CBSE Class 12 Economics Government Budget And The Economy Worksheet

Read and download free pdf of CBSE Class 12 Economics Government Budget And The Economy Worksheet. Students and teachers of Class 12 Economics can get free printable Worksheets for Class 12 Economics Part B Macroeconomics Chapter 5 Government Budget and The Economy in PDF format prepared as per the latest syllabus and examination pattern in your schools. Class 12 students should practice questions and answers given here for Economics in Class 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Economics Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems with solutions on daily basis to get more score in school exams and tests

Worksheet for Class 12 Economics Part B Macroeconomics Chapter 5 Government Budget and The Economy

Class 12 Economics students should refer to the following printable worksheet in Pdf for Part B Macroeconomics Chapter 5 Government Budget and The Economy in Class 12. This test paper with questions and answers for Class 12 will be very useful for exams and help you to score good marks

Class 12 Economics Worksheet for Part B Macroeconomics Chapter 5 Government Budget and The Economy

Important Points for Chapter 5 Government Budget and The Economy Class 12 Economics

♦ Budget : Budget is a financial statement showing the expected receipt and expenditure of Government for the coming fiscal or financial year.
♦ Objectives of Government Budget :
(i) Encouragement to economic development,
(ii) Balanced Regional development,
(iii) Redistribution of Income and Property,
(iv) Economic stability,
(v) Generation of employment,
(vi) Management of public enterprises.
♦ Components of Government Expenditure :
(i) Revenue Budget : It shows revenue receipts and revenue expenditure of the government.
♦ Revenue Receipts :
(a) Which do not cause any reduction in assets and;
(b) Which do not create any corresponding liability to the government. Example : Tax receipts of the government.
♦ Tax : It is a compulsory contribution by an individual, household or a firm to the government without receiving anything in return.
♦ Direct Tax : Direct Taxes are those taxes which are paid by the same person on whom they are levied. When Government imposes a tax on a person and paid by the same person is called direct tax. Its burden can not be shifted to others. For example : Income Tax, Property Tax.
♦ Indirect Tax : It is a tax on goods and services. It is to be initially paid by the producers / traders but its final burden can be passed on to the final buyers by way of increase in price of the taxed commodity. GST or VAT is an example of it.
♦ Non-Tax Receipts : Non-Tax Receipts are those receipts which are received from sources other than taxes, e.g., Fees, Fines, Escheats, Grants / Donations, etc.
♦ Revenue Expenditure : It is the expenditure by the government which :
(i) Does not cause increase in government assets, and;
(ii) Does not cause any reduction in government liability.
♦ Capital Budget : It shows capital receipts and capital expenditure of the government.
♦ Capital Receipts :
(a) Which creates corresponding liability for the government. Example : Loans by the Government and;
(b) Which causes reduction in assets of the government. Example : Disinvestment.
♦ Capital Expenditure : It is the expenditure by the government which :
(i) Causes increase in government assets, and
(ii) Causes reduction in government liability. ♦ Budget Deficit : It is the excess of total estimated expenditure over total estimated revenue.
(i) Revenue Deficit : Revenue Receipts — Revenue Expenditure.
(ii) Fiscal Deficit : [Revenue Expenditure + Capital Expenditure] – [Revenue Receipts + Capital Receipts (other than government borrowings)].
♦ Primary Deficit : By deducting Interest payment from fiscal deficit we get primary deficit. Primary Deficit = Fiscal Deficit – Interest Payment
♦ Types of Budget (i) Balanced Budget : Total Expenditure = Total Revenue
(ii) Deficit Budget : Total Expenditure > Total Revenue
(iii) Surplus Budget : Total Anticipated Expenditure < Total Anticipated Revenue
♦ Measures to Correct Different Deficit :
(i) Raising government revenue,
(ii) Monetary Expansion or Deficit Financing,
(iii) Borrowing from general public,
(iv) Disinvestment,
(v) Lowering government expenditure.

Govt. budget: - An annual statement of estimated receipts and estimated expenditure of the govt. during an accounting year (fiscal year). Current Fiscal year is from 1st April 2021 to 31st March 2022

Objectives of Govt. budget:

1. Re-allocation of resources: -Govt. aims to reallocate resources in accordance with the economic and social priorities of the country.
• To encourage investment, govt. gives tax concessions and subsidies etc., to the producers.
• Govt. discourages the production of the harmful goods by imposing heavy taxes and encourages the production of needful goods like ‘khadi products’ by providing subsidies.
• Also undertake production of those goods where private sector does not take interest.

2. Economic equality: -Reducing inequality is an inherent part of every economic system.
• By imposing taxes on the rich and through providing welfare programs to the poor people govt. is achieving this goal.
• Also known as redistribution of income & wealth
• Progressive taxes on the rich and through providing job opportunities and also through transfer payments govt. is achieving this goal.
• Govt. also aims to achieve regional equality by providing facilities to the rural areas, basically infrastructural Facilities for bringing balanced growth.

3. Economic stability: -
• Govt. budget is used to prevent the business fluctuations like booms or depressions (inflations or deflations) to achieve the goal of balanced growth (economic stability).
• The policy of surplus budget during the time of inflation and deficit budget during the time of deflation helps the govt. to achieve this goal.

4. Economic Growth: -
• Economic growth depends on the rate of saving and investment in the economy. Increase in GDP
• Govt. budget aims to mobilise sufficient resources for investment in the economy.
• Various provisions are making in the govt. budget for increasing the investment in the economy.

