Public Revenue
ICSE · Class 10 · Economics
Flashcards for Public Revenue — ICSE Class 10 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is Public Revenue? Define it according to Dr. Dalton's narrow and broad sense.
Answer
Public Revenue is the income of government from all sources like taxes, borrowings, fees, fines, donations etc. Narrow Sense (Revenue Resources): Income from taxes, prices of public enterprises, admi…
Why is Public Revenue significant for modern governments?
Answer
1. Modern governments perform various welfare functions requiring funds 2. People's welfare depends on the size of public revenue 3. Just as production enables consumption, public revenue enables publ…
What are the two main categories of Public Revenue sources?
Answer
1. Tax Revenue: Revenue from taxes and duties levied by government 2. Non-Tax Revenue: Revenue from sources other than taxes like interest, dividend, fees, fines, commercial activities, etc.
List the four essential characteristics of a Tax.
Answer
1. Compulsory Payment: Cannot be refused, legal action for non-payment 2. General Welfare: Spent for common benefits, not just for taxpayers 3. No Quid Pro Quo: No direct proportionate return to taxpa…
What are Commercial Revenues? Give examples.
Answer
Commercial Revenues are income derived by government from public enterprises by selling goods and services. Also called 'prices'. Examples: - Postage stamps - Railway fares/freights - Electricity cha…
Differentiate between Tax and Price on three key points.
Answer
1. Nature: Tax is compulsory for all citizens vs Price paid only by purchasers of goods/services 2. Benefit: Tax has no guaranteed benefit vs Price gives direct benefit through goods/services 3. Usage…
What are Administrative Revenues? List the main types.
Answer
Administrative Revenues include fees, licenses, fines charged for administrative services. Types: 1. Fees: Payment for special administrative services 2. License Fee: Payment for permissions (vehicle…
What are the five main objectives of taxation?
Answer
1. Raising Revenue: To meet state expenditure for government functions 2. Reducing Income Inequalities: Tax rich more than poor 3. Regulation of Consumption and Production: Discourage harmful goods li…
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