What are the primary sources of income for public finance?

The primary sources of income for public finance include tax revenue and non-tax revenue.

Public expenditure refers to ___ required for the proper functioning of the government.

Various types of expenditures

True or False: Public debt occurs when the government's total revenue exceeds its planned expenditure.

False; public debt occurs when the government's planned expenditure exceeds its total revenue.

Fill in the blank: The financial statement made by the government regarding its anticipated revenue and expenditure for a particular year is known as the ___.

Budgetary policy

Name the two important aspects of modern finance as discussed in public finance.

The positive aspect, which focuses on market mechanisms, and the normative aspect, which emphasizes welfare.

The aspect of public finance that studies the impact on welfare is known as the ___ aspect.

Normative

Individuals typically spend ___ than their income to maintain a surplus budget.

Less

True or False: Both public and private finance aim to satisfy unlimited wants with limited resources.

False. Both aim to satisfy wants with limited resources.

Fill in the blank: Borrowing is a common practice for both public and private finance to bridge the gap between ___ and ___.

Income, expenditure

How does private finance differ from public finance in terms of transparency?

Private finance transactions are kept private, while public finance transactions are open and transparent to the public.

What do both public and private finance prioritize?

Both prioritize maximizing the use of limited resources.

What is the primary role of public finance in the economy?

Public finance plays a vital role in allocating productive resources to maximize national output and ensures the provision of essential services.

Progressive taxation through direct taxes promotes ___ in the distribution of income and wealth.

Fairness