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Write the answers in ‘one’ or ‘two’ paras each: Explain the types of Government budget. - Economics

Answer in Brief

Write the answers in ‘one’ or ‘two’ paras each: 

Explain the types of Government budget.

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Solution

There are three main types of government budgets.

  1. Balanced budget - When the estimated revenue and expenditure of the government are equal, the budget is said to be a balanced budget.
    Balanced budget = Government Receipts = Government Expenditure
  2. Surplus budget - When estimated government receipts are more than the estimated government expenditure, the budget is said to be a surplus budget.
    Surplus budget = Estimated Government Receipts > Estimated Government Expenditure
  3. Deficit budget - When estimated government receipts are less than the estimated government expenditure, the budget is said to be a deficit budget.
    Deficit budget = Estimated Government Receipts < Estimated Government expenditure
Concept: Structure of Public Finance - Financial Administration
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 8 Public Finance in India
Exercise | Q 5. (1) | Page 80
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