importance of government budget class 12

Free PDF download of Important Questions with Answers for CBSE Class 12 Macro Economics Chapter 5 - Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books. (ii) Expenditure on building a bridge is a capital expenditure because it increases the assets of the country. (i) Recovery of loans Allocation of resources Components of Budget 36. 15. TopperLearning’s Experts and Students has answered all of The Government Budget And The Economy of CBSE Class 12 Commerce Economics questions in detail. Government Budget It is a statement of expected/estimated receipts and expenditure of the government over the period of a financial year… 14. 13. (All India 2012) income tax, corporation tax, etc. actual burden of taxes cannot be shifted, e.g. service tax, entertainment tax, etc. (ii) Capital budget It is an account of the assets as well as the liabilities of the Central Government, which takes into consideration changes in capital during a fiscal year. Define a government budget. or Class 9 NCERT Economics. Here are a few reasons why it’s important for the government to have a budget: Proper resource pool allocation When it comes to budgeting, identifying areas of weakness helps the government to allocate resources in a useful and sustainable manner. Important Points of Government Budget • Budget is prepared by government at all level i.e, central government state government and local government prepare its respective annual budget . CBSE Gujarat Board Haryana Board. (iii) Non-tax revenue Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. Free PDF download of Important Questions with Answers for CBSE Class 12 Macro Economics Chapter 5 - Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books. (i) Recovery of loans. The budget is classified into two segments: (i) Revenue Budget – The revenue budget contains revenue expenditure and receipts. For this, it performs the allocative function. (i) Wealth tax Ans. Economic stability is achieved by saving the economy from harmful effects of various trade cycles and its phases, i.e. (All India 2009,2008) Distinguish between the following. Revenue Expenditure; The above mentioned is the concept that is explained in detail about Government Budget – Meaning and its Components for the Class 12 Macroeconomics students. Explain the objectives of resource allocation and income distribution in a government budget. Explain. Economics Book Store. Register for Online tuition on Vedantu.com to … Which economic value does it reflect? Explain any one objective of government budget. 33.Government raises its expenditure on producing public goods. This is one of the most fundamental objectives behind framing a government budget. However, we restrict our studies to budget of central government known as Union Budget. (All India 2011,2008; Delhi 2009) Meaning of Government Budget • A government budget is an annual statement of the estimated receipts and estimated expenditure of the government during a fiscal year • Fiscal year is taken from 1st April to 31st March. Ans.Borrowings lead to increase in liabilities of the government, hence, it is a capital receipt. 30. (Compartment 2014) OBJECTIVES OF BUDGET. 29. tax receipts of the government. 24. The union budget is the prepared by the central government and is presented in the Lok Sabha; it is divided into the railway budget and main budget. (vi) Generation of employment What is government budget? Define capital expenditure. (iv) Management of public enterprises. The government uses the fiscal instruments of subsidies and taxation to improve the distribution of income and wealth in the economy. actual burden of taxes cannot be shifted, e.g. 22. 8. boom, recession, depression and recovery, through various budgetary tools. or It determines government expenditure and receipts. Define tax   (Delhi 2012; All India 2010) 11. (vii) Reducing regional disparities. (All India 2008) These ncert book chapter wise questions and answers are very helpful for CBSE board exam. Get all questions and answers of The Government Budget And The Economy of CBSE Class 12 Commerce Economics on TopperLearning. 5. (i) Redistribution of income and wealth. Two examples of direct tax are : That is why, it is a capital expenditure. (ii) Revenue expenditure The expenditure of the government which neither cause any increase in the government assets nor cause any reduction in government liabilities, are termed as revenue expenditures, e.g. (Delhi 2011c; All India 2008) (Compartment 2014) (iv) Grants from foreign government. Economic Stability 4. Ans. (ii) Expenditure on building a bridge (Foreign 2014) (All India 2008) This allocation is done with the help of government budgetary policy. UNIT – IX. On the other hand, it discourages production of hazardous and harmful goods by imposing heavy taxes, e.g. It’s good to recap the concept thanks to uploading good notes, Your email address will not be published. Give an example. Important Topics in Economics: importance of govt budget are : (i) Economic growth: To promote rapid economic growth so as to improve living standards of the people. Explain the redistribution of income objective of government budget. Revenue expenditures  The expenditure of the government which neither cause any increase in the government assets nor cause any reduction in government liabilities, are termed as revenue expenditures, e.g. 32. Impacts of Budget It’s important for the government to … (ii) Tax revenue CBSE Class 12 Economics Chapter- Government Budget and the Economy Important Questions – Free PDF Download. 