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Questions and Answers
What is the primary source of government revenue?
What is the primary source of government revenue?
Taxes
What percentage of government revenue comes from taxes?
What percentage of government revenue comes from taxes?
81%
What is the term used for money collected by the government from individuals or corporations?
What is the term used for money collected by the government from individuals or corporations?
Tax
What are the main objectives of taxation?
What are the main objectives of taxation?
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Which type of tax is levied directly on individuals?
Which type of tax is levied directly on individuals?
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Which type of tax is levied on goods and services?
Which type of tax is levied on goods and services?
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What is another term used for indirect tax?
What is another term used for indirect tax?
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What is the name of the government agency that collects taxes in the Philippines?
What is the name of the government agency that collects taxes in the Philippines?
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What is the name of the government agency that collects taxes on imported goods?
What is the name of the government agency that collects taxes on imported goods?
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What is the term used for a comprehensive plan outlining government revenues and expenditures for a specific period?
What is the term used for a comprehensive plan outlining government revenues and expenditures for a specific period?
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Which of the following is NOT considered a branch of government involved in the national budget process?
Which of the following is NOT considered a branch of government involved in the national budget process?
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What department is responsible for preparing the proposed national budget?
What department is responsible for preparing the proposed national budget?
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What body approves or rejects the proposed national budget?
What body approves or rejects the proposed national budget?
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What is the term used to describe the process of ensuring that government funds are used efficiently and effectively?
What is the term used to describe the process of ensuring that government funds are used efficiently and effectively?
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What is the primary focus of the government's spending on 'Personal Services'?
What is the primary focus of the government's spending on 'Personal Services'?
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Which category of government spending includes investments in new assets like buildings, roads, and equipment?
Which category of government spending includes investments in new assets like buildings, roads, and equipment?
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What is the term used to describe the situation where government revenues exceed government expenditures?
What is the term used to describe the situation where government revenues exceed government expenditures?
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What is the term used to describe the situation where government expenditures exceed government revenues?
What is the term used to describe the situation where government expenditures exceed government revenues?
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What is the primary tool used by the government to manage the economy?
What is the primary tool used by the government to manage the economy?
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What is the term used for government spending on programs related to education, healthcare, and transportation?
What is the term used for government spending on programs related to education, healthcare, and transportation?
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Flashcards
Income Taxation
Income Taxation
Money collected from citizens to fund government activities.
Direct Taxes
Direct Taxes
Taxes paid directly by individuals or businesses.
Indirect Taxes
Indirect Taxes
Taxes collected from products or services.
Value Added Tax (VAT)
Value Added Tax (VAT)
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Realty Tax
Realty Tax
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Bureau of Internal Revenue (BIR)
Bureau of Internal Revenue (BIR)
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Bureau of Customs (BOC)
Bureau of Customs (BOC)
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National Budget
National Budget
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Budget Deficit
Budget Deficit
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Budget Surplus
Budget Surplus
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Department of Budget and Management (DBM)
Department of Budget and Management (DBM)
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Congress
Congress
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Commission on Audit (COA)
Commission on Audit (COA)
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Personal Services (PS)
Personal Services (PS)
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Maintenance and Other Operating Expenses (MOOE)
Maintenance and Other Operating Expenses (MOOE)
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Capital Outlay (CO)
Capital Outlay (CO)
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Government Spending Sectors
Government Spending Sectors
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Road User's Tax
Road User's Tax
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Business Tax
Business Tax
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Amusement Tax
Amusement Tax
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Import Duties Tax
Import Duties Tax
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Projected Revenue
Projected Revenue
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Detailed Spending Plans
Detailed Spending Plans
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Government Programs
Government Programs
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Fiscal Year
Fiscal Year
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Government Agencies
Government Agencies
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Tax Collection
Tax Collection
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Tax Levied
Tax Levied
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Study Notes
Government Revenue
- Government revenue comes from taxes (81%) and other sources (19%)
- Taxes are mandatory payments to the government
- Taxes can be levied on property, income, goods, services, or transactions
Tax Types
- Direct taxes are imposed directly on individuals or businesses
- Examples of direct taxes: income tax, corporate tax, wealth tax
- Indirect taxes are imposed on goods and services
- Examples of indirect taxes: sales tax, value-added tax (VAT), excise tax
Government Spending
- Government budgets outline planned expenditures for a year
- Government uses these funds for various operational activities and public services
- Budget preparation involves estimating income and expenses
- Budget execution involves allocating resources according to the budget
- Various government agencies are involved in the process
- Different categories of spending are monitored regularly
Budget Categories
- Personal Services (PS) - funds for salaries, bonuses
- Maintenance and Other Operating Expenses (MOOE) - costs of daily operations
- Capital Outlay (CO) - investments in assets
Budget Deficits and Surpluses
- A budget deficit occurs when expenditures exceed income
- A budget surplus occurs when income exceeds expenditures
Monetary Policy
- Government's control over the money supply and credit conditions to promote economic stability
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Description
Test your knowledge on government revenue sources and types of taxes. Explore how governments manage budgets and spending categories, including personal services and operational activities. This quiz will help you understand the financial framework of government operations.
