This quiz works best with JavaScript enabled. Home > Finance > Public Finance > Public Finance – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 19 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Explain fiscal transparency A) A way in which a government adjusts its spending levels (and tax rates) to oversee and influence a nation's economy. B) The publication of information regarding how governments raise, spend and manage public resources. Show Answer Correct Answer: B) The publication of information regarding how governments raise, spend and manage public resources. 2. A government budget is said to be a deficit budget if the estimated government expenditure exceeds the expected government revenue in a particular financial year. A) Deficit Budget. B) Balanced Budget. C) Surplus Budget. D) Imbalanced Budget. Show Answer Correct Answer: A) Deficit Budget. 3. The state of being extremely poor. A) Tax Evader. B) Poverty. C) Politician. D) Corruption. Show Answer Correct Answer: B) Poverty. 4. According to Musgrave the major functions of public finance is: A) Allocative function. B) Distributive function. C) Stabilisation function. D) All the above. Show Answer Correct Answer: D) All the above. 5. The importance of the budget A) To promote world economic development in order to maintain stability. B) To promote the economic development of the country in order to maintain stability. C) To promote economic development of the OPEC and ASEAN groups in order to maintain the value of the currency. D) To promote the economic development of each region in order to preserve the treasury. Show Answer Correct Answer: B) To promote the economic development of the country in order to maintain stability. 6. MFO in budgeting stands for? A) Multiple organ failure. B) Mode of Financing. C) Major final output. D) Motor vehicle loan. Show Answer Correct Answer: C) Major final output. 7. Which school of thought stands contrary to Say's Law that supply creates demand? A) Marxist office. B) Keynesian school. C) Classical school. D) Neoclassical school. Show Answer Correct Answer: B) Keynesian school. 8. The type of tax that has the final burden shifted to the consumer is called ..... tax A) Proportional. B) Progressive. C) Indirect. D) Direct. Show Answer Correct Answer: C) Indirect. 9. We have ..... types of budget, according to our discussions on budget. A) 2. B) 1. C) 4. D) 3. Show Answer Correct Answer: D) 3. 10. Which one of the following is true about direct tax A) It is Paid by an individual on whom it is levied. B) Burden of tax is transferable to others. C) These are imposed on goods and services. D) GST and VAT are examples of direct tax. Show Answer Correct Answer: A) It is Paid by an individual on whom it is levied. 11. The branch of economics which deals with the financial activities of the government concerning revenue, expenditure and debt operations and their effects on the economy is known as A) Macro economics. B) Public Debt. C) Government budget. D) Public finance. Show Answer Correct Answer: D) Public finance. 12. Economic disparity and inequality is an imminent threat to any country's economy. The government can address these kinds of threats by introducing public and economic welfare policies for the underprivileged sections of the society through the budget. A) Proper resource pool allocation. B) Ensuring economic growth. C) Growth of business and trading. D) Mitigating economic divide. Show Answer Correct Answer: D) Mitigating economic divide. 13. Special department or agency undertaking carried out with a definite time frame and intended to result in some pre-determined measure of goods and services A) Activity. B) Project. C) Outcome. D) Program. Show Answer Correct Answer: B) Project. 14. What budget model does Thailand currently use? A) Performance-oriented budget. B) Budget showing plans and projects. C) Planned budget. D) Strategic performance-based budget. Show Answer Correct Answer: D) Strategic performance-based budget. 15. Which is not a type of government income? (Government's Receipt) A) Loan. B) Income. C) Treasury. D) Commercial state. Show Answer Correct Answer: D) Commercial state. 16. What is the time limit for the President of the Republic to sign the Budget or Interim Budget? A) 5 days. B) 7 days. C) 14 days. D) None of above. Show Answer Correct Answer: B) 7 days. 17. A compulsory levy as an obligation on every adult member of a country is known as A) Grant. B) Salary. C) Licence. D) Tax. Show Answer Correct Answer: D) Tax. 18. "It is a tax collected from limited companies. limited partnership and registered general partnerships Including groups of persons who are legally juristic persons." What type of tax does this correspond to? A) Personal income tax. B) Company and Partnership Tax. C) Ordinary corporation tax. D) Corporate income tax. Show Answer Correct Answer: D) Corporate income tax. 19. Legal basis for state financial policy during the pandemic A) Perp's. 1/2020. B) UU No. 7/2020. C) Perp's. 17/2020. D) UU No. 1/2020. Show Answer Correct Answer: A) Perp's. 1/2020. 20. Tax is a ..... and ..... payment to the government A) Compulsory non refundable. B) Discretionary refundable. C) Compulsory refundable. D) Discretionary non refundable. Show Answer Correct Answer: A) Compulsory non refundable. 21. A surplus budget is created when ..... A) A natural disaster occurs. B) Revenue was not collected. C) More taxes were received than needed. D) None of above. Show Answer Correct Answer: C) More taxes were received than needed. 22. It deals about the contracts awarded within the fiscal year can be delivered even after the end of the year. A) OBLIGATION-BASED BUDGETING. B) ANNUAL CASH-BASED BUDGETING. Show Answer Correct Answer: A) OBLIGATION-BASED BUDGETING. 23. Professor Puey Ung Phakorn's balloon corresponds to which letter of the Keynesian equation? A) Y. B) C. C) G. D) K. Show Answer Correct Answer: A) Y. 24. Public finance or public finance A) The government sector economy involves generating income to spend on various activities. B) It is beneficial to the general public of the country. C) The government's intended term is normally one year. D) All correct. Show Answer Correct Answer: A) The government sector economy involves generating income to spend on various activities. 25. What is an advantage of Private Financing? A) Efficiency. B) More wins from teams. C) Satisfaction of customers. D) More sports team able to play. Show Answer Correct Answer: A) Efficiency. 26. Which one correctly describes the cycle of poverty cycle theory? A) Low savings-Low investment-Economic downturn-Low employment-Low income. B) Low employment-Low income-Economic downturn-Low savings-Low investment. C) Low income-low employment-economic downturn-low investment-low savings. D) Low investment-Low income-Economic downturn-Low savings-Low employment. Show Answer Correct Answer: A) Low savings-Low investment-Economic downturn-Low employment-Low income. 27. FRBM Act was passed on A) 2004. B) 2002. C) 2000. D) 2003. Show Answer Correct Answer: D) 2003. 28. A government budget is said to be a balanced budget if the estimated government expenditure is equal to expected government receipts in a particular financial year. A) Surplus Budget. B) Imbalanced Budget. C) Deficit Budget. D) Balanced Budget. Show Answer Correct Answer: D) Balanced Budget. 29. Which of the following is a source of government revenue? A) Wages and salaries. B) Sales taxes. C) Capital gains. D) All of the above. Show Answer Correct Answer: B) Sales taxes. 30. The full form of FRBM Bill is ..... A) Fiscal Responsibility and Bank Management Bill. B) Financial Revenue and Budget Management Bill. C) Fiscal Responsibility and Budget Management Bill. D) Financial Responsibility and Budget Management Bill. Show Answer Correct Answer: C) Fiscal Responsibility and Budget Management Bill. ← PreviousNext →Related QuizzesFinance QuizzesPublic Finance Quiz 1Public Finance Quiz 2Public Finance Quiz 3Public Finance Quiz 4Public Finance Quiz 5Public Finance Quiz 6Public Finance Quiz 7Public Finance Quiz 8Public Finance Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books