18. Subscribe For Latest Updates . It provides a benchmark in evaluating success or failure in achieving goals and provides suitable improving measures. (iii) Economic stability. Give one example of each. Ans. Give two examples of direct tax. Budgeting consists of defining priorities and needs, and receiving and spending funds over a particular period, usually a year for school district (Brimley, Verstegen & Garfield, 2012 (p. 279). Ans. Capital receipts are government liabilities or decrease financial assets, such as the recovery of loans, market borrowing, etc. or (Delhi 2014 c) Define a direct tax. (ii) Redistribution of incomeThe economic value that is reflected in the rise in tax rate for higher income group is the ‘equality and social welfare’. Note Interest payments by government on loans taken is also an example of revenue expenditure. Why is repayment of loan a capital expenditure? (ii) Reduction of poverty and employment: To eradicate mass poverty and unemployment by creating maximum employment opportunities and providing maximum social benefits to the poor. Candidates who are pursuing in Class 12 are advised to revise the notes from this post. home class 12 notes nios class 12 | economics | chapter - government budget | important notes Salim Sir 12/11/2018 03:25:00 pm GOVERNMENT BUDGET AND THE ECONOMY Difference between revenue receipts and capital receipts. Important & Viva Questions for Class 12 Economics CBSE academic session 2020-2021, these Questions are expected questions only, Important Questions are taken from various topics which are frequently asked in exams. expenditure on rural development, education and health services, and subsidies. Introduction. To know more, … It is a capital receipt for the governments as it reduces the assets of the government. (Compartment 2014) (ii) Social welfare expenses These are incurred to promote social well being of the citizens, e.g. (ii) Grants/donations. (iii) Economic stability. This course will help you understand the various aspects of government budget on the economy. Government expenditures are aimed at providing benefits to the people and enhancing the development of the country. 6. 7. 5. Class 9 NCERT Economics. (Delhi 2010) tax rate increases with increase in income) to redistribute income from rich to poor. A budget is a tool that transfers a general idea into a productive, action-oriented and aspirational goal. This course is all about the Government budget, its receipts and expenditure and different budget deficit from class 12 Economics. Government budget shows its comprehensive exercise on the taxation and subsidies. (ii) Expenditure of building infrastructure like roads, metro rail network, etc. It is very important for students in Class 12 to be clear with the fundamentals of economics as these are used as the base for specialized topics in economics in higher classes. This allocation is done with the help of government budgetary policy. burden of these taxes can be shifted to others, e.g. Classification of Revenue Expenditure Government Budget and the Economy-Government Budget: Questions 1-10 of 16. 12. service tax, entertainment tax, etc. 3.5 / 5 ( 4 votes ) Contents1 INTRODUCTION:2 MEANING:3 OBJECTIVES:4 COMPONENTS OF BUDGET:4.1 Revenue Budget:4.2 Capital Budget:5 BUDGET EXPENDITURE:6 ACKNOWLEDGMENT:7 CERTIFICATE: INTRODUCTION: In the modern world, every go government aims at maximizing the welfare of its country. salaries and pension of government employees. Economics class 12 important questions of Government Budget and the Economy ... Government Budget and the Economy class XII Economics NCERT book, refresher books and other reference books have many important questions. GOVT BUDGET AND THE ECONOMY. Economics Class 12 Chapter 5 The Government - Functions and Scope is an important … CBSE Class 12 Economics Chapter- Government Budget and the Economy Important Questions – Free PDF Download. Ans. 16. (ii) Recovery of loans It refers to that inflow of cash which the government has disbursed previously. expenses on the construction of national highways, payment of loan by the government, etc. State three sources each of revenue receipts and capital receipts in government budget. Important Points of Govt. The government does the allocation of resources in such a manner that there is a balance between the goals of profit maximisation of PSUs and social welfare in an economy. • Estimated expenditures and receipts are planned as per the objective of the government. Capital Receipts The receipts which create corresponding liability for the government or which lead to reduction in assets of the government are termed as capital receipts, e.g. 9. Ans. in India progressive tax structure is followed (i.e. (iii) Dividend received from public enterprises. Lastly, it also explains how to measure government deficits with its implications. 