The government uses the fiscal tools in order to bring increase in both aggregate demand and aggregate supply. Steady state economic growth: Government finance is important to achieve sustainable high economic growth rate. Finance is the lifeblood of business without it things wouldn’t run smoothly. IMPORTANCE OF FINANCIAL MANAGEMENT CYCLE: Finance is the lifeblood of business organization.

Definition of Finance Functions The Finance Function is a part of financial management. Answer (1 of 4): Public finance is of complete importance to people as a society and on an individual level too. Meaning: Of the two main branches of public finance, namely, public revenue and public expenditure, we shall first study the public expenditure. It teaches how to collect taxes in the best way and how to maintain them economically and how to spend them properly. Public finance refers to taxation and the policies that are put into place by the government to keep the finances of the country in check.

The tools are taxes, public debt, and public expenditure and so on. Sources and Importance of Public Revenue Sources of Public Revenue Government revenue is one of the major components of public finance.

The state has to perform number of functions for which money (funds) is required. In business, the finance function involves the acquiring and utilization of funds necessary for efficient operations. is performing many important functions like education, industrial […] Public Expenditure: Meaning, Importance, Classification and Other Details! In under developed countries like India, Govt. also. Generally, tax revenue and non-tax … 2. The Nature And Scope Of Public Finance : Public finance is a science as well as an art. Importance of Public Finance Every body realizes necessity of money. It is a science because we study in it the various principles, problems and policies underlying the spending and raising of funds by the public authorities. In addition, public finance can involve issues outside of the economy, including accounting, law and public finance management.

It refers to the income or receipts of the government.

Importance of Public Finance 1. Public Finance Definition: Public Finance implies a branch of economics, which is concerned with government activities and the various sources of financing expenditure.Basically, it deals with government revenue, expenses, and debt, as well as its impact on the entire economy. It needs to meet the requirement of the business concern. They often fluctuate to cater for the different events and things that alter the economy out of the government's hands. Understanding the role of the government and how changes may affect the economy are a few important aspects of public finance professionals. Financial Management is the activity concerned with the control and planning of financial resources. The government collects revenue from various sources because it has to spend on various sectors of the economy to stimulate the economic development. The importance of money is too much not only for individual but for state (Govt.)


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