparing the annual budget in India?
Which department is responsible for preparing the annual budget in India?
Signup and view all the answers
Flashcards are hidden until you start studying
