A Government budget is prepared for a fiscal year running from:

1. 1st January to 31st December.
2. 1st April to 31st December.
3. 1st April to 31st March.
4. 1st January to 30th April.

______ items are those items which do not create a liability or do not lead to reduction in assets.

1. Capital.
2. Development.
3. Non-development.
4. Revenue.

Disinvestment by government means:

1. Selling of its fixed capital assets.
2. Selling of shares of public enterprises held by it.
3. Selling of its buildings.
4. All the above.

Which article of the Constitution takes about the budget?

1. Article 110
2. Article 111
3. Article 112
4. Article 113

Capital receipts may come from:

1. Market borrowings.
2. Provident funds.
3. Recoveries of loans.
4. All of them.

Direct tax is called direct because it is collected directly from: (Choose the correct)

1. The producers on goods produced.
2. The sellers on goods sold.
3. The buyers of goods.
4. The income earners.

Which of the following statement is not correct?

1. Dividends on investment made by government is a revenue receipt.
2. Borrowing from public is a capital receipt.
3. Subsidy on diesel oil for cars is a wasteful expenditure by the government.
4. Non-plan expenditure does not contribute to social welfare.

Interest payments are subtracted from which deficit to arrive at Primary Deficit:

1. Revenue Deficit.
2. Capital Deficit.
3. Fiscal Deficit.
4. None of these.

A _________ is a legally compulsory payment imposed by the government on the households and producers.

1. penalty
2. fine
3. fees
4. tax

Repayment of Loans is an example of:

1. Capital Expenditure.
2. Non-Plan Expenditure.
3. Revenue Expenditure.
4. Plan Expenditure.