Explanation:

- Budget Receipts: These include all the income received by the government through various means such as taxes, fees, and charges. It forms the revenue side of the budget.

- Budget Expenditure: This encompasses all the spending done by the government. It includes areas like infrastructure, defense, education, and healthcare, highlighting where the money is allocated.

- Option 1: Only mentions Budget Receipts. Since the budget includes both income and expenses, this is incomplete.

- Option 2: Only highlights Budget Expenditure, which is again just a part of the budget.

- Option 3 - Both (a) and (b): This reflects both revenue (receipts) and expenditure, making it a complete picture of the budget components.

- Option 4 – None of the above: Incorrect since options 1 and 2 partially describe the components of a budget.