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Questions and Answers
Which of the following best defines revenue?
Which of the following best defines revenue?
- The gross inflow of economic benefits during a reporting period resulting in an increase in equity. (correct)
- The money received by the government in a year from various sources.
- The contributions received from individual taxpayers, small businesses, and corporations through taxes.
- The actual cash collections from all sources during a period.
What are the main sources of revenue for the government?
What are the main sources of revenue for the government?
- Actual cash collections from all sources during a period.
- Contributions from individual taxpayers, small businesses, and corporations through taxes. (correct)
- Excise, estate, and other taxes and fees.
- Money received by the government in a year from various sources.
What is the difference between revenue and receipts?
What is the difference between revenue and receipts?
- Revenue refers to the contributions received from taxpayers, while receipts refer to the cash collections from all sources.
- Revenue refers to the money received by the government, while receipts refer to contributions from owners.
- Revenue refers to the actual cash collections, while receipts refer to the gross inflow of economic benefits.
- Revenue refers to the gross inflow of economic benefits, while receipts refer to the actual cash collections. (correct)
According to PD 1445, what should be done with all revenues?
According to PD 1445, what should be done with all revenues?
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Where does the government primarily receive its income from?
Where does the government primarily receive its income from?
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Study Notes
Revenue Definition and Sources
- Revenue refers to the income earned by the government from various sources.
Government Revenue Sources
- The main sources of revenue for the government include taxes, fees, and income from state-owned enterprises.
Revenue vs. Receipts
- Revenue refers to the total amount of money earned by the government, while receipts refer to the actual cash received by the government.
Handling of Revenues
- According to PD 1445, all revenues should be deposited into the National Treasury.
Primary Source of Government Income
- The government primarily receives its income from taxes, which include income taxes, value-added taxes, and other types of taxes.
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Description
Test your knowledge on revenues and other receipts with this quiz! Learn about the definition of revenue, how it relates to equity, and the sources from which governments receive income. Explore the concept of taxes as a major source of government revenue.