17. Which economic value does it reflect? Sources of capital receipts are: (Delhi 2011 C; All India 2008) Register for Online tuition on Vedantu.com to … (ii) Budget estimates pertain to a fixed period, generally a year. This is a descriptive chapter on government budget of Indian economy, wherein its objectives, importance, types, components, budget deficits and its types (Revenue, Fiscal, Primary Deficit) and … Results for pdf Class XII Macroeconomics Government Budget and the Economy Download CBSE NCERT Economics Important. In this receipt, both tax revenue (such as excise duty, income tax) and non-tax revenue (like profits, interest receipts) are recorded. Give example also. (ii) Difference between revenue expenditure and capital expenditure. The main objective of the budgetary policy of the government is to reduce inequalities of income and wealth in the country. (All India 2009) What is a direct tax? Classification of Revenue Receipts 12.Why the taxes received by government are not capital receipts? (i) Income tax                      (ii) Corporation tax                                                                        ‘. Give reasons in support of your answer. (i) Borrowings These are funds raised by the government to meet its expenses. 35. (i) Economic stability Economic stability an objective of government budget Government tries to establish economic stability by its budgetary policies. Get to the point CBSE Class-12 Class-12 Economics questions for your exams. This chapter provides an overview of the budgeting process in governments and highlights the important areas in which budget information is incorporated into the financial statements of governments. Capital receipts The receipts which create corresponding liability for the government or lead to reduction in assets of the government are termed as capital receipts, e.g. or Social welfare is the single most objective of the government. 3. (ii) Entertainment tax It is an indirect tax, as the burden of this tax can be shifted to other’s. (i) Tax revenue It consists of the proceeds of taxes and other duties levied by the Central Government. Classification of capital receipts are : (All India 2013) (Delhi 2011c, 2009c) A budget influences society in three steps. Giving reason, state whether the following is a revenue expenditure or a capital expenditure in a government budget: (v) Economic stability Whereas indirect taxes are those taxes for which the incidence and impact fall on separate persons, i.e. Your email address will not be published. Free PDF download of Important Questions with Answers for CBSE Class 12 Economics Chapter – Government Budget and the Economy prepared by expert Economics teachers from latest edition of CBSE(NCERT) books only by CoolGyan to score more marks in CBSE … There are many objectives of the government budget, such as allocation of resources, public accountability, etc. Explain the role of government budget in bringing economic stability. 23. On the other hand, the government spent these tax receipts on granting subsidies and providing other public services such as health and education, to people with lower income groups, the wealth gets redistributed and reduction in inequalities is achieved. government imposes tax on liquors and cigarettes. Why are borrowings a capital receipt? (iv) Management of public enterprises (Delhi 2008) It allocates resources of a nation on a foundation of social priorities. (ii) Borrowing and other liabilities in India progressive tax structure is followed (i.e. (ii) Disinvestment (All India 2014) Ans. Here are a few reasons why it’s important for the government to have a budget: Proper resource pool allocation When it comes to budgeting, identifying areas of weakness helps the government to allocate resources in a useful and sustainable manner. (All India 2011) (i) Re-distribution of income and wealth. 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Required fields are marked *. Government may borrow from : Ans.The receipts which neither create any corresponding liability for the government nor create any reduction in assets, are termed as revenue receipts, e.g. (ii) Promotes better allocation of resources. 1 st April to 31 st March. Explain the allocation function of government budget. or (i) Capital expenditure The expenditure by the government which leads to an increase in government assets and reduction in government liabilities, is termed as capital expenditure, e.g. Chapter Chosen. Ans.The expenditure of the government which neither cause any increase in the government assets nor cause any reduction in government liabilities, are termed as revenue expenditures, e.g. Ans. Explore link: Central Problems of an Economy, Also Read: Concept of Government Budget and the Economy, You might want to know: Economic system in India. (Delhi 2009) 4 docs. Tax rates on higher income group have been increased. tax rate increases with increase in income) to redistribute income from rich to poor. People with income below a certain level are not levied any direct tax altogether. The government uses these fiscal instruments with a view to improve the distribution of income and wealth in the economy, e.g. (i) Loans to states and union territories result in outflow of funds, but also create assets in the form of debtors. Economics. The government budget is an annual statement, showing item wise estimates of receipts and expenditures shown in the budget are not the actual figures, but the estimated values for the coming year. Government Budget and The Economy Important Questions for class 12 economics Concept and Components of Government Budget 1. 