Skip to main content
Super TutorResources
Chapter 16 of 19
Revision Notes

Government Budget — Revision Notes

ICSE · Class 12 · Economics

Government Budget revision notes for ICSE Class 12 Economics: 4 topics in quick points. Part of the ICSE Class 12 Economics syllabus.

70 questions40 flashcards5 concepts

Interactive on Super Tutor

Studying Government Budget? Get the full interactive chapter.

Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.

Try Super Tutor — Free

Free trial, no card needed.

Key Topics to Revise

1

1. Meaning, Origin, and Core Features of Budget

  • The term Budget comes from the French word Bougette, meaning a small leather bag or wallet.
  • The Chancellor of Exchequer in England carried financial proposals in a leather bag to the House of Commons every year.
  • Budget is a detailed financial statement containing estimates of the government revenue and expenditure for a year.
2

2. Funds of the Government: Consolidated Fund, Contingency Fund, and Public Account

  • The Consolidated Fund of India contains all revenues received, loans raised by the government, and receipts from recoveries of loans granted by it.
  • All government expenditure is incurred from the Consolidated Fund.
  • No amount can be withdrawn from the Consolidated Fund without authorisation from Parliament.
3

3. Objectives of the Budget

  • The government uses budgetary measures to influence economic life in a mixed economy.
  • Allocation of resources means shifting resources to areas where private sector investment is low but social need is high.
  • Public goods and basic services such as roads, parks, rural electrification, education, and health need government support.
4

4. Types of Budget

  • Union Budget is prepared by the central government and gives details of estimated receipts, proposed expenditure, and disbursement.
  • State Budget is prepared by state governments such as Delhi and Haryana.
  • States receive grants-in-aid from the centre, and these are reflected in both state and union budgets.

Get complete notes with diagrams and examples

Full Notes

Key Concepts

Budget is a document containing estimatesThe Union Budget is prepared byThe revenue budget includes revenue receiptsThe capital budget includes capital receiptsRevenue receipts are receipts that neither

Frequently Asked Questions

What are the important topics in Government Budget for ICSE Class 12 Economics?
Key topics in Government Budget include Meaning, Origin, and Core Features of Budget, Funds of the Government: Consolidated Fund, Contingency Fund, and Public Account, Objectives of the Budget, Types of Budget. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How should I revise Government Budget for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 70 practice questions on Government Budget. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Government Budget

All ICSE Class 12 Economics Revision Notes

For serious students

Get the full Government Budget chapter — start free.

Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 12 Economics. Free to start, no card needed.

Try Super Tutor Free
Try this chapter free