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9 Economics > 16 Fiscal Policy > Flashcards

16 Fiscal Policy Flashcards

1
Q

means by which gov’t adjusts spending + taxes to monitor + influence the economy

A

fiscal policy

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2
Q

enforced contributions levied by the gov’t

A

taxes

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3
Q

national gov’t, local gov’ts, gov’t owned + controlled corps

A

public sector

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4
Q

BIR

A

bureau of internal revenue

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5
Q

assesses + collects all nt’l interval revenue, taxes, fees, charges

A

bureau of internal revenue

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6
Q

collects taxes, fees, charges in connection with int’l trade (foreign sector)

A

bureau of customs

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7
Q

BOC

A

bureau of customs

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8
Q

purposes of taxation

A
  1. raise revenue
  2. promote gen welfare
  3. reduce social inequality
  4. encourage economic growth
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9
Q

collect needed amt of money

A

fiscal adequacy

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10
Q

administrative feasibility

A

not hard to pay

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11
Q

consistency with economic goals

A

within your means

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12
Q

theoretical justice

A

based on ability to pay; fairness

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13
Q

principles of taxation

A
  1. fiscal adequacy
  2. administrative feasibility
  3. consistency with economic goals
  4. theoretical justice
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14
Q

tax base ↑, tax rate ↓

A

regressive

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15
Q

tax base ↑, tax rate ↑

A

progressive

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16
Q

fixed tax rate

A

proportional

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17
Q

tax that cannot be transferred

A

direct tax

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18
Q

income from profession, business, prop

A

income tax

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19
Q

sale/exchange of capital assets

A

capital gains tax

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20
Q

val of land, building, similar prop

A

property tax

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21
Q

from deceased -> living, legal heirs

A

estate tax

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22
Q

donated/gift between 2 living persons

A

donor’s tax

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23
Q

another name for donor’s tax

A

gift tax

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24
Q

types of properties

A
  1. commercial
  2. residential
  3. agricultural
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25
tax that can be transferred
indirect tax
26
val of product imported/exported
customs duty
27
val of locally-made, -sold, -used products (final value)
excise tax
28
another name for excise tax
sin tax
29
gross annual sales; not VAT-registered
sales tax
30
sale, barter, exchange, lease of goods/properties/services in PH
value-added tax
31
another name for value-added tax
VAT
32
tax that can be applied every time a product is availed
value-added tax (VAT)
33
taxation during expansionary and contractionary
expansionary: ↓ contractionary: ↑
34
spending during expansionary and contractionary
expansionary: ↑ contractionary: ↓
35
allocation of public funds
national budget cycle
36
DBCC
development budget coordination committee
37
members of DBCC
DBM (department of budget and management) + BSP + DOF (department of finance) + NEDA (national economic and development authority) + rep. from office of the president
38
ask all gov't agencies how much they need + defend the amount
budget call
39
list of how much each gov't agency needs
national expenditure program (NEP)
40
basis of budget proposal
national expenditure program (NEP)
41
proposal to be approved by congress
general appropriation bill (GAB)
42
house of senate has how many people?
24
43
house of representatives has how many people?
300-306
44
AC
appropriations committee
45
who makes up the AC?
house of representatives
46
who makes up the SFC?
house of congress
47
SC
senate finance committee
48
AC + SFC = ?
bicameral conference committee (BCC)
49
GAA
general appropriations act
50
if pres doesnt veto/approve within 30 days, it is automatically passed
lapse law
51
president can do what to an act?
1. sign law into motion 2. veto (reject)
52
distribute budget
execution
53
COA
commission on audit
54
create report that flags corruption in gov't agencies
commission on audit (COA)
55
DBM
department of budget and management
56
DOF
department of finance
57
BSP
bangko sentral ng pilipinas
58
NEDA
national economic and development authority
59
NEP
national expenditure program
60
GAB
gen appropriations bill

9 Economics (20 decks)

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