This quiz works best with JavaScript enabled. Home > Public Finance > Public Finance – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Give an example of a Direct tax A) Income tax. B) GST. C) Excise duties. D) Customs duty. Show Answer Correct Answer: A) Income tax. 2. When the prices rise the value of money rises A) True. B) False. Show Answer Correct Answer: B) False. 3. If the tax is paid by an individual on whom is levied, it is called A) Tax revenue. B) Indirect tax. C) Direct tax. D) Non-tax revenue. Show Answer Correct Answer: C) Direct tax. 4. There are many benefits of the competition mechanism, which one is not? A) Allocation of goods and services. B) Promote efficiency in production. C) Makes the most efficient use of resources. D) Create economic equality. Show Answer Correct Answer: D) Create economic equality. 5. COMMITMENT FROM ..... IS ONE OF THE CHALLENGES IN OUTCOME BASE BUDGETING SYSTEM A) HEAD OF DEPARTMENT. B) EMPLOYEES. C) ACCOUNTANT. D) TOP MANAGEMENT. Show Answer Correct Answer: D) TOP MANAGEMENT. 6. What is the primary goal of public sector entities in the Philippines? A) Profit Maximization. B) Providing Social Services. C) Promoting Economic Growth. D) Exporting goods and services. Show Answer Correct Answer: B) Providing Social Services. 7. How much did the Federal government collect in tax revenues in fiscal year 2014? A) $ 2 trillion. B) $ 3 trillion. C) $ 4 trillion. D) $ 5 trillion. Show Answer Correct Answer: B) $ 3 trillion. 8. Which statement is incorrect in solving the cycle of poverty? A) Controlling the direction of lending by financial institutions. B) Promotion of foreign investment. C) The government invests itself in key industries. D) The government should encourage people to spend and consume more. Show Answer Correct Answer: D) The government should encourage people to spend and consume more. 9. What is the only objective of private finance? A) To do public welfare. B) To get profit. C) To cause harm. D) All of the options. Show Answer Correct Answer: B) To get profit. 10. Tax income of the government refers to: A) A-Interest income from lending money to other countries. B) Rent of government properties. C) Money paid by people of the country. D) All of the above. Show Answer Correct Answer: C) Money paid by people of the country. 11. 6-mostly independent from the political process ..... A) Fiscal policy. B) Public economics. C) Public finance. D) Monetary policy. Show Answer Correct Answer: D) Monetary policy. 12. Which government agency is responsible for regulating public utilities in the Philippines? A) Department of Energy. B) Energy Regulatory Commission. C) Department of Transportation. D) Philippine National Police. Show Answer Correct Answer: B) Energy Regulatory Commission. 13. These are composed of cash, bank deposits, and other items readily convertible into cash like accounts receivable, stocks and work-in-process, and marketable securities A) CURRENT ASSETS. B) FIXED ASSETS. Show Answer Correct Answer: A) CURRENT ASSETS. 14. The best goods usually ..... most. A) Cost. B) Pay. Show Answer Correct Answer: A) Cost. 15. Which of the following definitions corresponds to "accumulated surplus revenue of the government at any given time, covering both budget and extra-budget revenue" ? A) Loan. B) Government money. C) Treasury. D) Medium budget. Show Answer Correct Answer: C) Treasury. 16. PBB stands for? A) Pinoy Big Brother. B) Project base bonus. C) Program-Based Bonus. D) Performance-Based Bonus. Show Answer Correct Answer: D) Performance-Based Bonus. 17. Trust funds consist of: A) Individual income taxes. B) Corporate taxes. C) Payroll taxes. D) Excise taxes. Show Answer Correct Answer: C) Payroll taxes. 18. We have ..... types of taxes A) 3. B) 4. C) 2. D) 5. Show Answer Correct Answer: C) 2. 19. The borrowings lead to an increase in the liability for the government is the example fora) Revenue receiptsb) Capital receiptsc) Public debitd) Public revenueAnswer:b) Capital receipts A) Revenue receipts. B) Capital receipts. C) Public debit. D) Public revenue. Show Answer Correct Answer: B) Capital receipts. 20. Which of the following is a reason why taxation is important in public finance? A) To reduce government debt. B) To finance public goods and services. C) To increase government corruption. D) To decrease economic growth. Show Answer Correct Answer: B) To finance public goods and services. ← 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