What is the period called 12-months plan of a country to use its funds ?
Correct answer: D. Fiscal year (FY)
- A. Fiscal period
- B. Calendar year
- C. Year unit
- D. Fiscal year (FY)
Explanation
A fiscal year is the 12-month accounting period used by a government to plan, collect revenue, and spend funds. It may differ from the calendar year, which runs from January through December.
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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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