Question : How many types of revenue receipts exist in the economy?
Option 1: Two
Option 2: Four
Option 3: Five
Option 4: Three
Correct Answer: Two
Solution : The correct answer is Two.
There are two types of revenue receipts: tax revenue and non-tax revenue. Revenue receipts are not redeemable. Revenue receipts are those that do not cause the government to become liable or experience a loss of assets. They are routine and recurrent, and they are received by the government as part of its regular business.
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