5. Management of public sector enterprises: - All public sector enterprises are managed through the govt. budget, functioning for social welfare
Components of Govt. budget:
• It also refers to the structure of the govt. budget.
There are basically TWO COMPONENTS of govt. budget. They are:
(1) Revenue Budget (2) Capital Budget.
Revenue Budget has TWO parts; they are Revenue receipts and Revenue expenditure.
Capital budget consists of Capital receipts and Capital expenditure.

Budget Receipts (BR): - Refers to the estimated money receipts of the govt. from all sources during a given fiscal year. There are two types of budget receipts.
They are: 1. Revenue Receipts (RR) & 2. Capital Receipts (CR):

1. Revenue Receipts (RR): -
Receipts which Neither creates liability nor reduces the assets of the govt.

Major features are:
1. It does not create liability to the govt.
2) It does not reduce the assets of the govt.
• They are regular and recurring in nature.
• Major sources are: Tax revenue and Non- tax revenue

Tax Revenue: - Tax is a compulsory contribution made by individuals and institutions to the govt. without any direct return.
Direct Tax: -
• Taxes that are imposed on property and income of individuals and firms and are directly paid by them to the govt.
• The burden of tax cannot be shifted.
• The Impact and incidence of tax falls on same person.
• For e.g.: - Income tax, property tax. etc.

Indirect Tax: -
• Taxes that are levied on goods and services.
• The burden of tax can be shifted.
• The Impact and incidence of tax falls on different persons.
• They are regressive in nature.
• For e.g.: - GST (Goods & Service tax).

Non tax revenue:-
• Non tax revenue refers to revenue receipts of the govt. other than the tax revenue.
• Major sources are: - Administrative revenue (Fess, Fines & penalties, Escheats, License fees, forfeitures etc.) Gift & grants, Income from govt. properties, special assessments, interest received, dividends etc.

2. Capital Receipts (CR): - Receipts which either creates liability or reduces the assets of the govt.
Major features:
1) It creates liability for the govt.
2) It reduces the assets of the govt.
• They are irregular and non-recurring in nature.

Major sources are:

1. Borrowings: -
• These are the funds raised by the govt. to meet the excess expenditures.
• Govt. borrows funds from internal sources (RBI, Open market) External sources (Foreign governments, foreign financial institutions like IMF, IBRD etc.)
• Borrowings are capital receipts as they create liability and reduce the assets of the government.

2. Disinvestment:
• It refers to the act of selling a part or the whole unit of selected public sector undertakings held by the government to the private agencies.
• It reduces the assets of the govt.
• It leads to transfer of ownership of PSU’s to the private enterprises

3. Recovery of loans: -
• Govt. provides various loans to the state government or UT’s or even to foreign countries.
• Recovery of such loan is a capital receipt as it reduces the assets of the govt.

4. Small Savings: - Small savings in the form of Post office deposits, NSC are other sources of capital receipts as it leads to an increase in liability.
Budget expenditure: - It refers to the estimated expenditure of the government during a given fiscal year.
Capital expenditure and Revenue expenditure
• Any expenditure by the government that either creates an asset (for example construction of School building etc.) or reduces a liability (for example repayment of loan) is categorised as capital expenditure.
• Any expenditure by the government that neither creates an asset nor reduces a liability is categorized as revenue expenditure, (for example interest payment, subsidies, grants given to the state governments etc.)

Structure of Government Budget

Class 12 Economics Government Budget And The Economy

Un- balanced budget: - If Budgetary Receipts are not equal to the Budgetary Expenditure of the govt., then it is known as un balanced budget. Major TYPES of unbalanced budget are: Surplus Budget & Deficit Budget
Surplus Budget
If Budgetary Receipts are MORE THAN the Budgetary Expenditure of the govt., then it is known as Surplus budget.
BR > BE or TR > TE
Deficit Budget
If Budgetary Receipts are LESS THAN the Budgetary Expenditure of the govt., then it is known as Deficit budget.
BR < BE or TR < TE
Types of budgetary deficits: - 1. REVENUE DEFICIT (RD) 2. FISCAL DEFICIT (FD)

3. PRIMARY DEFICIT (PD)
REVENUE DEFICIT (RD)
If Revenue Expenditures are MORE THAN the Revenue Receipts of the govt., then it is known as REVENUE DEFICIT (RD) during an accounting year.
RD = RE - RR or RD= RE > RR

Major implications: -
1. It is a warning signal to the govt. either to reduce the revenue expenditure or to increase the revenue receipts.
2. It indicates the inability of the govt. to meet its regular and recurring expenditure.
3. It also implies that the govt. has to make up this deficit from capital receipts which may lead to inflationary situation in the economy.

FISCAL DEFICIT (FD)
• FD refers to the excess of Budgetary Expenditure over Budgetary receipts, excluding borrowings, during an accounting year.
FD = BE- BR (Excluding borrowings)

Major implications: -

1 Leads to Debt trap: - Borrowings not only involves repayment of borrowed amount but it also requires payment of interest. Interest payments increases revenue expenditures which leads to revenue deficits, ultimately leads to debt trap.
2. Creates inflationary situation in the economy: - Borrowings leads to increase in money supply in the economy creates inflation.
3. Foreign dependence: - Govt. borrows money from the foreign countries and foreign financial institutions, which ultimately increases its dependences on these countries and institutions
4. Financial burden on future generations: - If the country did not repay the borrowed amount in time, its burden will go to the future generations, which will hamper the future growth of the country.

PRIMARY DEFICIT (PD)
Primary Deficit refers to the difference between Fiscal Deficit of the current year and the interest payments of the previous borrowings.
PD = FD – Interest payment on previous borrowings
A low or zero PD indicates that interest commitments on earlier loans had forced the government to borrow.

 

Important Questions for NCERT Class 12 Economics Government Budget And The Economy

Question. Which of the following is Revenue expenditure?
a) Construction of school
b) Borrowings
c) Grants given to the state governments.
d) Loans given to the state governments
Answer. C

Question. ………………………………. Indicates the borrowing requirement of the govt.
a) Revenue deficit
b) Budgetary deficit
c) Fiscal deficit
d) Primary deficit
Answer. C

Question. Identify which of the following is not an example of tax revenue for the government. (Choose the correct alternative)
a) Wealth Tax
b) Special Assessments
c) Income Tax
d) Corporate Tax
Answer. B

Question. Find out incorrect statement from the following:
(a) A government budget is an estimation of receipts and expenditure for current year.
(b) A government budget is an estimation of receipts and expenditure for next financial year.
(c) Capital receipts decreases assets of the government.
(d) Subsidies are not treated as capital expenditure of the government.
Answer. A

Question. Which of the following is a basis for comparison between direct and indirect taxes?
a) Impact
b) Shift of burden
c) Coverage
d) All of the above
Answer. D

Question. Identify the correct formula to calculate Fiscal Deficit.
a) Total expenditure - Total Receipt (other than borrowings)
b) Revenue Expenditure- Revenue Receipt
c) Capital Expenditure- Capital Receipt
d) Revenue Expenditure + Capital expenditure - Revenue Receipt.
Answer. A

Question. Match the item in column A to those in column B and choose the correct option:
Column A                         Column B
A Capital Budget         (I)  Total expenditure = Total Revenue
B Balanced Budget      (II) Total expenditure< Total Revenue
C Surplus budget       (III) Total expenditure > Total revenue
D Deficit Budget         (IV) Capital receipts + capital expenditure
a) A-(iv), B-(i), C-(ii), D- (iii)
b) A-(iv), B-(i), C-(iii), D- (ii)
c) A-(iv), B-(iii), C-(ii), D- (i)
d) A-(i), B-(iv), C-(ii), D- (iii)
Answer. A

Question. In a govt. budget, revenue deficit is Rs. 50000 crores and borrowings are Rs.75000 crores. The fiscal deficit will be:
a) Rs. 25000 crores
b) Rs.125000 crores
c) Rs.50000 crores
d) Rs.75000 crores
Answer. D

Question. Read the following statements carefully and choose the correct alternatives given below:
Statement 1 – Tax Revenue and non-tax revenue are increasing but recovery of loan is reducing.
Statement 2 –Revenue receipts and capital receipts are decreased from 2019 to 2021
Alternatives:
a) Both the statements are true.
b) Both the statements are false.
c) Statement 1 is true and Statement 2 is false
d) Statement 2 is true and Statement 1 is false
Answer. C


Read the following statements – Assertion (A) and Reason (R). Choose one of the correct alternatives given below 

Question. Assertion (A): GST is imposed on goods and services and it is an indirect tax.
Reason (R): Indirect taxes are those tax whose money burden cannot be shifted.

a) Both Assertion (A) and Reason (R) are true, (R) is correct explanation of (A).
b) Both Assertion (A) and Reason (R) are true but (R) is not correct explanation of (A).
c) Assertion (A) is true and Reason (R) is false.
d) Assertion (A) is false and Reason (R) is true.
Answer. C

Question. Assertion (A): Recovery of loan by the government is capital receipts.
Reason (R): Disinvestment is revenue receipts of the government.
a) Both Assertion (A) and Reason (R) are true, (R) is correct explanation of (A).
b) Both Assertion (A) and Reason (R) are true but (R) is not correct explanation of (A).
c) Assertion (A) is true and Reason (R) is false.
d) Assertion (A) is false and Reason (R) is true.
Answer. ​​​​​​C
 

Read the following paragraph carefully and Answer: the given questions 

Every govt. seeks to control and give direction to economic activities. For this purpose, it may exercise a large number of instruments available to it. Among these instruments, the most important is the fiscal policy, which operates through the financial operations of the government. In modern times the responsibilities and functions of a government have been gradually increasing as the areas of the activity are expanding continuously. It requires more and more finance as the corresponding expenditures are moving northwards. The government has to perform innumerable functions for ensuring economic growth and development of the country for which it has to take care of public revenue and public expenditure.

Question. Fiscal policy is the policy of the …….
a) Government
b) Central Bank
c) Both govt. and central bank
d) None of these.
Answer. A

Question. During the time of inflation, govt. should go for ……………….…. budget.
a) Deficit
b) Surplus
c) Balanced
d) Capital
Answer. B


Read the following paragraph and Answer: the given questions 

In the modern world, govt. aims at maximizing the welfare of the people and the country. It requires various infrastructure and economic welfare activities. These activities require huge govt. spending through appropriate planning and policy. Budget provides a solution to all these concerns. Budget is prepared by the government at all levels.
Estimated expenditure and receipts are planned as per the objectives of the government. In India, budget is prepared by the parliament on such a day as the president may direct. The parliament approves the budget before it can be implemented. The receipts and expenditures as shown in the budget are only the estimated values for the upcoming fiscal year, and not the actual figure.

