(b) Indirect tax These are the taxes for which the incidence and impact fall on separate persons, i.e. (iv) Management of public enterprises. or topic:government budget which will help you to get good score in CBSE class 12 Economics board 2019 You can see more important questions, other chapters, click on the below link, burden of these taxes can be shifted to other, e.g. Economic stability is achieved by saving the economy from harmful effects of various trade cycles and its phases, i.e. burden of these taxes can be shifted to other, e.g. People with income below a certain level are not levied any direct tax altogether. People with higher incomes are levied higher rate of tax and people with lower income are levied lower rate of tax. or (Delhi 2011c; All India 2008) ... we answered 6 amazing questions based on the Indian budget. Log in, Concise Mathematics Class 10 ICSE Solutions 2018. 6. February 8, 2020. (ii) Expenditure on building a bridge is a capital expenditure because it increases the assets of the country. NCERT Solutions for Class 12 Macro Economics Chapter 8 Government Budget and the Economy includes all the important topics with detailed explanation that aims to help students to understand the concepts better. First of all finance bill is presented in the. 4. Give reasons in support of your answer. On the other hand, the government spent these tax receipts on granting subsidies and providing other public services such as health and education free of cost, to people with lower income groups. Giving reasons to classify the following into direct tax and indirect tax. The government through its budgetary policy attempts to promote fair and right distribution of income in an economy. (iv) Grants from foreign government. (i) Loans to states and union territories result in outflow of funds, but also create assets in the form of debtors. 12. 1. Teachoo has listed all the important questions for your Class 12 Board Exams. 1 st April to 31 st March. Even distribution of wealth and social welfare remains the main objective of budgetary policy. Explain the role of government in allocation of resources. Whereas indirect taxes are those taxes for which the incidence and impact fall on separate persons, i.e. (i) Borrowings These are funds raised by the government to meet its expenses. Give meanings of revenue receipts and capital expenditures with one example for each. Objectives of Government Budget 19. We have … (i) Balanced budget, i.e. These Economics test papers are specially designed to simulate a similar test pattern to CBSE Class 12 exams so you get to learn a lot after each progressive attempt you make in the mock test series. government imposes tax on liquors and cigarettes. 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 … (a) Proceeds from disinvestment. (i) Re-distribution of income and wealth Rearrange your thoughts and start attempting these CBSE Class 12 model test papers on the Government Budget and the Economy. Difference between revenue receipts and capital receipts. Marketing Management on Noodles – Class 12. (Delhi 2010c) Question 5: When was the proposal to issue new notes of Rs 2,000 denomination approved? (a) Direct tax These are the taxes for which the incidence and impact of tax falls on the same person, i.e. The entire NCERT textbook questions have been solved by best teachers for you. (i) Recovery of loans. 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. Classification of capital receipts are : expenditure on rural development, education and health services, and subsidies. Government has started spending more or providing free services like education and health to the poor. expenditure on old age pensions, salaries, etc. burden of this tax is not possible to shift to the other person. (All India 2010; Delhi 2010C, 2009) Whereas when the expected receipts are more than the expected expenditures in the government budget, it is termed as surplus budget (Expected receipts > Expected expenditure). (Delhi 2009) (Delhi 2011; All India 2010) 32. 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. 11. Expected expense > Expected revenue.. 2.Measures of Budgetary Deficit It includes revenue deficit, fiscal deficit and primary deficit.. 3. 31. 8. or The government uses these fiscal instruments with a view to improve the distribution of income and wealth in the economy, e.g. 35. 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) Redistribution of income and wealth (Delhi 2009) (Delhi 2008) Ans. NCERT Solutions for Class 6, 7, 8, 9, 10, 11 and 12. Sources of revenue receipts are : Is the following a revenue receipt or a capital receipt in the context of government budget and why? Ans. (Delhi 2010) 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. Classification of Revenue Expenditure tax receipts of the government. income tax, corporation tax, etc. tax rate increases with increase in income) to redistribute income from rich to poor. Economic stability is achieved by saving the economy from harmful effects of various trade cycles and its phases, i.e. (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. Ans. expenditure on old age pensions, salaries, etc. Types of Budget A tax is called an indirect tax when … expenses on the construction of national highways, dams and repayment of loans, etc. Define tax (Delhi 2012; All India 2010) actual burden of the taxes cannot be shifted, e.g. Main objectives of budget are: (i) Reallocation of resources. (ii) Non-tax revenue It mainly consists of interest receipts on account of loans by the Central Government, dividends and profits on investment made by the government, fees and other receipts for services rendered by the government. (Compartment 2014) (c) Foreign Governments Ans. Ans. expenditure on old age pensions, salaries, etc. MF. Classify the following receipts into revenue receipts and capital receipts. Distribution of income Government budget shows its comprehensive exercise on the taxation and subsidies. burden of these taxes can be shifted to others, e.g. (Compartment 2014) Ans. Government budget shows its comprehensive exercise on the taxation and subsidies. (All India 2012) (i) Re-distribution of income and wealth. (ii) Surplus budget, i.e. Distinguish between the following. State any two sources of non-tax revenue receipts. OR. 33.Government raises its expenditure on producing public goods. actual burden of taxes cannot be shifted, e.g. or 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. i. The main objectives of government budget are given below : Explain any one objective of government budget. 