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What is the primary purpose of budgeting in fiscal management?
Practice Questions
Q1
What is the primary purpose of budgeting in fiscal management?
To increase government revenue
To allocate resources efficiently
To reduce public debt
To control inflation
Questions & Step-by-Step Solutions
What is the primary purpose of budgeting in fiscal management?
Steps
Concepts
Step 1: Understand that budgeting is a way to plan how money will be spent and earned.
Step 2: Recognize that budgeting helps decide where to put money first, like important projects or needs.
Step 3: Learn that by planning, budgeting makes sure that money is used wisely and not wasted.
Step 4: Realize that budgeting helps keep track of how much money is coming in and going out.
Step 5: Remember that the main goal of budgeting is to make sure resources are used effectively to meet priorities.
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