MANAGEMENT

Detailed explanation-1: -In the case of the federal government, it refers to the total amount of income generated from taxes, which remains unfiltered from any deductions.read more and expenditure are collected by or for the public. Hence, finance is called public finance, where the role of the people is large in terms of contribution.

Detailed explanation-2: -Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.

Detailed explanation-3: -The Public Financial Management System (PFMS) is a web-based application for payment, accounting and reconciliation of Government transactions and integrates various existing standalone systems. The primary objective of PFMS is to establish an efficient fund flow system and expenditure network.

Detailed explanation-4: -Ans. Public finance is primarily concerned with three aspects – efficiently allocating resources, distributing income among citizens, and maintaining economic stability.

Detailed explanation-5: -Public Finance (Central) Division is primarily engaged with all issues relating to the Central Plan of the Government of India. In this regard, this division is entrusted with the appraisal and approval of all public funded schemes and projects of the Central Ministries/Departments.