Important sums in government budget lesson
Answers
Answer:
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Explanation:
Government Budget It is a statement of expected/estimated receipts and expenditure of the government over the period of a financial year, i.e. 1st April to 31st March.
2. Types of Budget
(i) Balanced budget, i.e. estimated receipts = estimated expenditure
(ii) Surplus budget, i.e. estimated receipts > estimated expenditure
(iii) Deficit budget, i.e. estimated receipts < estimated expenditure
3. Objectives of Government Budget
(i) Re-distribution of income and wealth
(ii) Re-allocation of resources
(iii) Economic growth
(iv) Management of public enterprises
(v) Economic stability
(vi) Generation of employment
(vii) Reducing regional disparities
4. Impacts of Budget
(i) Brings aggregate fiscal discipline level.
(ii) Promotes better allocation of resources.
(iii) Can effectively and efficiently implement programme.
5. Components of Budget
(i) Revenue budget It is the statement of estimated revenue receipts and estimated revenue expenditure during a fiscal year.
(ii) Capital budget It is an account of the assets as well as the liabilities of the Central Government, which takes into consideration changes in capital during a fiscal year.
6. Revenue Receipts The receipts which neither create any corresponding liability for the government nor does it lead to any reduction in assets is termed as revenue receipts, e.g. tax receipts of the government.