Public Finance and Budget
Karnataka Board · Class 10 · Social Science
Flashcards for Public Finance and Budget — Karnataka Board Class 10 Social Science. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is Public Finance and how does it differ from Personal Finance?
Answer
Public Finance deals with the income, expenditure and debt management of the government. Key differences from Personal Finance: 1) Public finance relates to government finances while personal finance …
Budget
Answer
The statement of estimated income and expenditure of a year prepared by the government. It is a document showing the income and expenditure of the government. In India, the financial year runs from Ap…
Compare Surplus Budget, Deficit Budget, and Balanced Budget
Answer
Surplus Budget: When government's income is more than expenditure. Deficit Budget: When government's expenditure is more than income. Balanced Budget: When income and expenditure are equal. Developing…
What are the two main types of Public Expenditure by the Central Government?
Answer
1) Revenue Expenditure: Expenditure from revenue income sources for services, defence, administration, interest payments, grants to states. 2) Capital Expenditure: Money spent on creating new assets l…
Planned Expenditure vs Non-Planned Expenditure
Answer
Planned Expenditure: Government spending on developmental activities under various plans including financial services (agriculture, industry), social services (education, health), and general services…
Public Revenue
Answer
The income collected by the government from various sources to meet its expenditure. It includes Revenue Receipts (actual government revenue from taxes and non-tax sources) and Capital Receipts (reven…
What is the Principle of Progressive Taxation used by the government?
Answer
The government imposes higher tax rates on high-income groups and lower rates on low-income groups. The poor are exempted from income tax. Similarly, luxury goods used by the rich have higher tax rate…
Direct Tax
Answer
A tax paid by the individual on whom it is imposed, and its burden cannot be transferred to others. Examples include Personal Income Tax, Corporate Tax, Wealth Tax, and Stamp Duty. The taxpayer direct…
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Sources & Official References
- Karnataka SSLC — kseeb.kar.nic.in
- Dept of Pre-University Education, Karnataka
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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