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chapt2 C&&C > FINMAN E1 > Flashcards

FINMAN E1 Flashcards

1
Q

generally considered to be an action plan for spending in the future according to the income expected.

A

budget

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2
Q

must therefore calculate the total amount of money they wish to spend on schools, hospitals, roads and salaries throughout the year.

A

government

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3
Q

arguably one of the most important public documents, as it is a translation of a country’s national development goals into annual spending plans.

A

national budget

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4
Q

are the medium through which policies are funded and executed and, in turn, activities to support selected priorities are delivered

A

budget

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5
Q

The _________, __________, and __________of the budget all require technical understanding of the PFM process.

A

development, implementation and reporting

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6
Q

T/F

In addition, as budget outcomes also may not depend on political as economic factors, it is also important to understand the politics of the budget cycle.

A

FALSE, it depends!

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7
Q

is also referred to as the government’s budget.

A

national budget

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8
Q

It is a plan for how the government spends taxpayers money, and how it pays for its activities, its borrowings, and the repayment of its borrowings. More technically, it is the estimated schedule of expenditures and sources of financing.

A

national budget

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9
Q

In general, a _________ is the financial plan of a government for a given period, usually for a fiscal year.

A

government budget

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10
Q

It shows what its resources are, and how they will be generated and used over the ____ period.

A

fiscal

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11
Q

is the government’s key instrument for promoting its socio-economic objectives.

A

budget

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12
Q

The government budget also refers to the ____,______,_________ of the National Government (NG). These resources are used to achieve its national objectives, strategies, and programs.

A

income, expenditures, and sources of borrowings

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13
Q

The ___________ known simply as the budget, refers to the totality of the budgets of various departments of the national government.

A

National Government budget

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14
Q

National Government budget includes the NG support to ___________ and _________. It is what the national government plans to spend on its programs and projects.

A

Local Government Units (LGUs) and Government Owned and/or Controlled Corporations (GOCCs).

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15
Q

It also states the envisioned sources of its funds, either from _____________ or from ________.

A

revenues or borrowings.

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16
Q

The common notion of a budget relates to its _________ side.

A

expenditure

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17
Q

Purpose of a National Budget

A

As such, a budget is prepared to prescribe the funding of government’s programs and projects, following national priorities, objectives, and strategies. This is the budget’s allocation function.

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18
Q

Components of A national Budget

A

resources side and the expenditures side.

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19
Q

pertain to the sources of funds that will finance budgetary expenditures.

A

Budgetary resources

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20
Q

budgetary resources are derived from?

A

1) Revenues or 2) Borrowings.

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21
Q

the primary source of financing the budget because these are the most stable sources of funds.

A

Revenues

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22
Q

T/F

Revenues consist of tax collection only

A

FALSE, tax and non-tax collections

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23
Q

are obtained from repayable sources, including loans secured by the government from financial institutions and other sources internal and external, to finance development projects and/or budget support.

A

borrowings

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24
Q

There are two subcategories of borrowings:

A

domestic borrowings and b) foreign borrowings.

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25
Q

The government borrows for several reasons. Name those reasons

A

One is to augment revenues of the government to cover all of the country’s development requirements. Aside from operating expenses, it has to provide for such capital projects as roads, bridges, airports, power plants, etc. to generate economic activity.

Another reason is to cushion future needs while taking advantage of favorable market conditions.

A third reason, which is monetary in nature, is to stabilize the market by mopping up excess liquidity.

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26
Q

T/F

There are inherent advantages and disadvantages in borrowing from either domestic or foreign sources.

A

TRUE

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26
Q

In general, the government borrows from ________ because they are readily available, and there are no foreign exchange risks involved.

A

domestic sources

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27
Q

On the other hand, borrowing from _________ enables the government to take advantage of long-term loans, which are readily available abroad with lower interest rates.

A

foreign sources

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28
Q

T/F

However, if it takes up too large a share of domestic resources, it will not compete with local private demand for credit. This will drive up interest rates, and consequently lessen jobs

A

FALSE, it will compete w local

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29
Q

The disadvantage of borrowing from these sources is the risk of foreign exchange rate fluctuations. Every time the peso depreciates in value against the dollar, the debt service burden gets heavier.

A

foreign sources

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30
Q

T/F

In all these, it must be emphasized that the government carefully selects the capital projects to be financed from these sources. It must make certain that they would improve economic productivity and help pay back the loans.

A

TRUE

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31
Q

The government obtains domestic borrowings from the auction of ____________

A

Treasury bills, notes and bonds.

