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ISC Class 12 Macroeconomics: Income, Budget & Banking — practice questions — page 2

Explore 70 free Macroeconomics: Income, Budget & Banking questions in ISC Class 12 Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Macroeconomics: Income, Budget & Banking questions and exercises with answers

Showing questions 31–60 of 70.

A budget in which estimated receipts are equal to estimated expenditure is called a:Read the answer and worked solution →Receipts that either create a liability or reduce assets, such as borrowings, are called:Read the answer and worked solution →Match the budget termRead the answer and worked solution →True or false about the budgetRead the answer and worked solution →Sort the budget itemsRead the answer and worked solution →Complete the deficit formulaRead the answer and worked solution →Name the taxRead the answer and worked solution →A tax whose burden (incidence and impact) falls on the same person and cannot be shifted, like income tax, is a:Read the answer and worked solution →The excess of total expenditure over total receipts excluding borrowings is the:Read the answer and worked solution →A government budget is an annual statement of the estimated ___ of the government over a financial year:Read the answer and worked solution →Government budget bingoRead the answer and worked solution →Direct or indirect tax?Read the answer and worked solution →Match the economic agentRead the answer and worked solution →Complete the branch ruleRead the answer and worked solution →An economy in which the means of production are owned privately and decisions are driven by markets is a:Read the answer and worked solution →The allocation function of the government budget refers to the:Read the answer and worked solution →Borrowing by the government is treated as a capital receipt because it:Read the answer and worked solution →Fiscal deficit minus interest payments gives the:Read the answer and worked solution →The redistribution function of the budget mainly aims at:Read the answer and worked solution →The excess of revenue expenditure over revenue receipts is the:Read the answer and worked solution →A tax whose burden can be shifted to another person, like the Goods and Services Tax, is an:Read the answer and worked solution →Tap the economic agentsRead the answer and worked solution →Which branch?Read the answer and worked solution →Economics bingoRead the answer and worked solution →An economy in which the government owns the means of production and takes the major economic decisions is a:Read the answer and worked solution →The basic economic agents whose decisions economics studies include:Read the answer and worked solution →In a capitalist economy, the central economic decisions are guided primarily by:Read the answer and worked solution →The fundamental economic problem that gives rise to all economic activity is:Read the answer and worked solution →In a centrally planned economy, the question of what and how much to produce is decided by:Read the answer and worked solution →Modern macroeconomics emerged largely from the work of the economist:Read the answer and worked solution →

Worked practice questions

A budget in which estimated receipts are equal to estimated expenditure is called a:

  1. surplus budget
  2. capital budget
  3. balanced budget
  4. deficit budget
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Correct answer: C. balanced budget

A balanced budget has estimated receipts equal to estimated expenditure.

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Receipts that either create a liability or reduce assets, such as borrowings, are called:

  1. capital receipts
  2. revenue receipts
  3. grants
  4. tax receipts
Show answer and solution

Correct answer: A. capital receipts

Capital receipts create a liability (borrowing) or reduce assets (disinvestment).

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Match the budget term

Read exercise and reference answers
Matching pairs
  1. Left
    Revenue receipt
    Right
    Income that creates no liability
  2. Left
    Capital receipt
    Right
    Receipt that borrows or sells assets
  3. Left
    Direct tax
    Right
    Falls on income of person or firm
Instructions
Match each term to what it means.
_Source: syllabus Introductory Macroeconomics, Ch 5 'Government Budget and the Economy'_

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