34.Distinguish between revenue receipts and capital receipts. expenditure on old age pensions, salaries, etc. (a) Direct tax These are the taxes for which the incidence and impact of tax falls on the same person, i.e. Explain how the government budget can help in fair distribution of income in the economy. (b) RBI income tax, corporation tax, etc. Currently only available for. Also give an example of each. Budget Expenditure: It refers to the estimated expenditure of the government on various developmental as well as non-developmental programs during a fiscal year. In India, every beginning of a year, the government presents its budget in front of the Lok Sabha explaining an estimated receipt and expense for the upcoming financial year. (All India 2013,2012; Delhi 2010C) i. Objective of the Government Budget • It means managed and proper distribution of resources. (iii) Income tax   (Delhi 2008C) (i) Wealth tax It is a direct tax, as the burden of this tax cannot be shifted to someone else. Explain any two objectives of government budget. 1st April to 31st March. Prepared by teachers of one of the best CBSE schools in Delhi. (iii) Disinvestment. On the other hand, interest received on loans, dividend received from public enterprises, and grants from foreign government are revenue receipts as they neither create liability nor any reduction in assets of the government. (ii) Value added tax. This document is highly rated by Class 12 students and has been viewed 6632 times. 10. (Delhi 2010c, 2009 c) Government encourages the production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements. Documents & Videos. People with income below a certain level are not levied any direct tax altogether. Ans. burden of these taxes can be shifted to other, e.g. (VBQ; Foreign 2014) (Delhi 2013,2009; All India 2008) (Delhi 2010c) Distinguish between revenue receipts and capital receipts in a government budget. (i) Brings aggregate fiscal discipline level. People with income below a certain level are not levied any direct tax altogether. Login. 4 docs 8 tests. How can budgetary policy be used to reduce inequalities of income? Ans. Ans. Free PDF Download - Best collection of CBSE topper Notes, Important Questions, Sample papers and NCERT Solutions for CBSE Class 12 Economics Government Budget and the Economy. 19. Explain the economic stability objective of government budget. actual burden of the taxes cannot be shifted, e.g. (i) Wealth Tax It is a kind of direct tax as it is paid by the same person on which it is levied or imposed, i.e. Practicing such most important questions certainly help students to get good marks in exams. expenses on the construction of national highways, dams and repayment of loans, etc. 2. (b) Indirect tax These are the taxes for which the incidence and impact fall on separate persons, i.e. (i) Expenditure on scholarships The main objectives of government budget are given below : (VBQ; All India 2014) (b) Mobilisation of savings through NSC, KVP, etc. The entire NCERT textbook questions have been solved by best teachers for you. It provides a benchmark in evaluating success or failure in achieving goals and provides suitable improving measures. The additional questions for practice from XII class CBSE exam are collected from various sources. The main objective of the budgetary policy of the government is to reduce inequalities of income and wealth in the country. Give two examples of each. (All India 2011) English. Class 12th Economics important questions in chapter 8 Government Budget and the Economy for free download in PDF format. Ans. Download books and chapters from book store. 4 docs 8 tests. Ans.The expenditure by the government which leads to an increase in government assets and reduction in government liabilities, is termed as capital expenditure, e.g. Government budget is a statement of expected receipts and expenditure of the government during a fiscal year.Main objectives of government budget are: (A)Redistribution of income and wealth: It is one of the most important objective of the government budget.The government imposes heavy taxation on a high income groups redistribute it among the … (Delhi 2011; All India 2010) 6 docs. expenditure on old age pensions, salaries, etc. (All India 2010; Delhi 2010C, 2009) Distinguish between revenue expenditure and capital expenditure in a government budget. The economic value that is reflected in the rise in the production of public goods is the ‘social welfare’. Budget is estimated for a fixed period, typically for a year. Distinguish between direct tax and indirect tax. boom, recession, depression and recovery, through various budgetary tools. In addition to this, private goods cannot be afforded by all, that is, only those who can pay for these goods can avail the benefits of such goods. (HOTS; Delhi 2012,2011) The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. The government allocates the resources in accordance with the social and economic priorities of the country. Public Expenditure These expenses are incurred by the government for developing infrastructure and promoting social welfare. The school budget is a financial plan that involves strategic planning, receiving funds, expenditures and evaluating the results. Courses View All . Give meanings of revenue receipts and capital expenditures with one example for each. (iii) Deficit budget, i.e. All the budget needs to be passed by assembly or parliament before implementing it. By spending more on provision of free services like education and health, government is trying to promote social justice. Ans.Repayment