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