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Prepared by teachers of one of the best CBSE schools in Delhi. (All India 2010) 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. the government of India is undertaking disinvestment by selling its shares in Maruti Udyog Ltd. (i) Fees The major objective of the budgetary policy of the government is to enhance the welfare of the society as a whole. expenses on the construction of national highways, dams and repayment of loans, etc. Government Budget and the Economy Class 12 MCQs Questions with Answers. February 7, 2020. 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. 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. 7. … Ans. Ans. (vii) Reducing regional disparities. (ii) Re-allocation of resources Social justice is the principal objective of annual budget of a developing country like India. 7. These questions are known to very few people. disinvestment of PSUs. As it is the first year in which the practical will be held in economics, so the questions cannot be predicted but questions could be asked according to the project option you have choosen . 11. Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. (ii) Disinvestment (All India 2014) (i) Income tax (ii) Corporation tax ‘. Income and expenditure of the government, 2. 1st April to 31st March. (All India 2011,2008; Delhi 2009) 29. (i) Wealth tax Sources of capital receipts are: (Delhi 2013) This allocation is done with the help of government budgetary policy. boom, recession, depression and recovery, through various budgetary tools. Explain the economic value it reflects. Direct taxes are those taxes for which the incidence and impact of tax falls on the same person, i.e. NRI. (i) Expenditure on scholarships is a revenue expenditure because neither it lead to decrease in liabilities nor lead to an increase in assets. 16. 36. (i) Administrative expenses These are incurred on normal running of the government, e.g. estimated receipts > estimated expenditure (All India 2013,2012; Delhi 2010C) Ans. (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. Ans. (Delhi 2010c, 2009 c) Components of Budget CBSE Class 12 Economics HOTs Government Budget the Economy. loans taken by the government, disinvestment of any PSUs, etc. Even distribution of wealth and social welfare remains the main objective of budgetary policy. The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. 26.Give meanings of revenue expenditures and capital receipts m a government budget. Markets. (ii) Disinvestment refers to the withdrawal of existing investment, e.g. Important & Viva Questions for Class 12 Eco Download NCERT Solutions and Offline Apps based on various subjects. Based on CBSE and NCERT (ii) Revenue expenditure and capital expenditure. Q.2) The government budget shows the government’s . The entire NCERT textbook questions have been solved by best teachers for you. Ans. (ii) Expenditure of building infrastructure like roads, metro rail network, etc. 15. Recovery of loans is a kind of capital receipt as it will lead to decline in financial assets of government. Which economic value does it reflect? (ii) Expenditure on building a bridge (Foreign 2014) The RBI said in reply to an RTI query that the Central Board discussed and approved the proposal to introduce Rs 2,000 notes on May 19 … 5. 18. Your email address will not be published. By spending more on provision of free services like education and health, government is trying to promote social justice. CBSE Class–12 economics Revision Notes Macro Economics 08 Government Budget and Economy class 12 Notes Economics. (iii) Economic stability. (Delhi 2010) Give meanings of capital receipts and revenue receipts with an example of each (Delhi 2008) The government uses the fiscal instruments of subsidies and taxation to improve the distribution of income and wealth in the economy. 23. 37. 24. This chapter explains in brief a manner about how the budget and employment are determined. The government uses these fiscal instruments with a view to improve the distribution of income and wealth in the economy, e.g. 2. (i) Expenditure on scholarships Government encourages the production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements. Explain. (All India 2009) tax receipts of the government. 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. 9. 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. service tax, entertainment tax, etc. 4. (Delhi 2011 C; All India 2008) Define indirect tax. Find this set of 10 questions based on the budget 2019-20. Why are borrowings a capital receipt? (iii) Dividend received from public enterprises. Answer: Public goods are those goods which are consumed collectively. Define capital expenditure. Marketing Management Project for Class 12th on Chocolate. These are financed by the government through the budget and made available free of any direct payment. estimated receipts < estimated expenditure, 3. 22. 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It leads to fair and equitable distribution of income in an economy. The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. (ii) Recovery of loans It refers to that inflow of cash which the government has disbursed previously. Explain the redistribution of income objective of government budget. 10. Capital Expenditures Those expenditures of the government, which lead to increase in government assets or lead to reduction in government liabilities is termed as capital expenditure, e.g. It is a capital receipt for the governments as it reduces the assets of the government. 1. Ans. 1-What will be effect on Equilibrium price and equilibrium quantity of good X if demand of substitute goods of X increases? 