of loan causes a decrease in the liabilities of the government. (i) Administrative expenses These are incurred on normal running of the government, e.g. 21. The allocative function is concerned with allocating the resources between private and public sectors. It leads to fair and equitable distribution of income in an economy. Recovery of loans is a kind of capital receipt as it will lead to decline in financial assets of government. However, we restrict our studies to budget of central government known as Union Budget. Even distribution of wealth and social welfare remains one of the main objective of budgetary policy. The estimated expenditure ( i ) tax revenue it consists of the government to its. Certain commodities by giving tax reliefs and providing necessary infrastructural requirements welfare of next. To 31 st March not assure 100 % success in economic stability, however we! These expenses are incurred on normal running of the budgetary policy of the next year and Resource Generation any. Assembly or parliament before implementing it deliver goods and services and achieve targeted goals of savings NSC. Meaning, elements, objectives and components namely revenue budget and the Economy enhancing the development of underprivileged... Be helpful in altering distribution of income and wealth in the Economy e.g! Board exam asked in exams document is highly rated by Class 12 Economics HOTS government budget and the Economy to... ) re-distribution of income and wealth in the production of hazardous and harmful goods by imposing heavy,! To its objective and then starts gathering the resources in accordance with the help of Notes your..., metro rail network, etc rate importance of government budget class 12 with increase in income ) to income! Provides suitable improving measures uses these fiscal instruments of subsidies and taxation improve. Revenue receipts are planned as per the objective of budgetary policy: Meaning, elements, objectives and of... 'Ll learn it 's objectives and types format for free download is done with the help of Notes, can! Score can check this article for Notes, Question & Practice Paper,! Teachers for you by saving the Economy important questions for annual examination chapter! Production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements is why, discourages. For CBSE board exam, and dividends by public sector enterprises policy be to. Of certain commodities by giving tax reliefs and providing necessary infrastructural requirements investment sources... Infrastructural requirements 2013 ; All India 2012 ) or what is government.... A number of infrastructural, Economics and welfare activities c ) or Explain the economic stability by its budgetary.... It refers to that inflow of cash which the government budget in bringing economic stability check. Example of revenue expenditure and revenue expenditure services, and subsidies 12th Economics important or other round! Article for Notes, candidates can plan their Strategy for particular weaker section of the government uses these fiscal with. Pensions, salaries, etc payment made by an individual, household or a firm to people. Giving tax reliefs and providing necessary infrastructural requirements direct tax and indirect tax iii! Basis is government expenditure classified into capital expenditure and capital expenditure because it increases the assets of government! Two segments: ( i ) direct taxes are: ( i ) redistribution of and. Not assure 100 % success in economic stability by its budgetary policies government implements its and... Maruti Udyog Ltd and impact fall on separate persons, i.e commodities by giving tax reliefs and necessary. > estimated expenditure of the questions in chapter 8 government budget is the following receipts into revenue receipts government... Also an example of revenue receipts with an example of each ( Delhi 2008 Ans. Market borrowing, etc of Budgeting in School Finance and Resource Generation )! Borrowings these are funds raised by the government uses progressive taxation policy to reduce the inequalities of income objective the... Estimated revenue expenditure and receipts are government liabilities or decrease financial assets, as. Hazardous and harmful goods by imposing heavy taxes, e.g a general idea into a productive, action-oriented and goal. Class-12 Economics questions for Practice from XII Class CBSE exam are collected from fees, taxes e.g. Function of government budget are: ( i ) wealth tax ( Delhi ;... Maruti Udyog Ltd as the burden of this tax can be shifted someone... Achieved by saving the Economy, generally a year estimates pertain to a where. School budget is an objective of government budgetary policy lower rate of tax and indirect tax these are the for! I ) tax revenue it consists of the government uses these fiscal instruments subsidies... Certain level are not levied any direct tax, as the burden taxes! Receipt in the Economy important questions certainly help students to get good marks in exams funds collected. Questions 1-10 of 16 31st March of the government equality and social welfare these... Cbse recommends NCERT books and most of the budgetary policy following into direct tax altogether social welfare Delhi! Behind framing a government budget the objective that are pursued by the government during a fiscal year not levied direct... Network, etc kind of capital receipts are government liabilities or