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32
Q

are short-term debt instruments issued by the National Government often reaches maturity in 52 weeks or less

A

Treasury bills

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33
Q

are longer-term certificates of indebtedness: their maturity extends beyond one year. They are issued depending on the needs of the market.

A

Treasury bonds and notes

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34
Q

are always used for a general purpose.

A

Domestic borrowings

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35
Q

Foreign borrowings, on the other hand, may be derived from:

A

(1) multilateral sources,
(2) bilateral sources,

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36
Q

where the owners of the institution are many,

A

multilateral sources,

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37
Q

refer to the government of another country.

A

bilateral sources,

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38
Q

can be obtained through loans secured from foreign financial institutions or by floating government securities in the international market.

A

Foreign borrowings

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39
Q

Some examples of multilateral sources are

A

Japan Bank for International Cooperation,

the Asian Development Bank and

the World Bank.

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40
Q

Foreign borrowings may be in the form of ______

A

(1) project loans (2) program loans.

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41
Q

are incurred to finance a specific project like an irrigation project or a health project. multipurpose foreign borrowings.

A

Project loans

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42
Q

are multipurpose foreign loans to enhance a specific sector, usually conditioned on basic reforms in certain policy areas.

A

Program loans

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43
Q

__________ are examples of program loans.

A

The Structural Adjustment Loan

and the Private Sector Financing Restructuring Loan

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44
Q

The House of representatives approves _________ 2024 national Budget.

A

5.768 trillion

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45
Q

allocated the highest budget of PHP924.7 billion,

A

Department of Education

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46
Q

allocated the budget of PHP822.2 billion.

A

Department of Public Works and Highways

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47
Q

The ___________ was allocated PHP306.1 billion.

A

Department of Health

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48
Q

pertain to education and manpower development, health, housing, and social security and welfare services.

A

Social Services

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49
Q

2024 Priority Sector

A

PHTAJ EIDSJ

  1. Education
  2. Public Works
  3. Health
  4. Interior and Local Government
  5. Defense
  6. Transportation
  7. Social Welfare
  8. Agriculture
  9. Judiciary
  10. Judiciary
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50
Q

is the part of economics which deals with the revenue and expenditure patterns of the government and their various effects on the economy.

A

Public finance

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51
Q

is the study of the economic aspects that arise in the operations of the public budget.

A

public finance

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52
Q

The presence of a political body that governs a given economy requires a study of public finance, regardless of whether such economy is functioning under ________, _____________, or ___________

A

free enterprise,

a centrally managed system or

a “mixed” type system.

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53
Q

is theoretically characterized by perfect competition in the market;

A

Free enterprise economy

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54
Q

is characterized by centralized state planning

A

centrally managed economy

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55
Q

is one in which government supplies a considerable amount of goods and services and regulates private economic activity.

A

mixed economy

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56
Q

the circular flow of economy

A

GO TO REVIEWER TO CHECK

Output Markets
Input Markets
Households
Firms

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57
Q

represent transactions between households and business firms in markets.

A

The upper and lower loops

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58
Q

T/F

Households do not use the income they earn from the sale of productive services to purchase the outputs of business firms.

A

F, they use the income

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59
Q

represents transactions between households and government and between business firms and government.

A

The inner loop

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60
Q

Governments purchase productive services from __________ and ____________

A

households and outputs of business firms.

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61
Q

These purchases are financed with _________, ____, and ______levied on persons and firms, and the inputs acquired are used to provide government services and transfers.

A

taxes, fees, and charges

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62
Q

relates to private wants while public finance deals with public wants.

A

Private finance

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63
Q

Private wants are those that can be satisfied through the mechanism of the market because their enjoyment can be made subject to ____________

A

price payments.

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64
Q

are those that cannot be satisfied through the working of the market because their enjoyment by any individual consumer is independent of his payment or contribution.

A

Public wants

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65
Q

Classification of public wants

A

Social wants and Merit wants

66
Q

are wants whose satisfaction should be subject to the principle of consumer sovereignty, that
is, resources should be allocated in response to the effective demand of consumers.

A

social wants

67
Q

are those that are subject to the exclusion principle and are satisfied by the market within the limits of effective demand.

A

merit wants

68
Q

Major Recipients of the Budget

A

a. National Government Agencies (NGAs)

b. Local Government Units (LGUs).

c. Government-Owned and/or Controlled Corporations (GOCCs)

69
Q

The 3 functions of Public Finance

A

The function of the allocation section,

The function of the distribution section

The function of the stabilization section

70
Q

the provision of goods and services to satisfy public wants, may be considered the historically accepted objective of budget policy.