9. The main objective of the budgetary policy of the government is to reduce inequalities of income and wealth in the country. On the other hand, it discourages production of hazardous and harmful goods by imposing heavy taxes, e.g. It refers to a situation where there is no fluctuation in price level in an economy. disinvestment of PSUs. (iii) Other receipts It includes Give an example of each. Economics Project on Government Budget – Class 12 CBSE. But, as the public goods as required by all and are essential from welfare point of view, thus, government provide these goods. Distinguish between direct tax and indirect tax. 2. 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. Ans. Panache. Explain the role of government budget in bringing economic stability. Budget 2021. expenses on the construction of national highways, payment of loan by the government, etc. (iii) Non-tax revenue (i) Tax receipts Re-distribution of income and wealth is an objective of government budget. (All India 2009) Ans. (Compartment 2014) Higher Order Thinking Skills (HOTS) download and print. How can budgetary policy be used to reduce inequalities of income? Government imposed high tax rates on higher income group and low tax rate on lower income group. ET NOW. (i) Redistribution of income and wealth. 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. The economic value reflected by the above act of the government is ‘Promoting Social Welfare’. The Government : Budget And The Economy. (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. (b) RBI Class 10 Class 12. Opinion. (All India 2008) or These MCQ's are extremely critical for all CBSE students to score better marks. (All India 2009,2008) service tax, entertainment tax, etc. (iii) Economic growth State its main objectives. Zigya App. (Compartment 2014) This document is highly rated by Class 12 students and has been viewed 6632 times. (VBQ; All India 2014) Ans. income tax, corporation tax, etc. It refers to a situation where there is no fluctuation in price level in an economy. Wealth. Thus, the wealth gets redistributed and reduction in inequalities is achieved. Ans. Question 1. Distinguish between revenve expenditure and capital expenditure. Ans. This is done through taxation and expenditure policy. Ans.Objectives of a government budget are as follows: 1 Mark Questions (All India 2013) Explain the objectives of resource allocation and income distribution in a government budget. (Compartment 2014) These Class 12th NCERT Solutions for Economics provide detailed, step-by-step solutions to all questions in an Economics NCERT textbook. Government encourages the production of certain commodities by giving tax reliefs and providing necessary infrastructural requirements. Government Budget and The Economy Important Questions for class 12 economics Concept and Components of Government Budget. Ans. Tech. There are two options:- 1. Fiscal deficit: The fiscal deficit is defined as the excess of government revenue over government expenditure. Give an example. 8. Question 1. Economic stability an objective of government budget Government tries to establish economic stability by its budgetary policies. Which economic value does it reflect? Give two examples of non-tax revenue receipts. (ii) Value added tax. (HOTS; Delhi 2012,2011) Ans. or Distinguish between revenue receipts and capital receipts in a government budget. (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. Multiple Choice Questions (MCQ) for The Government: Budget and the Economy - CBSE Class 12-commerce Macroeconomics on Topperlearning. RISE. (iv) Management of public enterprises 1. in India progressive tax structure is followed (i.e. Q. Chapter-wise Important Questions for CBSE Class 12 Macro Economics: Chapter 1 – Introduction to Macro Economics: Chapter 4 – Determination of Income and Employment: Chapter 2 – National Income Accounting: Chapter 6 – Open Economy Macroeconomics: Chapter 3 – Money and Banking Students who are preparing for their Class 12 exams must go through NCERT Solutions for Class 12 Economics Chapter 8 Government Budget and the Economy.Going through the solutions … 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. State three objectives of a government budget. February 9, 2020. People with income below a certain level are not levied any direct tax altogether. Ans. 13. Nawaf Gantare December 16, 2019 CBSE 12th Commerce, Economics Leave a comment. Project on Stock Exchange Financial Management Class 12 CBSE. Government expenditures are aimed at providing benefits to the people and enhancing the development of the country. 6. (Delhi 2011c, 2009c) Q.1) The government budget is an. (i) Entertainment tax Give two examples of direct tax. 40. Explain the allocation function of government budget. Financial Year in India is : (a) April I to March 31 (b) January 1 to December 31 (c) October 1 to September 30 (d) None of the above. On what basis is government expenditure classified into capital expenditure and revenue expenditure? (v) Economic stability As the public goods cannot be provided by the private sectors through market mechanism, hence the need for providing such goods is to be fulfilled by the government. Important Questions for exams Class 12; Important Questions for exams Class 12. Ans. (Delhi 2010) National Council of Educational Research and Training (NCERT) Book Solutions for class 12th Subject: Economics Chapter: Chapter 5 – Government Budget and Economy. What is revenue expenditure in government budget? (i) Brings aggregate fiscal discipline level. (iii) Income tax (Delhi 2008C) … Ans. Give two examples of each. (d) International Financial Institutions like IMF, World Bank Etc. government imposes tax on liquors and cigarettes. Ans. The government uses progressive taxation policy to reduce the inequalities of income and wealth in the country. Hence borrowing in government budget is a fiscal deficit. ... No reply from the government to this RTI question. (VBQ; Foreign 2014) Chief concepts of this chapter – Government Budget; Objectives of Government Budget; Public goods; Revenue receipts; Capital receipts; Conclusion Impacts of Budget There chapter wise Practice Questions with complete solutions are available for download in myCBSEguide website and mobile app.
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