Budget - Preparation - Approval

A. Analysis in both house of Parliament and approval of budget
B. Government can change the income redistribution
C. Estimating Receipts and Expenditure of government
D. President's Approval of Budget
E. Presenting Annual Budget in the parliament

Choose the correct answer from the options given below:

C, E, A, D, B

The budget preparation process typically involves the following steps:

1. Estimating Receipts and Expenditure of government (C): The government first estimates its receipts, which are the revenues it expects to collect from sources such as taxes, fees, and fines. It also estimates its expenditures, which are the costs it expects to incur for things like salaries, benefits, and supplies.
2. Presenting Annual Budget in the parliament (E): Once the government has a preliminary budget, it presents it to the parliament for approval. The parliament may make changes to the budget before approving it.
3. Analysis in both house of Parliament and approves budget (A): The parliament then analyzes the budget and approves it, if necessary, with amendments.
4. President's Approval of Budget (D): Once the budget is approved by the parliament, it is sent to the president for his approval. The president may sign the budget into law or veto it.
5. Government can change the income redistribution (B): The government sector affects the personal disposable income of households by making transfers and collecting taxes. It is through this that the government can change the distribution of income and bring about a distribution that is considered ‘fair’ by society. This is the redistribution function of Government Budget.