Question

Complete the definition: "A Government Budget is a statement of ______ of the government for a financial year."

Options

• estimated receipts and expenditures

• actual profits and losses

• foreign borrowings and repayments only

• money supply and credit creation

Answer 1

A Government Budget is defined as a statement of estimated receipts and expenditures of the government for a financial year. It thus covers both sides of government finance — what the government expects to receive and what it plans to spend — within one financial year.