This quiz works best with JavaScript enabled. Home > Finance > Public Finance > Public Finance – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 30 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In india, we have zero base budgeting A) False. B) True. Show Answer Correct Answer: B) True. 2. In the past 50 years, the federal government ..... A) Has increased spending at the local level. B) Has decreased the amount of funds sent to the States. C) Has continued to not assist States. D) None of above. Show Answer Correct Answer: A) Has increased spending at the local level. 3. A common way of arriving at the PREXC structure is to group existing PAPs under Programs, True or False? A) False. B) True. Show Answer Correct Answer: B) True. 4. Compulsory contribution mandated by law and exacted by government for public purpose. A) Tax Revenue. B) Tax. C) VAT. D) Direct Tax. Show Answer Correct Answer: B) Tax. 5. How many basic principles are there which guide government in financial operations? A) Four. B) Six. C) Five. D) Three. Show Answer Correct Answer: D) Three. 6. Money that you pay for professional advice or services A) Bulk. B) Fee. C) Free. D) Fare. Show Answer Correct Answer: B) Fee. 7. Consumers who buy the taxed products are paying what taxes? A) Tax incidence. B) Sales taxes. C) Excises taxes. D) Value-added taxes. Show Answer Correct Answer: B) Sales taxes. 8. Which of the following is not a thinker in the classical school? A) Adam Smith. B) David Ricardo. C) Jean Baptiste Say. D) Joan Robinson. Show Answer Correct Answer: D) Joan Robinson. 9. "Build, Build, Build" infrastructure plan in what year? A) 2022. B) 2016. C) 2021. D) 2017. Show Answer Correct Answer: D) 2017. 10. Public Authorities includes A) Central government. B) State government. C) Local government. D) All of these. Show Answer Correct Answer: D) All of these. 11. Government spending, in excess of revenue (or spending more than money bringing in) is called A) Deficit spending. B) Profit. C) Both are correct. D) Neither is correct. Show Answer Correct Answer: A) Deficit spending. 12. What is the full form of IGST? A) Inter Govenmental State Tax. B) Inter state GST. C) Integrated GST. D) None of above. Show Answer Correct Answer: C) Integrated GST. 13. Public debt is not always blessings A) True. B) False. Show Answer Correct Answer: A) True. 14. Also known as an area of social living. A) Barangay. B) Society. C) Social Media. D) Community. Show Answer Correct Answer: D) Community. 15. Money borrowed from a bank. A) Loan. B) Expense. C) Dept. D) Budget. Show Answer Correct Answer: A) Loan. 16. During times of crisis, the country should save its expenditure (not implement intensive fiscal policies) A) Correct. B) Salah. Show Answer Correct Answer: B) Salah. 17. The first stage in the life cycle of a business is ..... A) BUSINESS. B) ORGANIZATION. Show Answer Correct Answer: B) ORGANIZATION. 18. Which of the following taxes is levied on the income of individuals and corporations? A) Income tax. B) Real property tax. C) Documentary stamp tax. D) Excise tax. Show Answer Correct Answer: A) Income tax. 19. What is Public debt? A) Public debts are loans taken by the individual. B) Public debts are loans taken by the companies. C) Public debts are loans taken by the private banks. D) Public debts are loans taken by the government. Show Answer Correct Answer: D) Public debts are loans taken by the government. 20. Ex ante Balanced budget requirement A) A law forcing a given government to balance its budget by the end of each fiscal year. B) A law forcing either the governor to submit a balanced budget or the legislature to pass a balanced budget at the start of each fiscal year, or both. C) A law forcing a given government to balance its budget in the middle of each fiscal year. D) None of above. Show Answer Correct Answer: B) A law forcing either the governor to submit a balanced budget or the legislature to pass a balanced budget at the start of each fiscal year, or both. 21. In, India financial year ends on A) March 31st. B) January 1. C) April 31st. D) April 1. Show Answer Correct Answer: A) March 31st. 22. Robert is in debt, he ..... $ 100 to his cousin. A) Lends. B) Owes. C) Owns. D) Makes. Show Answer Correct Answer: B) Owes. 23. What are not the characteristics of public goods? A) Non-exclusion. B) Nonrival. C) Rival. D) None of above. Show Answer Correct Answer: C) Rival. 24. Refers to government decisions on taxation, expenditures, profit and income generation, borrowings for the achievement of government objectives A) Taxation Policy. B) Fiscal Policy. C) Monetary Policy. D) Expenditures Policy. Show Answer Correct Answer: B) Fiscal Policy. 25. Which of the following is not part of the Philippine Budgetting Phases? A) Budget Realignment. B) Budget Execution. C) Accountability. D) Budget Preparation. Show Answer Correct Answer: A) Budget Realignment. 26. Government revenue corresponds to which English word? A) Expenditure. B) Loans. C) Revenue. D) Government's receipt. Show Answer Correct Answer: D) Government's receipt. 27. GST Council not make recommendation on ..... ? A) Determining Budget. B) The goods and services that are to be brought under GST. C) Determining GST rates. D) The time frame for including theexcluded items into GST. Show Answer Correct Answer: A) Determining Budget. 28. Debts that are repaid at some specified date are known as ..... A) Compulsory Debt. B) Redeemable Debt. C) Irredeemable Debt. D) None of the above. Show Answer Correct Answer: B) Redeemable Debt. 29. By law The government can borrow in any given year no more than what percentage of the annual budget. and what percentage of the budget is set for repaying the loan principal? A) 50 percent and another 20 percent. B) 40 percent and 60 percent. C) 30 percent and 70 percent. D) 20 percent and 80 percent. Show Answer Correct Answer: D) 20 percent and 80 percent. 30. Whenever the members of any group, small or large, live together in such a way that they share, not this or that particular interest, but the basic conditions of a common life, we call that group a ..... ? A) Community. B) Society. C) Government. D) Public. Show Answer Correct Answer: A) Community. ← 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