The correct answer is option-1 I-C, II-A, III-B, IV-D. This is why:

- I. Fiscal Deficit is the excess of total expenditure over total receipts less borrowings (C). It measures the total borrowings needed by the government while revenue receipts plus any non-debt capital receipts fall short of the entire expenditure.

- II. Budget Deficit refers to the gap between the total expenditure and total receipts (A). When the government spends more than it collects, it causes a budget deficit.

- III. Revenue deficit is when there is an excess of revenue expenditure over revenue receipts (B). It indicates the shortfall in the government`s actual revenue to meet its regular operating expenses.

- IV. Primary deficit is the excess of total expenditure over total receipts less borrowings and interest payments (D). It is the fiscal deficit minus interest payments which helps to measure the borrowing needs of the government ignoring the expenses of past loans.

The incorrect options do not correctly match the terms with their respective explanations.