A

The function of the allocation section,

71
Q

These are the entities which perform functions not normally undertaken by the private sector. They are wholly dependent on the government for financing its budgetary requirements. Some examples are the Department of Finance (DOF), Presidential Commission for the Urban Poor (PCUP) and the AFP.

A

National Government Agencies (NGAs).

72
Q

They refer to provinces, cities, municipalities and barangays. The Province of Laguna, the City of Dagupan, the Municipality of Panabo and Barangay Cruz na Ligas are examples of it.

A

Local Government Units (LGUs).

73
Q

These are stock or non-stock corporations, whether performing government or proprietary functions, which are directly chartered by special law or owned or controlled by the government directly or indirectly, through the parent corporation, to the extent of at least a majority of its outstanding capital stock or its outstanding non-capital stock.

A

Government-Owned and/or Controlled Corporations (GOCCs)

74
Q

relates to the determination and attainment of a proper state income distribution.

A

The function of the distribution section

75
Q

is concerned with maintaining a high level of resource utilization, that is, full employment of all factors of production and a stable value of money.

A

The function of the stabilization section

76
Q

is an agency or cluster of agencies whose expenditures are directed towards a common purpose.

A

Sector

77
Q

Government expenditures are classified according to the following sectors:

A

Economic services
Social services
Defense services
General Public services

78
Q

pertain to the enhancement of the country’s industrial and agricultural production capacities. They encompass the development of natural resources, the promotion of trade and industry, and the setting up of infrastructure and utilities. Hence, most of the activities of the Department of Trade and Industry (DTI), Department of Environment and Natural Resources (DENR), Department of Agriculture (DA), Department of Agrarian Reform (DAR), Department of Public Works and Highways (DPWH) and Department of Transportation and Communication (DOTC) fall under this sector.

A

Economic Services

79
Q

pertain to education and manpower development, health, housing, and social security and welfare services. The budget of the Department of Education (DepEd), the Department of Health (DOH), the Department of Social Welfare and Development (DSWD), the Department of Labor and Employment (DOLE) and the National Housing Authority (NHA), as well as the pension for veterans, will fall under this category.

A

Social Services

80
Q

refer to the strengthening of domestic security and the maintenance of peace and order. The Department of National Defenses Armed Forces of the Philippines (AFP) is under this sector.

A

Defense Services

81
Q

refers to general administration, basic research and the dispensation of justice. Under this sector are the National Economic and Development Authority (NEDA) and the Department of Justice (DOJ).
National Governments Agencies

A

General Public Services

82
Q

20 National Government Departments

A

PHTAJ TEI NSFF BELL NSET

      1. Public Works and Highways
    1. Health
    1. Transportation
    1. Agriculture
  • 5.Justice
  • 6.Education
    1. Interior And Local Government
    1. Tourism
    1. National Defense
    1. Social Welfare and Development
      1. Budget And Management
      2. Energy
      3. Finance
      4. Foreign Affairs
      5. Labor And Employment
      6. Land Reform
      7. National Economic Development Authority
      8. Science And Technology
      9. Trade And Industry
      10. Environment and Natural Resources
83
Q

formulates and implements an integrated program of information and developmental communication that will present the work of the Presidency.

A

Office of the Press Secretary

84
Q

total of government departments

A

23

20 National Government Departments
The Office of the President
Office of the Press Secretary
Other Offices like the Senate, Anti-money Laundering, House of Representatives.

85
Q

is a situation where you’re forced to take new loans in order to repay your existing debt obligations. And before you know what a debt trap is, you fall into a situation where the amount of debt you owe takes a turn for the worse and spirals out of control.

A

Debt trap

86
Q

establishes laws, maintain order & provide security

A

GOVERNMENT

87
Q

3 powers of government

A
  1. Police Power; - for public good or welfare
  2. Power of Eminent Domain or Power of Expropriation; - For public use
  3. Power of Taxation - for revenue
88
Q

how many Covid meds wasted

A

P7.43-B

89
Q

how many % of SSS funds go to the government?

A

50%

90
Q

difference between DEPED and CHED

A

CHED is under the office of the president
DEPED - department of the PH gov’t

91
Q

where is PNP under?

A

DILG

Department of the Interior and Local Government

92
Q

is the executive department of the Philippine government responsible for ensuring access to, promoting equity in, and improving the quality of basic education. It is the main agency tasked to manage and govern the Philippines.

A

Department of Education

93
Q

is a government agency under the Office of the President of the Philippines. It is responsible for regulating and governing all higher education institutions and post-secondary educational programs in the country.

A

Commission on Higher Education

94
Q

implements the policy of the State to continuously develop technology for ensuring the safety of all infrastructure facilities and securing for all public works and highways the highest efficiency and the most appropriate quality of construction.

