Class 12 Commerce Government Budget and the Economy — practice questions
13 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Class 12 Commerce Government Budget and the Economy in the app →A government budget is an annual statement of the estimated ___ of the government over a financial year:Receipts that neither create a liability nor reduce the assets of the government are called:Receipts that either create a liability or reduce assets, such as borrowings, are called:A tax whose burden (incidence and impact) falls on the same person and cannot be shifted, like income tax, is A tax whose burden can be shifted to another person, like the Goods and Services Tax, is an:The excess of total expenditure over total receipts excluding borrowings is the:The excess of revenue expenditure over revenue receipts is the:Fiscal deficit minus interest payments gives the:A budget in which estimated receipts are equal to estimated expenditure is called a:Expenditure that neither creates assets nor reduces liabilities of the government is:The allocation function of the government budget refers to the:Borrowing by the government is treated as a capital receipt because it:The redistribution function of the budget mainly aims at: