XII Economics Government Budget worksheet
1. Direct tax is a tax which is imposed on a) Corporations only b) None of these c) Individuals only d) Individuals and corporations 2. An example of a direct tax is a) Entertainment tax b) Sales tax c) VAT d) Income tax 3. The major source of Revenue receipts for the government is not a) Tax Revenue b) Income tax c) Wealth tax d) Profits 4. The policies useful to reduce inequalities of income are the a) Monetary policies b) Public distribution policies c) Budgetary policies d) Foreign policies 5. Budgetary policies are implemented by the a) Foreign sector b) Finance Ministry c) Government d) Private sector 6. Capital Receipts a) Create liability for the private sector b) Create liability for the government c) Do not create liability for the private sector d) Do not create liability for the government 7. Disinvestment is a a) Capital Expenditure b) Revenue Expenditure c) Capital Receipts d) Revenue Receipts 8. Define a Budget. 9. Classify the following statements as revenue...