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WAEC Economics 1995 Question 28

Question 28

Public Finance

A budget is defined as a

  1. A.summary of expected expenditure by individuals and governments
  2. B.summary of expected income
  3. C.record of value of services rendered in a year
  4. D.record of goods produced in a year
  5. E.summary of expected income and expenditure
Show the answer and explanation

Answer: E (summary of expected income and expenditure)

Explanation

A budget is a statement of expected income (revenue) and planned expenditure for a period.