ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Government Revenue refers to the revenue of the government finance by means of participating in the distribution of the social products, which is the financial resources for ensuring the government to function. The contents of government revenue have been changed several times.

Detailed explanation-2: -The correct option is A Tax. The money received by the government from the people for their welfare is known as Tax money. It is a compulsory contribution to the state revenue, mandated by the government on workers’ income and business profits, or added to the cost of goods, services, and various transactions.

Detailed explanation-3: -What is the difference between revenue and tax? Some companies receive revenue from interest, royalties, or other fees. Sales revenue is income received from selling goods or services over a period of time. Tax revenue is income that a government receives from taxpayers.

Detailed explanation-4: -The income of the government through all the sources is called public income or public revenue.

Detailed explanation-5: -If the government collects more revenue than it spends in a given year, the result is a surplus rather than a deficit. The Congressional Budget Office (CBO) estimates that the fiscal year 2022 budget deficit will be around $1 trillion (3.9 percent of the economy as measured by gross domestic product, or GDP).