What does the term "public finance" refer to?

Managing private financial resources.

Study of government taxing and spending activities.

Personal financial planning for individuals.

Analyzing corporate financial statements.

According to Findlay Shirras, how does he define public finance?

The study of personal finance principles.

The study of government regulations.

The study of principles underlying government spending and raising funds.

The study of international trade and finance.

What is the main difference between public finance and private finance objectives?

Public finance aims at maximizing government profits.

Private finance focuses on macroeconomic stability.

Private finance aims at individual welfare, while public finance aims at community welfare.

Public finance aims at minimizing government expenditures.

What is the primary concern of fiscal administration in public finance?

Drafting and sanctioning of the budget.

Auditing of private financial statements.

Regulating international trade.

Managing personal investment portfolios.

Why is public finance considered both a science and an art?

It only involves empirical research.

It has no practical applications.

It requires artistic skills to manage government finances.

It involves systematic study as well as application of knowledge to achieve objectives.

What does the study of public finance focus on regarding government revenue and expenditure?

It studies only government revenue sources.

It studies the relationship between individual and government expenditures.

It studies how government distributes resources for various expenses.

It studies the organization of government agencies.

What distinguishes public finance from private finance in terms of resource allocation?

Private finance focuses on government spending.

Private finance considers deficit financing.

Public finance adjusts income to expenditure, while private finance adjusts expenditure to income.

Public finance is primarily concerned with personal financial planning.

What is the significance of transparency in public finance?

Transparency is essential for maintaining a surplus budget.

Transparency helps in hiding government financial activities.

Transparency ensures that government budget information is disclosed to the public.

Transparency is only required for private financial transactions.

Why might a government deliberately create a deficit budget?

To stimulate economic development.

To maintain secrecy in financial affairs.

How does public debt differ from private debt?

Public debt is always repaid immediately, while private debt can be postponed.

Public debt is raised through taxes, while private debt is raised through borrowing.

Public debt can be disregarded in budget planning, while private debt cannot.

Public debt can be used to finance economic development, while private debt cannot.

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