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The Government: Budget and the Economy Test - 24

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The Government: Budget and the Economy Test - 24
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Sale of Goods on Credit is ____________.
  • Question 2
    1 / -0
    B/R collected is___________.
  • Question 3
    1 / -0
    Insurance claim for stock damaged by fire is ______________.
    Solution

    Insurance claim received for loss of goods is a revenue receipt. Revenue receipts are funds received by a business as a result of its core business activities. Since, stock/inventory is directly related to business activity, such receipt of insurance claim is also related to revenue.

  • Question 4
    1 / -0
    Subsidy received from Govt. for Land is _____________.
  • Question 5
    1 / -0
    Interest received on Investment is____________.
  • Question 6
    1 / -0
    Cash received from Debtors is __________.
  • Question 7
    1 / -0
    __________________ expenditures are those expenditures of the government which lead to creation of physical or financial assets or reduction of liabilities.
    Solution
    Capital Expenditure are all those expenditure of the government that either creates an asset for the government or reduce the liability of the government. For example - Expenditure on land and building, purchase of shares etc. 
  • Question 8
    1 / -0
    Which of the following are the constituents of the budget in India?
    Solution
    Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. In India, budget is prepared for three consecutive years: preceding year, current year and estimated budget of the upcoming year. 
  • Question 9
    1 / -0
    The word budget is derived from the ___________ word 'bougette'.
    Solution
    The word budget is derived from a french word 'bougette' which means 'little bag' from where the budget concept was derived and after years of development the budget for every single country was started getting prepared. 
  • Question 10
    1 / -0
    Budget is a/an _____________ statement of expenditure and revenue of the government prepared by the financial authority of the country.
    Solution
    Budget is an annual statement of the estimates of the government receipts and government expenditure during the period of the financial year. It unveils the fiscal policy of the government, focusing on growth and stability of the economy. Budget is usually prepared annually keeping in mind the financial year. 
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