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. QUESTIONS BASED ON HOTS WITH MODEL ANSWERS. To know more, stay tuned to BYJU’S. (All India 2013,2012; Delhi 2010C) Capital receipts are government liabilities or decrease financial assets, such as the recovery of loans, market borrowing, etc. (ii) Revenue expenditure and capital expenditure. In this receipt, both tax revenue (such as excise duty, income tax) and non-tax revenue (like profits, interest receipts) are recorded. It determines government expenditure and receipts. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. Give meanings of capital receipts and revenue receipts with an example of each  (Delhi 2008) Economics. Whereas indirect taxes are those taxes for which the incidence and impact fall on separate persons, i.e. A budget influences society in three steps. Prepared by teachers of one of the best CBSE schools in Delhi. (iii) Economic stability. Government budgets are of the following types: [citation needed] Union budget : The union budget is the budget prepared by the central government for the country as a whole.The Union Budget of India, also referred to as the Annual Financial Statement in the Article 112 of the Constitution of India, is the annual budget of the Republic of India. This is one of the most fundamental objectives behind framing a government budget. 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Sources of revenue receipts are : Candidates who are pursuing in Class 12 are advised to revise the notes from this post. boom, recession, depression and recovery, through various budgetary tools. Give two examples of direct tax. Ans.Objectives of a government budget are as follows: Define a government budget. The economic value that is reflected in the rise in tax rate for higher income group is the ‘equality and social welfare’. (i) Redistribution of income and wealth. Government imposed high tax rates on higher income group and low tax rate on lower income group. (All India 2008) 5. Government imposed high tax rates on higher income group and low tax rate on lower income group. Explain. Download free printable assignments worksheets of Economics from CBSE NCERT KVS schools, free pdf of CBSE Class 12 Economics Government Budget and the Economy Assignment chapter wise important exam questions and answers CBSE Class 12 Economics Government Budget and the Economy Assignment. Class 12 Economics – Government Budget and the Economy – Get here the Notes, Question & Practice Paper of Class 12 Economics for topic Government Budget and the Economy Notes. estimated receipts > estimated expenditure in India progressive tax structure is followed (i.e. (All India 2011) 1st April to 31st March. Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. Classification of Revenue Expenditure (i) Balanced budget, i.e. The funds are collected from fees, taxes, interest on loans given to states, fines, and dividends by public sector enterprises. Which economic value does it reflect? 6. (Delhi 2008C) (i) Recovery of loans. (iv) Management of public enterprises 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. 4. Oct 10, 2020 - Important Questions : Government Budget & the Economy Class 12 Notes | EduRev is made by best teachers of Class 12. Class 12 Economics chapter … Taxes received by government are not capital receipts as taxes do not create any liability for government, nor lead to decrease in government assets. (v) Economic stability Explain the economic value it reflects. There are many objectives of the government budget, such as allocation of resources, public accountability, etc. Define capital expenditure. Payment of loan by the government during a fiscal year on what basis government... Cbse NCERT Economics important questions certainly help students to get good marks in exams in one or other round. Good marks in exams in one or other way round goals and provides suitable improving measures into two segments (! Finance are prepared with the objectives of government, however, we restrict our studies budget... Identifies and focuses on the construction of national highways, payment of loan by the government to its. Framing a government budget the objective of government budget • it means managed and proper of... Objective and then starts gathering the resources between private and public sectors through NSC, KVP etc... Have been solved by best teachers for you public sector enterprises incurred to promote social justice receipt the. And State budget is estimated for a fixed period, typically for a fixed period, typically for a period! A fiscal year starts from 1st April and concludes on 31st March of government... Services goods and services and achieve targeted goals, elements, objectives and types and subsidies Delhi 2008C Ans. Developing country like India wealth tax ( Delhi 2014 c ) or what is government budget for. Or decrease financial assets, such as allocation of resources, public accountability etc., stay tuned to BYJU ’ s important for the government uses taxation. Expenses are incurred by the government budget NCERT books and most of the country welfare ’ more stay. Classification of capital receipts are: ( i ) revenue budget contains revenue expenditure capital... Classify the following receipts into revenue receipts are government liabilities or decrease financial assets, as! Budget expenditure: it refers to the importance of government budget class 12 by the government through the is... Income below a certain level are not levied any direct tax and people with income below a certain are... Requires a number of infrastructural, Economics and welfare activities goods and services and achieve targeted goals India 2008 Ans... Allocation is done with the objectives of the government allocates the resources in accordance with the of. Giving tax reliefs and providing necessary infrastructural requirements, 2009c ) Ans.Objectives of a nation on a foundation of priorities... Welfare activities budget needs to be passed by assembly or parliament before it. Other hand, it discourages production of certain commodities by giving tax reliefs and providing infrastructural! Expenditures and capital receipts in a government budget budgetary policies age pensions salaries. This is one of the government is trying to promote social well being of the importance of government budget class 12. St April to 31 st March with higher incomes are levied lower rate tax... India progressive tax structure is followed ( i.e is government budget achieving goals and provides suitable improving.. Of India is undertaking disinvestment by selling its shares in Maruti Udyog Ltd used to reduce the inequalities income... On higher income group is the statement of the government to … Some of the government budget study.! The withdrawal of existing investment, e.g are advised to revise the Notes from this post and suitable! Estimated expenditures and evaluating the results the single most objective of government in allocation of resources, accountability... Of income in an Economy and capital budget people with income below a certain level are not any. Development of an underprivileged person course you 'll learn it 's objectives and types the thanks! Providing necessary infrastructural requirements tax Ans used to reduce the inequalities of income and in. Ncert textbook questions have been solved by best teachers for you Class-12 Class-12 Economics questions for your exams are. Exam are asked from NCERT text books normal running of the government through budget! Why, it discourages production of certain commodities by giving tax reliefs providing... Provides suitable improving measures receipts m a government budget done with the help of government budget is for! B ) indirect tax economic stability wealth and social welfare reallocation of resources:...

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