A

Department of Public Works and Highways (DPWH)

95
Q

the executive department of the government of the Philippines responsible for ensuring access to basic public health services by all Filipinos through the provision of quality health care, the regulation of all health services and products.

A

Department of Health

96
Q

is the executive department of the Philippine government responsible for promoting peace and order, ensuring public safety and strengthening local government capability aimed towards the effective delivery of basic services to the citizenry.

A

Department of the Interior and Local Government, abbreviated as DILG

97
Q

what are under DILG

A

National Police Commission
Bureau of Fire Protection
DILG assists LGU to effectively and efficiently deliver services to their constituents

98
Q

is the executive department of the Philippine government responsible for guarding against external and internal threats to peace and security in the country.

A

Department of National Defense

99
Q

what is under the DND

A

Armed Forces of the Philippines

100
Q

is the executive department of the Philippine Government responsible for the protection of the social welfare of rights of Filipinos and to promote the social development.

A

Department of Social Welfare and Development

101
Q

is the executive department of the Philippine government responsible for the maintenance and expansion of viable, efficient, and dependable transportation systems as effective instruments for national recovery and economic.

A

Department of Transportation

102
Q

what are under DOT

A

Land Transportation Franchising And Regulatory Board
Land Transportation Office

103
Q

is the executive department of the Philippine government responsible for the promotion of agricultural and fisheries development and growth.

A

Department of Agriculture

104
Q

what are under DA

A

National Food Authority
Bureau of Fisheries and Aquatic Resources

105
Q

The mission of the __________ is to uphold the rule of law, to keep our country safe, and to protect civil rights.

A

Department of Justice

106
Q

what are under DOJ

A

Public Attorney’s Office
Office of the Solicitor General

107
Q

These government securities are longer term certificates of indebtedness, with maturities ranging from 1-10 years

A

Treasury Notes

108
Q

These government securities are longer term certificates of indebtedness, with maturities ranging from 20-30 years

A

Treasury Bonds

109
Q

The National’s budget top priority sector for 2024

A

Education

110
Q

If legal representation is required, this agency acts on behalf of the PH gov’t

A

Office of the Solicitor General

111
Q

This agency makes sure there is an adequate supply of rice and works with the local government to arrange relief in the event of disaster

A

National Food Authority

112
Q

COMPOSITION OF THE STATE

A

GOVT
PEOPLE
TERRITORY
SOVEREIGNTY

113
Q

the political system by which a country or community is
administered and regulated.

A

GOVERNMENT

114
Q

IT IS THE CITIZENS

A

PEOPLE

115
Q
  • (an area of) land, or sometimes ocean , that is considered as
    belonging to or connected with a particular country or person.
A

TERRITORY

116
Q

supreme power or authority.

A

SOVEREIGNTY

117
Q

are funds used not only to keep the government
machinery going but also to enable the government to carry out its various
fiscal functions of allocation, distribution, and stabilization

A

PUBLIC REVENUE

118
Q

OBJECTIVES OF GOVERNMENT FINANCE

A
  1. To protect the territory and its inhabitants
  2. To create a stable macroeconomic foundation
119
Q

INCOME SOURCES OF THE PHILIPPINES

A

Tax Revenues
➢ Capital Revenues
➢ Extra-ordinary incomes -
➢ Grants

120
Q

cover compulsory contributions to finance government
activities.

A

Tax Revenues

121
Q

Major Tax revenues of the Philippines are classified as follows

A

INCOME TAXES
PROPERTY TAXES
ESTATE AND GIFT TAXES
IMPORT DUTIES -
AMNESTY TAXES -
BUSINESS LICENSE TAXES -
COMMUNITY TAX
DOCUMENTARY STAMP TAXES-
EXCISE TAX -
CHARGES ON FOREST PRODUCTS -
WHARFAGE FEES
FRANCHISE TAXES
MISCELLANEOUS TAXES

122
Q
  • imposed on incomes of individuals, corporations and
    partnerships.
A

INCOME TAXES -

123
Q

levied on the use ownership of wealth immovable
property

A

PROPERTY TAXES -

124
Q

tax on the privilege decedent of transmit property at
death.

A

ESTATE AND GIFT TAXES -

125
Q

cover all taxes on foreign products which are transported
in the country.

