Government Budget Concepts Quiz for Economics Students
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Questions and Answers

What is the meaning of Government Budget?

  • A statement showing estimated government expenditure and receipts annually (correct)
  • A statement showing actual government expenditure and receipts annually
  • A statement showing estimated private sector expenditure and receipts annually
  • A statement showing actual private sector expenditure and receipts annually
  • When does the financial year or fiscal year run in India?

  • From October 1 to September 30
  • From July 1 to June 30
  • From April 1 to March 31 (correct)
  • From January 1 to December 31
  • What is the primary objective of government budget in terms of resource redistribution?

  • Minimizing government expenditure
  • Promoting private sector investment
  • Achieving economic and social welfare (correct)
  • Maximizing government revenue
  • How does the government reduce disparities in income and wealth?

    <p>By imposing tax on the rich and spending more on the welfare of the poor</p> Signup and view all the answers

    What is one way the government encourages investment in the economy?

    <p>By providing tax concessions or subsidies</p> Signup and view all the answers

    Government budget is prepared annually to show estimated expenditure and receipts of the government over the fiscal or financial year.

    <p>True</p> Signup and view all the answers

    The financial year or fiscal year in India runs from January 1 to December 31.

    <p>False</p> Signup and view all the answers

    One objective of the government budget is to reduce disparities in income and wealth in the economy.

    <p>True</p> Signup and view all the answers

    By providing tax concessions or subsidies, the government discourages investment in the economy.

    <p>False</p> Signup and view all the answers

    Government budget aims to achieve both economic and social welfare in the Indian economy.

    <p>True</p> Signup and view all the answers

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