Question. Which of the following is not an objective of the govt. budget?
a) Reallocation of resources.
b) Re distribution of income
c) Reducing expenditure
d) Economic stability.
Answer. C

Question. Govt. budget is a statement of actual receipts and payments of the govt. (True/False)
a) True
b) False
Answer. B


Short Answer: Question and Answer

Question. What are the different sources of nontax revenue? 
Answer. 
• Non tax revenue refers to revenue receipts of the govt. other than the tax revenue.
• Major sources are: - Administrative revenue (Fess, Fines & penalties, Escheats, License fees, forfeitures etc.) Gift & grants, Income from govt. properties, special assessments, interest received, dividends etc.

Question. Distinguish between revenue receipt and capital receipt. 
Answer. 
Revenue Receipts (RR): -

Receipts which neither creates liability nor reduces the assets of the govt.
Major features are:
It does not create liability to the govt. It does not reduce the assets of the govt.
They are regular and recurring in nature.
Major sources are: Tax revenue and Non- tax revenue
Capital Receipts (CR): -
Receipts which either creates liability or reduces the assets of the govt.
Major features:
It creates liability for the govt. It reduces the assets of the govt.
They are irregular and non-recurring in nature. For example; disinvestment, recovery of loans, small savings etc.

Question. Define fiscal deficit and write any three implications of fiscal deficit. 
Answer. 
Fiscal deficit refers to the excess of Budgetary Expenditure over Budgetary receipts, excluding borrowings, during an accounting year.
FD = BE- BR (Excluding borrowings)
Major implications:
1 Leads to Debt trap: - Borrowings not only involves repayment of borrowed amount but it also requires payment of interest. Interest payments increases revenue expenditures which leads to revenue deficits, ultimately leads to debt trap.
2. Creates inflationary situation in the economy: - Borrowings leads to increase in money supply in the economy creates inflation.
3. Foreign dependence: - Govt. borrows money from the foreign countries and foreign financial institutions, which ultimately increases its dependences on these countries and institutions.
4. Financial burden on future generations: - If the country did not repay the borrowed amount in time, its burden will go to the future generations, which will hamper the future growth of the country.

Question. Explain how the govt. is using as an instrument for reducing the inequalities in income.
Answer. 
Reducing inequality is an inherent part of every economic system.
• By imposing taxes on the rich and through providing welfare programs to the poor people govt. is achieving this goal.
• Also known as redistribution of income & wealth
• Progressive taxes on the rich and through providing job opportunities and also through transfer payments govt. is achieving this goal.
• Govt. also aims to achieve regional equality by providing facilities to the rural areas, basically infrastructural Facilities for bringing balanced growth.

Question. What do you mean by deficit budget? What are its types? 
Answer.  Deficit Budget: If Budgetary Receipts are LESS THAN the Budgetary Expenditure of the govt., then it is known as Deficit budget.
BR < BE or TR < TE
Types of budgetary deficits: - 1. Revenue Deficit (RD) 2. Fiscal Deficit (FD)
3. Primary Deficit (PD)

Question. ‘’Through its budgetary policy govt. allocates resources in accordance with the requirements of the country.’’ Do you agree? Justify your Answer: with valid reason. 4 marks
Answer. Re-allocation of resources is the major objectives of the govt. Govt. aims to reallocate resources in accordance with the economic and social priorities of the country.
• To encourage investment, govt. gives tax concessions and subsidies etc., to the producers.
• Govt. discourages the production of the harmful goods by imposing heavy taxes and encourages the production of needful goods like ‘khadi products’ by providing subsidies.
• Also undertake production of those goods where private sector does not take interest.

Question. What do you mean by revenue deficit? Write its implications.
Answer. 
If Revenue Expenditures are MORE THAN the Revenue Receipts of the govt., then it is known as REVENUE DEFICIT (RD) during an accounting year.
RD = RE - RR or RD= RE > RR
Major implications are: -
1. It is a warning signal to the govt. either to reduce the revenue expenditure or to increase the revenue receipts.
2. It indicates the inability of the govt. to meet its regular and recurring expenditure.
3. It also implies that the govt. has to make up this deficit from capital receipts which may lead to inflationary situation in the economy.

Question. What do you mean by unbalanced budget? What are its types?
Answer.  Un- balanced budget: -
If Budgetary Receipts are not equal to the Budgetary Expenditure of the govt., then it is known as un balanced budget. Major TYPES of unbalanced budget are: Surplus Budget & Deficit Budget
Surplus Budget
If Budgetary Receipts are MORE THAN the Budgetary Expenditure of the govt., then it is known as Surplus budget.
BR > BE or TR > TE
Deficit Budget
If Budgetary Receipts are LESS THAN the Budgetary Expenditure of the govt., then it is known as Deficit budget.
BR < BE or TR < TE


LONG ANSWER: QUESTIONS (6 marks)

