Explanation:

- Budget Receipts:

- These include all the income or receipts a government expects during a financial year.

- It comprises tax revenue, non-tax revenue, and capital receipts.

- Budget Expenditure:

- This represents the spending or expenses a government plans for the financial year.

- It encompasses revenue expenditure and capital expenditure.

- Option 3: Both (a) and (b):

- Budgets are typically made up of both receipts and expenditures.

- A complete budget outlines both the income and the planned spending.

- Option 4: None of the above:

- Incorrect, as budgets include both receipts and expenditures.

The correct answer is:

- Option 3: Both (a) and (b)