Budget — Flashcards
Gujarat Board · Class 11 · Economics
22 flashcards for Budget (Gujarat Board Class 11 Economics) to test yourself on key terms and facts. Sample: "What is a government budget? Give its key"
Interactive on Super Tutor
Studying Budget? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for flashcards and more.
Free trial, no card needed.
What is a government budget? Give its key elements.
Answer
A government budget is an annual accounting statement of item-wise estimates of expected revenue and anticipated expenditure of the government for a new fiscal year. Key elements: 1. Statement of est…
What are the four main purposes of a budget?
Answer
1. To obtain approval of elected representatives for estimated expenditures and incomes 2. To get an idea regarding available resources and areas requiring expenses 3. Provide direction for allocation…
Define balanced budget and state its merits and demerits.
Answer
Balanced Budget: Government plans expenditures equal to likely revenue sources. Merits: 1. Ensures financial stability 2. Avoids wasteful expenditures 3. No additional tax burden on people Demerits:…
What is a deficit budget? State its merits and demerits.
Answer
Deficit Budget: Government's anticipated total expenditure > anticipated total income. Merits: 1. Promotes development and welfare activities 2. Boosts economy during depression 3. Lower tax burden i…
What is a surplus budget? State its merits and demerits.
Answer
Surplus Budget: Government spends less than its total anticipated income. Merits: 1. Useful during severe inflation 2. No burden of borrowing 3. Increases government savings for future development D…
Differentiate between Revenue Income and Capital Income in a budget.
Answer
Revenue Income (Current Income): - Direct and indirect taxes - Profits of public enterprises - Fees and fines from public utilities - Receipts from current period transactions Capital Income: - Borro…
Differentiate between Current Expenditure and Capital Expenditure in a budget.
Answer
Current Expenditure: - Salaries of government employees - Interest payments on loans - Pensions and subsidies - Grants and current defense expenses - Expenditures of current year Capital Expenditure:…
What is GST? What are the main reasons for its introduction in India?
Answer
GST (Goods and Services Tax): An indirect tax levied on supply of goods and services, replacing multiple indirect taxes. Reasons for introduction: 1. Single tax on goods/services eliminating multiple…
+14 more flashcards
Practise AllFrequently Asked Questions
What are the important topics in Budget for Gujarat Board Class 11 Economics?
How many flashcards are available for Budget?
How should I revise Budget for Class 11 exams?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Budget
For serious students
Get the full Budget chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for Gujarat Board Class 11 Economics. Free to start, no card needed.