Question. Define govt. budget and explain its major objectives.
Answer.  An annual statement of estimated receipts and estimated expenditure of the govt. during an accounting year (fiscal year).
Major objectives are:
1. Re-allocation of resources: -Govt. aims to reallocate resources in accordance with the economic and social priorities of the country.
• To encourage investment, govt. gives tax concessions and subsidies etc., to the producers.
• Govt. discourages the production of the harmful goods by imposing heavy taxes and encourages the production of needful goods like ‘khadi products’ by providing subsidies.
• Also undertake production of those goods where pvt. Sector does not take interest.
2. Economic equality: -Reducing inequality is an inherent part of every economic system.
• By imposing taxes on the rich and through providing welfare programs to the poor people govt. is achieving this goal.
• Also known as redistribution of income & wealth
• Progressive taxes on the rich and through providing job opportunities and also through transfer payments govt. is achieving this goal.
• Govt. also aims to achieve regional equality by providing facilities to the rural areas, basically infrastructural Facilities for bringing balanced growth.
3. Economic stability: -
• Govt. budget is used to prevent the business fluctuations like booms or depressions (inflations or deflations) to achieve the goal of balanced growth (economic stability).
• The policy of surplus budget during the time of inflation and deficit budget during the time of deflation helps the govt. to achieve this goal.
4. Economic Growth: -
• Economic growth depends on the rate of saving and investment in the economy. Increase in GDP
• Govt. budget aims to mobilise sufficient resources for investment in the economy.
• Various provisions are making in the govt. budget for increasing the investment in the economy.
5. Management of public sector enterprises: - All public sector enterprises are managed through the govt. budget, functioning for social welfare

Question. Define tax and differentiate between direct and indirect tax. Give examples
Answer.  Tax is a compulsory contribution made by individuals and institutions to the govt. without any direct return.
Direct Tax: -
• Taxes that are imposed on property and income of individuals and firms and are directly paid by them to the govt.
• The burden of tax cannot be shifted.
• The Impact and incidence of tax falls on same person.
• For e.g.: - Income tax, property tax etc.
Indirect Tax: -
• Taxes that are levied on goods and services.
• The burden of tax can be shifted.
• The Impact and incidence of tax falls on different persons.
For e.g.: - GST (Goods & Service tax)

Question. What are the different sources of capital receipts? Explain. 4 marks
Answer. 
Major sources of capital receipts are:
1. Borrowings: -
• These are the funds raised by the govt. to meet the excess expenditures.
• Govt. borrows funds from internal sources (RBI, Open market) External sources (Foreign governments, foreign financial institutions like IMF, IBRD etc.)
• Borrowings are capital receipts as they create liability and reduce the assets of the government.
2. Disinvestment:
• It refers to the act of selling a part or the whole unit of selected public sector undertakings held by the government to the private agencies.
• It reduces the assets of the govt.
• It leads to transfer of ownership of PSU’s to the private enterprises
3. Recovery of loans: -
• Govt. provides various loans to the state government’s or UT’s or even to foreign countries.
• Recovery of such loan is a capital receipt as it reduces the assets of the govt.
4. Small Savings: - Small savings in the form of Post office deposits, NSC are other sources of capital receipts as it leads to an increase in liability.

Question. Questions are to be Answered on the basis of the data given below (in ₹ Crores)
Budget at a Glance
(In ₹ crores)                                 2019-2020 Actuals       2020-2021 Budget Estimates
1. Revenue Receipts                                      1684059           2020926
2. Tax Revenue (Net to Centre)                      1356902            1635909
3. Non Tax Revenue                                       327157             385017
4. Capital Receipts ¹                                      1002271           1021304
5. Recovery of Loans                                      18316               14967
6. Other Receipts                                           50304              210000
7. Borrowings and Other Liabilities²                  933651           796337
8. Total Receipts (1+4)                                   2686330          3042230
9. Total Expenditure (10+13)                           2686330         3042230
10. On Revenue Account of which                     2350604         2630145
11. Interest Payments                                      612070           708203
12. Grants in Aid for creation of capital assets    185641           206500
13. On Capital Account                                     335726            412085

Question. The percentage change in the Tax Revenue, between 2019- 20 (Actual) and 2020-21 (Budgeted Estimate), taking the 2019-20 as base, would be ____________.
(Fill up the blank with correct alternative)
a) 15.02%
b) 20.56%
c) 17.06%
d) 20.01%
Answer. B

Question. The value of borrowings and other liabilities has ___________ crores between 2019-20 (Actual) and 2020- 21 (Budgeted Estimate).
(Fill up the blank with correct alternative)
a) Fallen by ₹ 137314
b) Risen by ₹ 137314
c) Fallen by ₹ 137324
d) Risen by ₹ 137324
Answer. A

Question. 8. The value of borrowings for the year 2020-21, would be ₹ _____________ crores. (Fill up the blank with correct alternative))
a) 88134
b) 796337
c) 933651
d) 666545
Answer. B

Question. The percentage change in the Total receipts, between 2019- 20 (Actual) and 2020-21 (Budgeted Estimate), taking the 2020- 21 as base, would be ____________.
(Fill up the blank with correct alternative)
a) 11.70%
b) 13.14%
c) 13.24%
d) 10.01%
Answer. A


Numerical illustrations:

Question. Estimate the value of RD, FD, & PD (For practice)
                                          Amount ( Rs. Crs)
1. Capital receipts                        635902
(a) Recovery of Loans                  10753
(b) Other receipts                        69500
(c) Borrowings & other liabilities   555649
2. Revenue Receipts                    1141575
3. Total Receipts                          1777477
4. Plan Expenditure                      465277
(a) Own revenue a/c                    330020
(b) Own capital a/c                      135257
5. Non plan expenditure              1312200
(a) Own revenue a/c                   1206027
(b) Own capital a/c                     106173
6. Total Expenditure                   1777477
7. Interest payments                  456145
Answer. RD = 394472 Crs FD = 555649 crs PD = 99504 Crs

 
Question. Define Balanced, Surplus and Deficit Budgets.
Answer. a) Balanced Budget:- It is one where the estimated revenue EQUALS the estimated expenditure.
b) Surplus Budget:- It is one where the estimated revenue is GREATER THAN the estimated expenditures.
c) Deficit Budget:- It is one where the estimated revenue is LESS THAN the estimated expenditure.
 
