Question

What are the different types of family budgets?

• A. Surplus Budget
• B. Deficit Budget
• C. Balanced Budget
• D. All of the above

Answer 1

Answer: (D)

All of the above

Budget can be of three types:

A. Deficit budget:

When the expenditure exceeds income, it is known as deficit budget. It is not at all desirable.

B. Surplus budget:

In this budget, the income is more than the expenditure. The family is able to save more in this budget.

C. Balanced budget:

This is a good budget. In this budget, income and expenditure are equal and the estimated income meets the estimated expenditure.