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Choose the incorrect statement from given below
- a)Government budget is an annual statement of income and expenditure of government for current fiscal year.
- b)Budget is prepared by all levels of government.
- c)Government, through its budget tries to minimise income inequalities
- d)Fiscal policy of government includes tax and expenditure policy of the government.
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Choose the incorrect statement from given belowa)Government budget is ...
Incorrect Statement: Government budget is an annual statement of income and expenditure of government for current fiscal year.
Explanation:
The government budget is a crucial tool for the government to manage its finances and achieve its socio-economic objectives. It is a statement of the government's estimated revenue and expenditure for a specific period, usually a fiscal year. However, the given statement is incorrect because the government budget is not limited to just one year; it also includes the government's economic policies, objectives, and strategies.
Components of Government Budget:
The government budget comprises two key components:
1. Revenue Budget: It includes the government's estimated revenue and expenditure for the fiscal year. The revenue budget includes all the expected income from taxes, fees, and other sources, while the expenditure budget includes all the planned government spending.
2. Capital Budget: It deals with the government's long-term investment plans and includes expenditure on infrastructure, land, buildings, and other assets.
Objectives of Government Budget:
The main objectives of government budget include:
1. Allocation of resources: The government uses the budget to allocate resources to different sectors and projects.
2. Economic growth: The government uses the budget to promote economic growth through various measures such as tax cuts, subsidies, and investments.
3. Income redistribution: The government uses the budget to reduce income inequalities by providing welfare programs and social security measures.
4. Price stability: The government uses the budget to control inflation and maintain price stability.
Fiscal Policy:
Fiscal policy refers to the government's use of taxation and expenditure to influence the economy. The government uses fiscal policy to achieve its economic objectives, such as promoting economic growth, reducing unemployment, and controlling inflation.
Conclusion:
In summary, the government budget is not just a statement of income and expenditure for a single year. It is a comprehensive plan that includes the government's objectives, policies, and strategies for achieving its socio-economic goals.
Explanation:
The government budget is a crucial tool for the government to manage its finances and achieve its socio-economic objectives. It is a statement of the government's estimated revenue and expenditure for a specific period, usually a fiscal year. However, the given statement is incorrect because the government budget is not limited to just one year; it also includes the government's economic policies, objectives, and strategies.
Components of Government Budget:
The government budget comprises two key components:
1. Revenue Budget: It includes the government's estimated revenue and expenditure for the fiscal year. The revenue budget includes all the expected income from taxes, fees, and other sources, while the expenditure budget includes all the planned government spending.
2. Capital Budget: It deals with the government's long-term investment plans and includes expenditure on infrastructure, land, buildings, and other assets.
Objectives of Government Budget:
The main objectives of government budget include:
1. Allocation of resources: The government uses the budget to allocate resources to different sectors and projects.
2. Economic growth: The government uses the budget to promote economic growth through various measures such as tax cuts, subsidies, and investments.
3. Income redistribution: The government uses the budget to reduce income inequalities by providing welfare programs and social security measures.
4. Price stability: The government uses the budget to control inflation and maintain price stability.
Fiscal Policy:
Fiscal policy refers to the government's use of taxation and expenditure to influence the economy. The government uses fiscal policy to achieve its economic objectives, such as promoting economic growth, reducing unemployment, and controlling inflation.
Conclusion:
In summary, the government budget is not just a statement of income and expenditure for a single year. It is a comprehensive plan that includes the government's objectives, policies, and strategies for achieving its socio-economic goals.
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Choose the incorrect statement from given belowa)Government budget is ...
Government budget is prepared for upcoming fiscal year.
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Choose the incorrect statement from given belowa)Government budget is an annual statement of income and expenditure of government for current fiscal year.b)Budget is prepared by all levels of government.c)Government, through its budget tries to minimise income inequalitiesd)Fiscal policy of government includes tax and expenditure policy of the government.Correct answer is option 'A'. Can you explain this answer?
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