Match List-I with List-II.

Choose the correct answer from the options given below :

(A)-(IV), (B)-(III), (C)-(I), (D)-(II)

The correct answer is option (1) : (A)-(IV), (B)-(III), (C)-(I), (D)-(II)

Here's the explanation for the matching of the lists :

List-I represents various scenarios related to the comparison between total receipts and total expenditure in a budget :

(A) Total receipts > Total Expenditure represents a situation of a surplus budget.

(B) Total receipts < Total Expenditure represents a situation of a deficit budget.

(C) Fiscal Deficit is the amount by which the total expenditure exceeds the total receipts. The fiscal deficit will have to be financed through borrowing. Thus, it indicates the total borrowing requirements of the government from all sources.

(D) Total receipts = Total Expenditure represents a balanced budget where the total receipts and total expenditure are equal.