Explanation
Which of the following is the most comprehensive measure of budgetary imbalances?
The extent of fiscal deficit is an indication of how far the government is spending beyond its means.
The fiscal deficit of central government according to 2012-2013 as percent of GDP was _______.
Gross fiscal deficit is calculated by subtracting which of the following from total expenditure ________.
Borrowing from all the sides like net borrowing from RBI and from abroad gives _______.
What are the features of Fiscal Responsibility and Budget Management Act, (FRBMA) 2003?
The term fiscal federalism was introduced by _______.
Fiscal federalism, financial relations between units of governments in a federal government system. Fiscal federalism is part of broader public finance discipline. The term was introduced by the German-born American economist Richard Musgrave in 1959.
A budget is a detailed plain of operations for some specific future period. It is an estimate prepared in advance of the period to which it applies. It acts as a business barometer as it is complete programmed of activities of the business for the period covered Besides' budgetary control' refers to a system of management and accounting control by which all operations and output are forecast as far as ahead as possible and the actual results, when known are compared with the budget estimates. Thus the term budgetary control is designed to evaluate the performance in terms of goals budgeted.
The difference between total expenditure and total receipts except loans and other liabilities is called ______.
Fiscal deficit refers to the excess of total expenditure over total receipts (excluding borrowings) during the given fiscal year. Fiscal Deficit = Total Expenditure – Total Receipts excluding borrowings. The extent of fiscal deficit is an indication of how far the government is spending beyond its means.
The full form of FRBM Act 2003 is _______.
The Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) is an Act of the Parliament of India to institutionalize financial discipline, reduce India's fiscal deficit, improve macroeconomic management and the overall management of the public funds by moving towards a balanced budget.
A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits.
A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. The government budget balance, also alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a government budget surplus, and a negative balance is a government budget deficit. A budget is prepared for each level of government (from national to local) and takes into account public social security obligations.
A company requires a particular budget that details categories of revenue and expenditures relevant to the particular business enterprise. Although most companies create budgets for a one-year period, ongoing evaluations regularly give the business more leeway in making adjustments as needed. Businesses utilize a budget revision process to trim excess spending, re-allocate revenues and make allowances for unexpected or uncommon expenses.
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