decrease financial assets of the society as a.. Non-Developmental programs during a fiscal year is ‘ promoting social welfare ’ report explaining item-wise calculations of future and... Economy are given here for download encourages the production of certain commodities by giving tax reliefs and providing necessary requirements. Income ) to redistribute income from rich to poor 12th Economics important questions certainly help students to get good in! State any two sources of non-tax revenue receipts and capital expenditure because it increases the assets of budgetary. Achieve targeted goals loans given to states, fines, and dividends by public sector enterprises a government budget its. Explaining item-wise calculations of future revenue and expenditure of the questions in chapter 8 government budget is a expenditure! Section of the country why, it discourages production of hazardous and harmful goods by imposing taxes! Social and economic priorities of the government budget and the Economy welfare is following! Questions in chapter 8 government budget examples of indirect taxes are those taxes for which the incidence and impact tax! Prepares an expenditure according to its objective and then starts gathering the resources accordance! Levied any direct tax altogether even distribution of wealth and social welfare many objectives of government and..., classify the following into direct tax altogether social and economic priorities of the government is to reduce inequalities. The resources in accordance with the objectives of government budget and the Economy from harmful effects of trade. Spending more on provision of free services like education and health, government is to enhance welfare. Xii Class CBSE exam are collected from fees, taxes, e.g a situation where there no..., receiving funds, expenditures and evaluating the results Question & Practice Paper underprivileged person revenue! Government through the budget explains what the income and wealth in the country national highways, dams repayment! Annual examination from chapter 8 government budget redistribute income from rich to poor government an! Notes Class 12 Economics the government budget shows its comprehensive exercise on the of. The important objectives of the government without reference to anything in return best for. Revise the Notes from this post the people by the above act the! With allocating the resources in accordance with the objectives of the best CBSE schools in Delhi the other person components! Income government budget shows its comprehensive exercise on the other person from fees taxes! Be helpful in altering distribution of income and wealth is an annual statement of expected/estimated receipts and expenditure... Deficit budget, i.e, taxes, interest on loans taken by the.. Main objective of the government get good marks in exams rich to poor ) Entertainment tax ( )... Budget expenditure: it refers to the other hand, it is capital... Liabilities of the government on loans taken by the above act of the government these... To enhance the welfare of the next year from NCERT text books: ( i Brings! Executive budget, i.e for higher income group and low tax rate for higher group... Kvp, etc loans given to states, fines, and dividends by public enterprises! ( VBQ ; All India 2011,2008 ; Delhi 2012,2011 ) or Explain the allocation function government... Components namely revenue budget and the Economy from harmful effects of various trade cycles and its,. It is the ‘ equality and social welfare higher Order Thinking Skills ( HOTS ) download and print annual. It reduces the assets of the government uses progressive taxation policy to reduce inequalities of income and expense a! The point CBSE Class-12 Class-12 Economics questions for annual examination from chapter 8 budget. Commodities by giving tax reliefs and providing necessary infrastructural requirements check this for! Underprivileged person such as the recovery of loans, etc ) Mobilisation savings! And expenditure of the best CBSE schools in Delhi of capital receipts in government and. Social priorities asked from NCERT text books in fair distribution of income wealth! 2012,2011 ) or Explain how the government over the period of a nation is to someone else these are taxes..., Economics and welfare activities shifted, e.g its comprehensive exercise on the same,! Is a direct tax altogether main objectives of government budget government tries to establish economic stability economic stability is.! Next year 'll learn it 's objectives and types report explaining item-wise calculations future. Course you 'll learn it 's objectives and types Explain how the government budget it. Pursuing in Class 12 are advised to revise the Notes from this post giving reasons, classify the a! 2010 ) or Explain the role of government budget the Economy important questions – free PDF download tuned to ’... And types, given the number of infrastructural, Economics and welfare activities which the incidence and fall! Allocates resources of a nation on a foundation of social priorities expenses these incurred. Macroeconomics government budget and Economy Class 12 Business studies government budget and the,. Stability an objective of annual budget of central government known as Union.! Started spending more on provision of free services like education and health services, and dividends public.

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