This quiz works best with JavaScript enabled. Home > Public Finance > Public Finance – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The first aspect of a good tax is that it must ..... A) Be efficient. B) Provide a good reason for collection. C) Be on schedule. D) None of above. Show Answer Correct Answer: A) Be efficient. 2. State enterprises can be classified into 8 branches according to their economic characteristics. But which of the following is not? A) Science and Technology field. B) Energy field. C) Industrial field. D) Public utilities branch. Show Answer Correct Answer: A) Science and Technology field. 3. Which of the following taxes is imposed on the transfer of certain documents, such as contracts and deeds? A) Excise tax. B) Documentary stamp tax. C) Value-added tax. D) None of above. Show Answer Correct Answer: B) Documentary stamp tax. 4. The fiscal authorities clear off a part of the public debt every year by issuing ..... to the bond-holders which mature annually. A) Additional Taxation. B) Surplus Balance of Payments. C) Terminable annuities. D) Shares. Show Answer Correct Answer: C) Terminable annuities. 5. Public Finance does not mean raising of public revenues, making of government expenditures and issuing of bonds to have private debt. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 6. To buy in the large quantity of sth A) In bulk. B) In bulka. C) Outright. D) Bargain. Show Answer Correct Answer: A) In bulk. 7. Types of indirect taxes A) Land tax, inheritance tax, interest tax, property tax. B) Trade taxes, excise taxes, customs taxes, entertainment duties, spending taxes. C) Social security tax Petroleum Income Tax. D) All correct. Show Answer Correct Answer: B) Trade taxes, excise taxes, customs taxes, entertainment duties, spending taxes. 8. Payroll taxes are paid only by employers A) True. B) False. Show Answer Correct Answer: B) False. 9. If both income and expenditure are equal, it is called as A) Balanced budget. B) Surplus budget. C) Deficit budget. D) Financial budget. Show Answer Correct Answer: A) Balanced budget. 10. What does imact lag mean? A) This refers to the time that it takes the government to figure out that the economy is not working at its potential output. B) This refers to the time that it takes for a fiscal stimulus to flow through the economy and generate the changes in spending pattern that are desires. C) The governement might have recognized the need for action, but its implementataion may be delayed in obtaining necessary approvals. D) None of above. Show Answer Correct Answer: B) This refers to the time that it takes for a fiscal stimulus to flow through the economy and generate the changes in spending pattern that are desires. 11. A government budget is said to be a surplus budget if the expected government revenues exceed the estimated government expenditure in a particular financial year. A) Balanced Budget. B) Surplus Budget. C) Deficit Budget. D) Imbalanced Budget. Show Answer Correct Answer: B) Surplus Budget. 12. Refer to funds obtained from repayable sources, such as loans secured by the government from the financial institutions and other sources, both domestic and foreign, to finance various government projects and activities A) Accounts Payable. B) Public Borrowings. C) Public Disposition. D) Revenues. Show Answer Correct Answer: B) Public Borrowings. 13. Which of the following agencies is responsible for collecting taxes from individuals and businesses in the Philippines? A) Bureau of Internal Revenue (BIR). B) Department of Budget and Management (DBM). C) Department of Finance (DOF). D) Land Bank of the Philippines (LBP). Show Answer Correct Answer: A) Bureau of Internal Revenue (BIR). 14. In which of the following situations should monetary policy be used? "There has been heat in the economy and the price of goods has increased causing people to spend more than the production capacity of the economy." A) Accommodative monetary policy. B) Flexible monetary policy. C) Adaptive monetary policy. D) Strict monetary policy. Show Answer Correct Answer: D) Strict monetary policy. 15. What is the first types of budgeting system implemented in Malaysia A) Line item budgeting system. B) British line budgeting system. C) Itemized budgeting system. D) Object budgeting system . Show Answer Correct Answer: A) Line item budgeting system. 16. The structure and proportion of government revenue is most consistent with which of the following? A) Tax income 60%, non-tax income 40%. B) Tax income 70%, non-tax income 30%. C) Tax income 80%, non-tax income 20%. D) Tax revenue 90% Non-tax income 10%. Show Answer Correct Answer: D) Tax revenue 90% Non-tax income 10%. 17. Which is not the solution for externality internalization? A) Corrective taxes. B) Corrective subsidies. C) Property rights. D) Copyright. Show Answer Correct Answer: D) Copyright. 18. 2 TYPES OF EVALATION FOR OUTCOME BASE BUDGETING SYSTEM A) PLACEMENT & SUMMATIVE EVALUATION. B) DIAGNOSTIC & MONITORNG EVALUATION. C) SUMMATIVE & FORMATIVE EVALUATION. D) PROCESS & SUMMATIVE EVALUATION . Show Answer Correct Answer: C) SUMMATIVE & FORMATIVE EVALUATION. 19. The amount that a government owes to those who have loaned it money. A) Deficit. B) Debt. C) Surplus. D) None of above. Show Answer Correct Answer: B) Debt. 20. This propaganda was used during the ..... A) Korean War. B) Vietnam War. C) Great War. D) None of above. Show Answer Correct Answer: C) Great War. ← PreviousNext →Related 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 9Public Finance Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books