This quiz works best with JavaScript enabled. Home > Public Finance > Public Finance – Quiz 38 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Public Finance Quiz 38 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This type of tax typically affects people with lower incomes more, usually through sales taxes and excise taxes. A) Progressive. B) Regressive. C) Proportional. D) Flat tax. Show Answer Correct Answer: B) Regressive. 2. GAA in budgeting stands for? A) General Asset Account. B) General Appropriations Act. C) Global accounting alliance. D) Group Acquired Assets. Show Answer Correct Answer: B) General Appropriations Act. 3. In the public finances indicator: A) It remained constant in the period 2017-2019. B) It remained constant in the period 2017-2018 and worsened in the period 2018-2019. C) Colombia worsened in the 2018-2019 period but improved between 2017 and 2018. D) It worsened in the period 2017-2019. Show Answer Correct Answer: D) It worsened in the period 2017-2019. 4. Intended to promote the stabilization and development of the economy. A) Police Policy. B) Indirect Tax. C) Public Finance. D) Fiscal Policy. Show Answer Correct Answer: D) Fiscal Policy. 5. This term refers to the gross income from the production and sale of a firm's product or service. A) Revenues. B) Profit and Loss Statement. Show Answer Correct Answer: A) Revenues. 6. The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. A) Trade-off. B) Opportunity cost. C) PPF. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 7. Which of the following is a similarity between public finance and private finance? A) Both involve financial decision-making. B) Both involve the government. C) Both have the same financial goals. D) Both are concerned with profit maximization. Show Answer Correct Answer: A) Both involve financial decision-making. 8. It represents obligations, which have been incurred but not yet paid. A) Accrued Expenses. B) Prepaid Expenses. Show Answer Correct Answer: A) Accrued Expenses. 9. When the average rate stays the same as income increases or decreases A) Progressive tax. B) Regressive tax. C) All are correct. D) Proportional tax. Show Answer Correct Answer: D) Proportional tax. 10. Which budget document is an expenditure budget document? A) White document with green stripes. B) White document with yellow stripes. C) White document with orange stripes. D) White document with red stripes. Show Answer Correct Answer: D) White document with red stripes. 11. Public goods are provided to only those who pay for it: A) True. B) False. Show Answer Correct Answer: B) False. 12. The marginal utility of a product is a reflection of A) How much the producers want to make. B) How much the consumers want to consume. C) How much profit a producer makes. D) How much a consumer is willing to pay for more. Show Answer Correct Answer: D) How much a consumer is willing to pay for more. 13. Which is not considered a benefit of mental simulations? A) Use it as a tool for guided inquiry. B) Help create new knowledge that never existed before. C) Helps build connections with students' prior knowledge and increase understanding. D) Create connections and give meaning to experiences. Show Answer Correct Answer: B) Help create new knowledge that never existed before. 14. ..... is excess of total revenue expenditure of the government over its total revenue receipts. A) Fiscal deficit. B) Revenue deficit. C) Primary deficit. D) Budget deficit. Show Answer Correct Answer: B) Revenue deficit. 15. Which statement is most accurate and comprehensive regarding money? A) Money is a medium of exchange. B) Money is a subjective reality. C) Money is a type of commodity. D) If you have money you are counted as a younger sibling, if you have gold you are counted as an older sibling. Show Answer Correct Answer: B) Money is a subjective reality. 16. The following are Nature of Society except one. A) Society and Government. B) Society means likeness. C) Society also implies difference. D) Inter-dependence. E) Co-operation. Show Answer Correct Answer: A) Society and Government. 17. Finance commission consisting of ..... chairman & ..... members. A) 1, 3. B) 1, 5. C) 1, 4. D) 1, 6. Show Answer Correct Answer: C) 1, 4. 18. What type of economic system does Thailand use? A) Market Economy. B) Command Economy. C) Mixed Economy. D) Mechanic Economy. Show Answer Correct Answer: C) Mixed Economy. 19. Which is not a department responsible for collecting taxes? A) Customs Department. B) Revenue Department. C) Treasury Department. D) Excise Department. Show Answer Correct Answer: C) Treasury Department. 20. The following characteristics correspond to which concept? "Having good skills and training of skilled workers, adopting modern management and new techniques, using appropriate technology." A) Production productivity. B) Efficiency. C) Effectiveness. D) Economic goals. Show Answer Correct Answer: A) Production productivity. ← 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