Question. Explain the four different concepts of Budget deficit.
Answer. These are the four different concepts of Budget Deficit.
 
a) Budget Deficit:- It is the difference between the total expenditure, current revenue and net internal and external capital receipts of the government.
Formulae: B.D = B.E > B.R (B.D= Budget Deficit, B.E. Budget Expenditure B.R= Budget Revenue
 
b) Fiscal Deficit:- It is the difference between the total expenditure of the government, the revenue receipts PLUS those capital receipts which finally accrue to the government.
Formulae: F.D = B.E - B.R (B.E > B.R. other than borrowings) F.D=Fiscal Deficit, B.E= Budget Expenditure, B.R. = Budget Receipts.
 
c) Revenue Deficit: - It is the excess of governments revenue expenditures over revenue receipts.
Formulae: R.D= R.E – R.R., When R.E > R.R., R.D= Revenue Deficit, R.E= Revenue Expenditure, R.R. = Revenue Receipts.
 
d) Primary Deficit: - It is the fiscal deficit MINUS Interest payments.
Formulae: P.D= F.D – I.P, P.D= Primary Deficit, F.D= Fiscal Deficit, I.P= Interest Payment.
 
Question. How is tax revenue different from administrative revenue?
Answer.  a) Tax Revenue:-
i) It is the main source of revenue of the government
ii) It is the revenue that arises on account of taxes levied by the government.
iii)Taxes of two types i.e., Direct and Indirect.
iv) Direct taxes are those taxes levied immediately on the property and income of persons. Examples: Income Tax, Corporate Tax, Wealth Tax etc., Incidence and impact falls on same person.
v) Indirect taxes are those taxes levied on the production and sale of the goods.
Examples: Sales Tax, Excise Duty etc. Tax paid by one person but burden taken by another person.
 
b) Administrative Revenue:-
i) It is the revenue that arises on account of the administrative function of the
Government.
ii) It includesa)
Fees
b) License fees
c) Fines and penalties
d) Forfeitures of surety by courts
e) Escheat – means claim of the government on the property of a person who dies without having any legal heirs.
 
Question. What is a balanced government budget? Explain the multiplier effect of a balanced budget.
Answer. 
a) Balanced Budget: - It is one where the estimated revenue of the government equals the estimated expenditure.
b) Effect of Multiplier on the Balanced Budget:-
i) If only source of revenue is a lump sum tax, a balanced budget will then mean that the amount of tax equals the amount of expenditure (T=E)
ii) A balanced budget has an expansionary effect on the economy.
iii) Under balanced budget, the increase in income is equalent to the amount of government expenditure financed by tax revenue (i.e., Δ Y =ΔG/ΔT)
iv) The multiplier effect of a balanced budget is ONE (Unitary)
v) A balanced budget is a good policy to bring the economy, which is under employment to a full employment equilibrium.
 
Question. What are the three levels at which the budget impacts the economy?
Answer. These below are the three levels at which the budget impacts the economy.
a) Aggregate fiscal discipline:- This means having control over expenditures, given the quantum of revenues. This is necessary for proper macro-economic performance.
b) Allocation of resources: - The allocation of resources based on social priorities.
c) Effective and efficient provision of programmes:- Effectiveness measures the extent to which goods and services the government provides its goals.
 

Key Points for Class 12 Economics Chapter 5 Government Budget and The Economy

Budget:- Govt. Budget is the annual financial statement of expected receipts and expenditure of the government during next financial year.

Objective of Budget:-

1. Redistribution of Income and Wealth:- The govt. redistribute income and wealth through taxation and subsidy by budget.

2. Reallocation of Resources:- Govt. user budgetary policy to allocate resources in the manner such that there is a balance between the goals of profit maximization and social welfare.

3. Economic Stability:- Government Budget is a tool to prevent economy form the inflation or deflation and to maintain economic stability.

4. Managing Public Enterprises:- In the Budget govt. make various provisions to manage public sector industries.

5. Economic Growth:-

Structure of Budget:- The Govt. Budget is divided into two parts:-
A) Revenue Budget: - In include „revenue receipt‟ and revenue expenditure of the govt.
B) Revenue Receipts (RR):- It refers to those monetary receipts which neither create a liability to the govt. nor lead to reduction in asset.
Example: - Taxes, Fees, License and Permit, Escheat.

Following are the main components of revenue receipts:-

1. Tax: - Tax is a compulsory payment to govt. without expectation of direct benefit to the tax payers. There are main

two type of taxes:-
(i) Direct Tax: - If the liability to pay tax (incidence) and its burden (impact) fall on same person, it is termed as Direct tax.
Burden of direct tax cannot be shifted on other person.
Example: - Income tax, Wealth tax, Corporate tax, etc.
(ii) Indirect Tax: - If the liability to pay tax (incidence) and its burden (impact) cab be on different people, it is called indirect tax.
Example: - Sales tax, Excise tax, custom duty etc.