A

IMPORT DUTIES

126
Q
  • imposed by special laws as in the series Presidential
    Decrees delinquent taxpayers
A

AMNESTY TAXES

127
Q
  • include privilege taxes, fixed percentage and
    similar taxes on brewers or on occupation, practices of profession, etc.
A

BUSINESS LICENSE TAXES

128
Q

poll tax charged from individuals, partnerships and
corporation residing in the Philippines

A

COMMUNITY TAX

129
Q
  • levied upon documents, instruments,
    papers, sales and transfer of obligation, right or property incident thereto.
A

DOCUMENTARY STAMP TAXES-

130
Q

taxes on alcohol, sugar. playing cards, etc.

A

EXCISE TAX -

131
Q

include all taxes charged on timber and
firewood cut from unregistered private lands and other Forest products.

A

CHARGES ON FOREST PRODUCTS

132
Q

charges for wharfage relative to imports and exports.

A

WHARFAGE FEES -

133
Q

imposed for any special right or privilege granted by a
government.

A

FRANCHISE TAXES

134
Q

cover all other taxes not covered by the above listed categories.

A

MISCELLANEOUS TAXES

135
Q

cover proceeds from sales of fixed capital or scrap
thereof and public domain and gains on such sales.

A

Capital Revenues

136
Q

include repayments of loans made by
government corporations and local governments and the receipts and
shares in income of the Central Bank of the Philippines.

A

Extra-ordinary incomes

137
Q

cover voluntary contributions and aids given to the government
for its operation on specific purposes. It does not require any monetary
commitment on the part of the recipient. It can be in the form of money
and/or materials.

A

Grants -

138
Q

As defined by the United Nations, a ____ is a political unit of a
nation or state constituted by law with power of control over local affairs
including the power to impose taxes

A

LOCAL GOVERNMENT

139
Q

The Purposes of Local Government Units

A

To serve as an agency or instrumentality of the state [National
Government] in carrying on the functions of government which the state
cannot conveniently exercise

To act as agency of the inhabitants of the community in the regulation and
the operation of municipal franchises and public utilities, the promotion and
management of their local affairs, such as maintenance of water system and
others.

140
Q

is autonomous of other provinces within the
republic. Each province is governed by two main elected branches of the
government: executive and legislative

A

The Provincial Government

141
Q

The Provincial Government of Tarlac is composed of
_______ municipalities and ___
city, namely:

A

17, 1

142
Q

MUNICIPALITIES OF TARLAC

A

Anao
* Bamban
* Camiling
* Capas
* San Manuel
* Concepcion
* Gerona
* La Paz
Mayantoc
* Moncada
* Paniqui
* Pura
* Ramos
* San Clemente
* San Jose
* Santa Ignacia
* Victoria

143
Q

is made up of more urbanized and developed
barangays serves as a general-purpose government for the coordination and
delivery of basic, regular and direct services and effective governance of the
inhabitants within its jurisdiction.

A

The City Government

144
Q

It serves primarily general government for the
coordination and delivery regular and direct services and effective
governance of its jurisdiction

A

The Municipal Government

145
Q
  • is the basic government unit in the political structure. It serves
    both as primary planning and implementing unit of government policies,
    plans, programs, projects and activities in the community
A

Barangay

146
Q

INTERGOVERNMENTAL RELATIONSHIP

A
  1. Concept of Partnership
  2. Planning for Development
147
Q

One objective of local autonomy is to make local government units’ effective
partners of the national government in attaining national goals.

A
  1. Concept of Partnership
148
Q

The declared policy that the socioeconomic development of the various
regions within the country will be promoted by undertaking regional planning
at the national level and specific planning and programming at the local level
led to the creation of regional councils

A
  1. Planning for Development
149
Q

is established under the Local
government Code. Under said law, each local government, including the
barangay, maintains a General Fund which comprises monies and resources
of the purposes local government not specifically available declared for
payment by law as of chargeable expenditures to other funds

A

local governments’ fund structure

150
Q

who has the authority to label citizen as VAT

A

BIR

151
Q

difference between estate and gift

A

estate - dead
gift - alive

152
Q

who will pay the tax for estate tax?

A

executor ; who made the will

153
Q

these are taxes that are usually lifted by the gov’t

A

import duties

154
Q

how much is the amnesty here in PH

A

6%

155
Q

example of community tax

A

sedula

156
Q

what law is under excise tax

A

RA 10351

157
Q

where did the business license taxes go?

A

LGU hindi national govt

158
Q

in documentary stamp tax what is being taxed?

A

transaction hindi docs

159
Q

these are taxes on port on the ocean

A

wharfage fees

160
Q

companies abroad pay this tax when building business here in PH

A

franchise tax

161
Q

who governs the executive branch of the govt

A

PRESIDENT

162
Q

who governs the legislative branch of the govt

A

SENATORS

chapt2 C&&C (10 decks)

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