MANAGEMENT

Detailed explanation-1: -I agree that governments should allocate a higher budget for education compared to recreation and sports. This can be proven by analysing, how spending more money on education can reduce unemployment rate as well as decrease crime rate and can positively enhance the people’s life standard.

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: -Educational finance refers to governmental and organizational processes by which revenues are generated (through taxation, tuition, fees, and philanthropy), distributed, and expended for the operational and capital support of formal schooling.

Detailed explanation-4: -Role of Central Government: gives grant-in-aid to states, universities and special institutions in order to help those to discharge their educational obligations. It gives special grants to back-ward states in order to equalize them with other states.