2. Non- Tax Revenue:- Sources other than taxes
(i) Fees: - Paid to govt. for services.
(ii) License and permit: - Paid to govt for granting the permission of doing certain things of activities.
(iii) Fines and Penalties
(iv) Income from Public enterprises

(B) Revenue Expenditure: - Those expenditure which do not create any assets and do not reduce any liability of the govt. These are the recurrent expenditure of govt.
Examples: - Salaries, pension, interest payment, subsidy grants to state govt. etc.

B. Capital Budget: - It includes capital receipts and capital expenditure of the govt.
(i) Capital Receipts: - It refers to those monetary receipts which either create liability for the govt. or cause reduction in the assets of the government.
♦ Borrowings
♦ Recovery of Loans and Advances
♦ Disinvestment
(ii) Capital Expenditure: - The expenditure which either creates any asset or reduces liability of govt. is treated as capital expenditure.
♦ These are non- recurring type of expenditure.
♦ Examples: - Expenditure on purchasing assets, land building.
♦ Payment of loans.

Plan and Non- Plan Expenditure
♦ Plan expenditure: - It refers to the expenditure incurred on various projects and development programmes covered under the current five year plan.
Example: - exp. On rural development, irrigation.
♦ Non Plan Expenditure: - It refers to the expenditures on projects other than current five year plan.
Example:- Interest payments, expenditure of defence services, subsidies.
♦ Development Expenditure: - Expenditure incurred on activities which are directly related to economic and social development.
♦ Non development Expenditure: - The expenditure incurred on essential services by the govt.
Example:- Expenditure on administration, defence collection of tax.

Types of Budget
Balance Budget: - A govt. budget is said to be balanced budget in which total receipts are equal to Total Revenue.
Total Receipts = Total Expenditure
♦ Surplus Budget: - Budget in which govt. receipts are greater than govt.
expenditure.
♦ Deficit Budget: - Budget in which govt. expenditure in greater than govt.
receipts.
♦ Budget Deficit: - It refers to a situation when Budget expenditure of the govt. is greater than Budget receipts.

Types of Budget Deficit
A. Revenue Deficit: - It is excess of governments revenue expenditure (RE) over revenue receipts (RR) during a Fiscal year.
Implication of Revenue Deficit
i) Increased revenue deficit shows the warming to govt. to reduce its day to day expenditure.
ii) Increased revenue deficit raises the loan liability of the govt.
Fiscal Deficit: - Fiscal deficit is the excess of total expenditure (revenue+ capital) over total receipts excluding borrowings (revenue receipts + capital receipts other than borrowings) during a given Fiscal year.

Implication/Significance:-
• Fiscal deficit rises the inflation
• It increases the dependence on foreign country
• It effect the future growth and development
• It indicates greater borrowings and liability which may cause of a country in a debt trap.

ASSERTION AND REASONING QUESTIONS

Read the following statements Assertion (A) and Reason (R) .Choose one of the correct alternative given below:

Question: Assertion: Equitable distribution of income is a way to social justice
Reason: Monetary policy uses the instruments of taxes and subsidy to establish equitable Distribution
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: The government uses fiscal instruments to improve the distribution of income Reason: Lower taxes can be imposed on rich people and higher taxes can be imposed on poor people.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Budget is used as an instrument an economic stability
Reason : Budget controls the level of aggregate demand
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Budget is used as an instrument to combat deflation and inflation
Reason: Budget plays a vital role in establishing economic stability
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: International prices of crude oil are continuously falling
Reason : India subsidises domestic consumers of petroleum products
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Government initiative to increase the level of aggregate of demand by increasing money supply in the economy
Reason : Government increase the taxation and reduced the public expenditure during the pandemic
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: In the process of development , construction of dams ,new schools new plants,and repayment of loans is essential
Reason: Capital expenditure creates the assets of the government and causes reduction in the liabilities of the government
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Continuation of covid -19 pandemic will affect union budget
Reason: The Revenue expenditure of government increases
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: B

Question: Assertion: High Fiscal deficit throws a country into the debt trap and enhances foreign dependence.
Reason: Fiscal discipline of any country establishes the credibility of country’s creditworthiness.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Dividends on Investments made by government is revenue receipt
Reason: Capital receipt adds to the assets of the government
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Budget is presented every year in lok sabha by finance minister of India
Reason: Monetary policy of India is prepared every quarter by the RBI
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: B

Question: Assertion: Borrowing from the rest of the world is a capital receipt
Reason: Revenue receipt either creates liability or reduces the assets
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Fines and penalties are a source of nontax revenue for the government
Reason: A fine of Rs 500 was imposed on not wearing a mask.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Taxes reforms helped Indian economy to meet the fiscal target.
Reason: The government plans a significant cut in its expenditure and aiming at better tax Compliance.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Income tax is great source of the revenue of the government
Reason: Income tax is a direct tax and the burden can be shifted.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Highway and road works are announced in Kerala ,Tamilnadu and Westbengal in budget 2021.
Reason: Such announcement will increase the revenue expenditure of the governmeent
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Strategic sale of Air India and IDBI to be completed in the fiscal year
Reason: Strategic sale leads to loss of Revenue to the government.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: Fiscal deficit shows a better position of the government expenditure in Comparison to budget deficit
Reason: Fiscal deficit means borrowings of the government.
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A

Question: Assertion: Fiscal deficit may rise but primary deficit may or may not rise
Reason: No relation between fiscal deficit and primary deficit
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: C

Question: Assertion: The Government may borrow from RBI against its securities to meet the fiscal deficit
Reason: Borrowing from public is better than deficit financing because it does not increase the money supply..
A.) Both A and R are true and R is the correct explanation of A.
B.) Both A and R are true but R is not the correct explanation of A.
C.) A is true but R is false.
D.) A is false but R is true.

