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    Question

    With respect to Revenue Budget, Consider the following statement:

    I.                Tax revenues

    II.                Non-Tax revenues

    III.                Revenue expenditure

    Which of the above falls uner the Revenue Budget:

    A I only Correct Answer Incorrect Answer
    B II only Correct Answer Incorrect Answer
    C I and II both Correct Answer Incorrect Answer
    D I, II and III Correct Answer Incorrect Answer
    E II and III both Correct Answer Incorrect Answer

    Solution

    Tax revenues - Tax revenue is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes. Non-Tax revenues - Non-Tax Revenue is the recurring income that is earned from sources other than taxes by the government. They are the revenue receipts that are not generated by taxing the public. Revenue expenditure - Revenue expenditures are short-term expenses used in the current period or typically within one year. Revenue expenditures include the expenses required to meet the ongoing operational costs of running a business, and thus are essentially the same as operating expenses (OPEX).

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