An organization plans the use of its fund during a 12-month period. What is this period called ?
Correct answer: D. Fiscal year (FY)
- A. Fiscal period
- B. Calendar year
- C. Year unit
- D. Fiscal year (FY)
Explanation
A fiscal year is any regular 12-month accounting period used by an organization or government for budgeting and reporting; it does not have to coincide with the calendar year.
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About Public Finance
Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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