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Distinguish between:
Deficit budget and balanced budget
Concept: Types of Budget
Optional functions of government:
- Protection from external attack
- Provision of education and health services
- Provision of social security measures
- Collection of tax
Concept: Public Finance
Obligatory functions of the Government include:
- Provision of employment
- Maintaining internal law and order
- Welfare measures
- Exporting goods and services
Concept: Public Finance
"Definition - Public finance is one of those subjects which are on the borderline between economics and politics." given by:
- Adam Smith
- Alfred Marshall
- Prof. Hugh Dalton
- Prof. Findlay Shirras
Concept: Public Finance
Trends shown by the Public expenditure of any Government show the following trend.
- Constant
- Increasing
- Decreasing
- Fluctuating
Concept: Structure of Public Finance > Public Expenditure
Distinguish between the following concepts:
Special assessment and Special levy.
Concept: Public Revenue > Non-tax Revenue
State with reason whether you agree or disagree with the following statement:
Fines and penalties are a major source of revenue for the Government.
Concept: Public Revenue > Taxes
State with reason whether you agree or disagree with the following statement:
Democratic Governments do not lead to increase in public expenditure.
Concept: Structure of Public Finance > Public Expenditure
Read the given passage and answer the questions:
|
The conventional notion of social security is that the government would make periodic payments to look after people in their old age, ill health, disability, and poverty. This idea should itself change from writing a cheque for the beneficiary to institutional arrangements to take care of beneficiaries, including by enabling them to look after themselves, to a large extent. The write-a-cheque model of social security is a legacy from the rich world at the optimal phase of its demographic transition when the working population was numeral enough and earning enough to generate the taxes to pay for the care of those not working. This model is ill-suited for less, well-off India with growing life expectancy, increasing urbanization, and resultant migration. Social security under urbanization will be different from social security in a static society. |
- State the conventional notion of social security.
- What kind of conceptual change is suggested in the given paragraph?
- What is the legacy of social security from the rich world?
- Which features of India make the traditional model of social security ill-suited for the economy?
Concept: Public Finance
Essential characteristics of a tax:
- It is a voluntary contribution to the government.
- Every citizen of the country is legally bound to pay the tax imposed upon him.
- Tax is imposed on income, property or commodities or services.
- The tax payer receives direct and proportionate benefits from the government in return for the tax.
Concept: Public Revenue > Taxes
______: Protection from external attacks :: Optional function : Provision of social security
Concept: Public Finance
Tax paid at the time of production or sale and purchase of a commodity or service −
Concept: Public Revenue > Taxes
Identify the right group of pairs from the given options.
| Group A | Group B |
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
| v) Deficit Budget | (e) Non-tax revenue |
Concept: Public Finance
Complete the correlation.
Personal Income tax : ______ :: Goods and service tax (GST) : Indirect tax.
Concept: Public Revenue > Taxes
The budget consists of revenue receipts and revenue expenditure ______
Concept: Government Budget
Non-tax sources of revenue ______.
- Direct and Indirect Tax
- Direct Tax and Fees
- Fees
- Special levies
Concept: Public Revenue > Non-tax Revenue
Public expenditure of any government shows ______.
Concept: Structure of Public Finance > Public Expenditure
Find the odd word out:
Non-tax revenue:
Concept: Public Revenue > Non-tax Revenue
Identify and explain the following concept:
Ashok paid the tax on his income and property.
Concept: Types of Taxes
Explain the classification of public expenditure.
Concept: Important Social Welfare Schemes by the Government
