This quiz works best with JavaScript enabled. Home > Finance > Public Finance > Public Finance – Quiz 28 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 28 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... are goods and services that are available to all people at no extra cost. They are "non-excludable' and "non-rival' A) Private Goods. B) Public Goods. C) Economic Goods. D) Substitute Goods. Show Answer Correct Answer: B) Public Goods. 2. Which of the following is a component of public debt? A) Interest payments. B) Tax revenues. C) Public goods. D) None of the above. Show Answer Correct Answer: A) Interest payments. 3. Which of the following definitions corresponds to? "Increasing the power of fiscal management and self-responsibility to the local government, which covers both income and expenditure budget planning. and fiscal management such as procurement, accounting, and various finances to bring the government sector closer to the people." A) Fiscal decentralization. B) Division of government power. C) Decentralization of political power. D) Administrative decentralization. Show Answer Correct Answer: A) Fiscal decentralization. 4. The FRBM Act requires the planning of ..... before both houses of Parliament A) Fiscal Policy Strategy Statement. B) Macroeconomic Framework Statement. C) Medium-Term Fiscal Policy Statement. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 5. Banknotes, coins and call deposits What type of money (current deposit) is it? A) M0. B) With. C) What. D) M1. Show Answer Correct Answer: D) M1. 6. Known as the Universal Access to Quality Tertiary Education Act was signed into law in August 2017 by President Rodrigo Duterte, providing underprivileged Filipino students the opportunity to pursue college degrees through free tuition and exemption of other fees in SUCs A) Republic Act 10988. B) Republic Act 10943. C) Republic Act 10931. D) Republic Act 10967. Show Answer Correct Answer: C) Republic Act 10931. 7. Not gradually, immediately A) Outright. B) In bulk. C) Haggle. D) Bargain. Show Answer Correct Answer: A) Outright. 8. Which statement is incorrect about Dr. Puey Ungphakorn? A) Former 7th Governor of the Bank of Thailand. B) He is the governor of the Bank of Thailand who has held the position for the longest time. C) He is the youngest Governor of the Bank of Thailand. D) He was the proponent of the four-piston balloon theory. Show Answer Correct Answer: D) He was the proponent of the four-piston balloon theory. 9. Which of the following is an example of a government agency in the Philippines? A) Jollibee Foods Corporation. B) Bureau of Customs. C) BDO Unibank. D) Globe Telecom. Show Answer Correct Answer: B) Bureau of Customs. 10. What is the difference between an expense and an expenditure? A) Both the terms-Expense vs expenditure are used in accounting to refer to the costs the business has. B) All are correct. C) Expenses are those which are incurred for a short-term basis and expenditures are incurred for a long-term period. D) Neither is correct. E) Businesses that are nonprofit like govt uses the term expenditure. Retail stores use the term expense for their costs. Show Answer Correct Answer: B) All are correct. 11. If you buy a bond, the price you pay is equivalent to what the bond is worth A) False. B) True. Show Answer Correct Answer: A) False. 12. Elected officials are politically accountable to the electorate or their constituencies who voted them to their positions. These elected officials are held responsible thru regular elections and other means. A) False. B) True. Show Answer Correct Answer: B) True. 13. Which government agency is responsible for regulating the banking industry in the Philippines? A) Bangko Sentral ng Pilipinas. B) Securities and Exchange Commission. C) Department of Trade and Industry. D) Philippine Competition Commission. Show Answer Correct Answer: A) Bangko Sentral ng Pilipinas. 14. ..... is a compulsory contribution by the people to the public treasury to meet the expenditure of the government A) Business Tax. B) Tax. Show Answer Correct Answer: B) Tax. 15. A piece of paper that shows the goods or services have been paid for A) Recipe. B) Check. C) Receipt. D) Sheet. Show Answer Correct Answer: C) Receipt. 16. ..... should provide information to determine whether current-year revenues were sufficient to pay for current-year services. A) FINANCIAL PLANNING. B) FINANCIAL REPORTING. Show Answer Correct Answer: B) FINANCIAL REPORTING. 17. The marginal utility graph looks like a ..... A) Supply curve. B) Demand curve. C) Revenue graph. D) None of the above. Show Answer Correct Answer: B) Demand curve. 18. Which of the following is a function of the public sector in the Philippines? A) Maximization of profits. B) Promotion of market competition. C) Provision of public goods and services. D) All of the above. Show Answer Correct Answer: C) Provision of public goods and services. 19. It is the legislative authority that contains the new appropriations in terms of specific amounts for salaries, wages, and other personnel benefits; maintenance and other operating expenses; and capital outlays authorized to be spent for the implementation of various programs/projects and activities of all departments, bureaus, and offices of the government for a given year. A) General Appropriations Act (GAA). B) Generally Appropriations Act (GAA). C) General Appropriatied Act (GAA). D) General Appropriationsalization Act (GAA). Show Answer Correct Answer: A) General Appropriations Act (GAA). 20. ..... is a payment made to the writer of a book or piece of music depending on how many books etc are sold. A) Salary. B) Fee. C) Royalty. D) Commission. Show Answer Correct Answer: C) Royalty. 21. Tax classifications ..... A) Progressive tax-average tax rate increases as income increases. B) Regressive tax-average tax rate declines as income increases. C) All are correct. D) Proportional tax-average rate stays the same as income increases or decreases Corporate income. Show Answer Correct Answer: C) All are correct. 22. Budget is a statement of Government financial plans including expenditures, ....., deficit or ....., and debt. A) Expenses surplus. B) Revenues surplus. Show Answer Correct Answer: B) Revenues surplus. 23. Stated below are the four areas of Public Finance, except for: A) Taxation. B) Government Expenditures. C) Budget Process. D) Public Debt. E) None of the Above. Show Answer Correct Answer: E) None of the Above. 24. Universal Access to Quality Tertiary Education Act implemented in what year? A) 2018. B) 2016. C) 2015. D) 2017. Show Answer Correct Answer: D) 2017. 25. What is the primary goal of public enterprises in the Philippines? A) Public goods and services. B) Providing Social Services. C) Promoting Economic Growth. D) Exporting goods and services. Show Answer Correct Answer: A) Public goods and services. 26. Which tax cannot be shifted to others? A) Sales tax. B) Excise duty. C) Entertainment tax. D) Wealth tax. Show Answer Correct Answer: D) Wealth tax. 27. Consumers (people who use the product), producers (people who produce the product), or both, pay this tax depending on elasticities of demand and supply. A) Tax incidence. B) Sales taxes. C) Value-added taxes. D) Specific excises taxes. Show Answer Correct Answer: D) Specific excises taxes. 28. If the burden of tax imposed by the government is transferable to others, it is called A) Direct tax. B) Indirect tax. C) Tax revenue. D) State tax. Show Answer Correct Answer: B) Indirect tax. 29. The excess of government's expenditure over its revenue receipts and non-debt capital receipts is A) Budget deficit. B) Fiscal deficit. C) Revenue deficit. D) Primary deficit. Show Answer Correct Answer: B) Fiscal deficit. 30. The goals of public expenditure are A) Promote faster economic development and balanced regional growth. B) Promote industry, trade and commerce. C) Both a and b. D) Only a. Show Answer Correct Answer: C) Both a and b. ← 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