Ans: A 

Important Questions for NCERT Class 12 Economics Government Budget And The Economy

Question: Define a Budget.
Ans: It is an annual statement of the estimated Receipts and Expenditures of the Government over the fiscal year which runs from April –I to March 31.
 
Question: Name the two broad divisions of the Budget.
Ans: i) Revenue Budget
ii) Capital Budget
 
Question: What are the two Budget Receipts?
Ans: i) Revenue Receipts
ii) Capital Receipts
 
Question: Name the two types of Revenue Receipts.
Ans: i) Tax Revenue
ii) Non-tax Revenue
 
Question: What are the two types of taxes?
Ans: a) Direct Taxes: i) Income Tax, ii) Interest Tax, iii) Wealth Tax
b) Indirect Taxes: i) Customs duties, ii) Excise duties, iii) Sales Tax
 
Question: What are the main items of Capital Receipts?
Ans: a) Market Loans (loans raised by the government from the public)
b) Borrowings by the Government
c) Loans received from foreign governments and International financial Institutions.
 
Question: Give two examples of Developmental Expenditure.
Ans: Plan expenditure of Railways and Posts
 
Question: Give two examples of Non-Developmental expenditures.
Ans: i) Expenditure on defence
ii) Interest payments
 
Question: Define Surplus Budget.
Ans: A Surplus Budget is one where the estimated revenues are greater than the Estimated expenditures.
 
Question: What are the four different concepts of Budget Deficits?
Ans: a) Budget Deficit
b) Revenue Deficit
c) Primary Deficit and
d) Fiscal Deficit
 
Question: Explain the objectives of the Government Budget.
Ans: These below are the main objectives of the Government Budget.
a) Activities to secure reallocation of resources: - The Government has to reallocate resources with social and economic considerations.
b) Redistributive Activities: - The Government redistributes income and wealth to reduce inequalities.
c) Stabilizing Activities: - The Government tries to prevent business fluctuations and maintain economic stability.
d) Management of Public Enterprises: - Government undertakes commercial activities that are of the nature of natural Monopolies, heavy manufacturing etc., through its public enterprises.
 
Question: What are the components of the Budget?
Ans: These below are the main components of the Government Budget. They are--- 
a) Budget Receipts
b) Budget Expenditure
Budget receipts may be classified as:
i) Revenue Receipts and
ii) Capital Receipts
Revenue Receipts may be classified as:
i) Tax Revenue and
ii) Non-tax Revenue
Budget Expenditure may be classified as -------
a) Revenue Expenditure and Capital Expenditure
b) Plan Expenditure and Non-Plan Expenditure
c) Developmental and Non-Developmental Expenditure
 
Question: Define Direct Taxes and Indirect taxes and give two examples each.
i) Direct Tax: - These are those taxes levied immediately on the property and Income of persons, and those that are paid directly by the consumers to the state.
Examples: Income Tax, Wealth Tax, Corporation Tax etc.
ii) Indirect Taxes: These are those taxes that affect the income and property of persons through their consumption expenditure. Indirect taxes are those taxes levied on one person but paid by another person.
Examples: Customs duties, excise duties, sales tax, service tax etc.
 
Question: What are the Non-Tax Revenue receipts?
Ans: These below are the Non-tax revenue receipts:
a) Commercial Revenue: Examples-Payments for postage, toll, interest on funds borrowed from government credit corporations, electricity, Railway services.
b) Interest and dividends
c) Administrative revenue: Examples: Fees, fines, penalties etc.,
 
Question: What are the three major ways of Public Expenditure?
Ans: These below are the three ways of Public Expenditure----
a) Revenue Expenditure and Capital Expenditure
b) Plan Expenditure and Non-Plan Expenditure
c) Development and Non-developmental Expenditure.
 
Question: What do you mean by Revenue Expenditure and Capital Expenditure?
Ans: i) Revenue Expenditure:- It is the expenditure incurred for the normal running of government departments and provision of various services like interest charges on debt, subsidies etc.,
ii)Capital Expenditure:- It consists mainly of expenditure on acquisition of assets like land, building, machinery, equipment etc., and loans and advances granted by the Central Government to States & Union Territories.
Part A Microeconomics Chapter 02 Theory of Consumer Behaviour
CBSE Class 12 Economics Theory of Consumer Behaviour Worksheet
Part A Microeconomics Chapter 03 Production and Costs
CBSE Class 12 Economics Production and Costs Worksheet
Part B Macroeconomics Chapter 02 National Income Accounting
CBSE Class 12 Economics National Income Accounting Worksheet
Part B Macroeconomics Chapter 03 Money and Banking
CBSE Class 12 Economics Money And Banking Worksheet
Part B Macroeconomics Chapter 05 Government Budget and The Economy
CBSE Class 12 Economics Government Budget And The Economy Worksheet
Part B Macroeconomics Chapter 06 Open Economy Macroeconomics
CBSE Class 12 Economics Balance Of Payment Worksheet

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