Module 4

Question 1

refers to money spent by the public sector on the acquisition of goods and provision of services such as education, healthcare, social protection, and defense

Answer 1

Government spending

Question 2

is the total sum of money a government uses to finance its activities and functions

Answer 2

Government spending

Question 3

is when a government’s expenditures exceed its revenues during a fiscal period, causing it to run a budget deficit

Answer 3

Deficit Spending

Question 4

refers to the formulation, implementation, and evaluation of taxation, revenue, budget, expenditures, borrowing, and auditing policies by governments and other public entities

Answer 4

Elements of Fiscal Framework

Question 5

for crafting and passing legislation, as well as exercising oversight over the executive branch of government

Answer 5

House of the Representatives

Question 6

is responsible for crafting and passing laws, as well as performing checks and balances on the executive branch.

Answer 6

Senate of the Philippines

Question 7

body of basic laws and principles that describes the general organization and operation of the state and contains fundamental principles and norms that underlie and guide all government action

Answer 7

Constitution

Question 8

is a fee that people and entities need to pay to the government to fund various social services and infrastructure crucial for nation-building and economic growth

Answer 8

tax

Question 9

all cash inflows of the national government treasury which are collected to support government expenditures but do not increase the liability of the Ng. Consist of tax and non-tax collections.

Answer 9

Revenues

Question 10

refer to all other impositions or collections of the government in exchange for services rendered, assets conveyed, penalties imposed, etc.

Answer 10

Non-tax revenues

Question 11

comprehensive measure to overhaul the tax system to bring in badly needed revenues for the government

Answer 11

Comprehensive Tax Reform Program (CTRP)

Question 12

components of CTRP

Answer 12

1. income tax
2. excise tax reform
3. fiscal incentives reform

Question 13

aims to widen the tax base, simplify the tax structure to minimize leakages, undeclared revenues, overstated deductions and corruption to make the system more elastic and easier to administer

Answer 13

Comprehensive Tax Reform Program (CTRP)

Question 14

refer to funds obtained from repayable sources, such as loans secured by the government from financial institutions and other sources, both domestic and foreign, to finance various government projects and activities

Answer 14

Borrowings

Question 15

lays down the rules on taxation in the Philippines. It identifies who should pay taxes and the types of taxes that should be collected from taxpayers

Answer 15

National Internal Revenue Code (Tax Code)

Question 16

major tax collecting agencies of the national government are

Answer 16

Bureau of Internal Revenue and Bureau of Customs

Question 17

usually made through the auction of treasury bills, notes and bonds to the public

Answer 17

Domestic Borrowings

Question 18

funds obtained from sources outside the country

Answer 18

Foreign borrowings