Introduction to Public Finance
ICSE · Class 10 · Economics
Flashcards for Introduction to Public Finance — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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Get startedWhat is Public Finance? Define it according to Prof. Dalton.
Answer
Public Finance is the study of income and expenditure operations of the government. Prof. Dalton defined it as 'It is connected with the income and expenditure of public authorities and with adjustmen…
What are the two words that combine to form 'Public Finance' and what do they mean?
Answer
'Public' refers to the government or state (central, state, and local governments). 'Finance' means monetary resources. Together, Public Finance deals with the monetary resources and financial operati…
List the five main branches of Public Finance and briefly explain each.
Answer
1. Public Revenue - Sources of government income and taxation 2. Public Expenditure - How government spends money and allocation principles 3. Public Debt - Government borrowing and loan management 4.
What is Public Revenue and what does it include?
Answer
Public Revenue is the income of the government from various sources. It includes the study of sources of public income, classification of taxes, economic effects of taxation, principles of taxation, i…
Explain Public Expenditure as a branch of Public Finance.
Answer
Public Expenditure is the expenditure of the government while performing its functions. It studies how the government distributes resources to fulfill various expenses, the principles government shoul…
Why does the government need Public Debt? What does this branch study?
Answer
Government needs Public Debt because public expenditure has increased due to expanded state activities, and normal revenue sources (mainly taxes) cannot meet all expenses. This branch studies problems…
What is Financial Administration in Public Finance?
Answer
Financial Administration includes all the financial functions of the government such as preparation and sanctioning of the budget, auditing of government accounts, and overall management of government…
What is Economic Stabilisation or Fiscal Policy in Public Finance?
Answer
Economic Stabilisation or Fiscal Policy is concerned with framing proper tax and expenditure policies by the government to achieve the objective of economic growth with stability. It uses government's…
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