Which of the following statement/statements are true?
Statement 1: The receipts of interest, fees, and dividends by the government are known as non-tax revenue receipts.
Statement 2: There are three types of revenue receipts.
Statement 1: The receipts of interest, fees, and dividends by the government are known as non-tax revenue receipts.
Statement 2: There are three types of revenue receipts.
Answer & explanation
Correct answer: option 3
There are two types of revenue receipts – tax and non-tax. That is why statement 2 is incorrect. Statement 1 is correct. The receipts of interest, fees, and dividends by the government are known as non-tax revenue receipts.