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    Question

     Consider the following statement: I. Taxes and

    duties levied by the government form the biggest source of its income or receipts. II. The government spends this money on both operational and developmental needs. III. Usually, there are two main sources of the government’s income – revenue receipts and capital receipts. Which of the above statement is/are correct?
    A I only Correct Answer Incorrect Answer
    B I and II both Correct Answer Incorrect Answer
    C I, II and III Correct Answer Incorrect Answer
    D II only Correct Answer Incorrect Answer
    E III only Correct Answer Incorrect Answer

    Solution

    Taxes and duties levied by the government form the biggest source of its income or receipts. The government spends this money on both operational and developmental needs. Usually, there are two main sources of the government’s income – revenue receipts and capital receipts.

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