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Public Finance > Unit 3. Fiscal Policy > Flashcards

Unit 3. Fiscal Policy Flashcards

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1
Q

_____________ is the government’s policy on the generation of its resources through taxation and/or borrowing, as well as the setting of the level and allocation of expenditures.

A

Fiscal policy

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2
Q

The traditional view is that FISCAL POLICY performs three main FUNCTIONS: (3)

A
  1. allocation
  2. distribution
  3. stabilization
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3
Q

The ____________ function is the process of dividing total resource use between private and social goods and choosing the mix of social goods.

A

allocation

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4
Q

The ____________ function is the process of adjusting the distribution of income or wealth to ensure conformance with what society considers fair.

A

distribution

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5
Q

The ____________ function supports achieving the main macroeconomic objectives set by policymakers to ensure economic growth, price stability, and sustainable external accounts.

A

stabilization

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6
Q

Components of Fiscal Policy (3)

A
  1. Revenue Policy / Revenue Collection
  2. Expenditure Policy
  3. Debt Management Policy
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7
Q

Revenue generation must be _________ and ___________.

A

equitable; efficient

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8
Q

Revenue generation must be ______________________ to implement, and projections should be realistic.

A

administratively feasible

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9
Q

Revenues can be raised _______________ or ______________.

A

administratively; legislatively

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10
Q

The Philippine government generates revenues mainly through ___________ and __________ tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government operations and state-owned enterprises.

A

personal; income

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11
Q

Non-tax revenues in the Philippines could be collected through: (4)

A
  1. fees and licenses
  2. privatization proceeds
  3. income from other government operations
  4. income from state-owned enterprises
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12
Q

Main tax revenues in the Philippines (2)

A
  1. Personal tax (for individuals)
  2. Income tax (for businesses)
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13
Q

_______________ is commonly referred as moving something from the public sector (government) into the private sector.

A

Privatization

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14
Q

_______________________: Funds are disbursed for the efficient delivery of services to the public and to help in economic growth by supporting priority sectors.

The government allocates funds in the most efficient and effective way to ensure rational and equitable resource allocation.

A

Expenditure Policy

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15
Q

The government allocates funds in the most __________ and ___________ way to ensure rational and equitable resource allocation.

A

efficient; effective

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16
Q

The government allocates funds in the most efficient and effective way to ensure __________ and ______________ resource allocation.

A

rational; equitable

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17
Q

It is the policy of the government to attain a manageable debt level. This is one where the country can afford to pay its maturing liabilities as scheduled.

A

Debt Management Policy

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18
Q

It is the policy of the government to attain a _____________ debt level.

A

manageable

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19
Q

This is one where the country can afford to pay its maturing liabilities as _____________.

A

scheduled

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20
Q

Normally, borrowings are incurred to finance ______________ projects.

A

development

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21
Q

Recently, however, borrowings are now used as budget support for various government programs and projects, such as the utilization of __________________________.

The government incurs borrowing therefore to fund __________ programs and projects.

A

Overseas Development Assistance (ODA); priority

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22
Q

Normally, borrowings are incurred to finance _____________ projects. Recently, however, borrowings are now used as _____________ for various government programs and projects.

A

development; budget support

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23
Q

NG Debt Before Pres. Duterte

A

P 5.95 trillion

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24
Q

NG Debt Before Pres. BBM (After Pres. Duterte)

A

P12.68 trillion

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25
Q

NG Debt During Pres. BBM (End of Feb 2023)

A

P 13.75 trillion

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26
Q

The ______________________ is the government’s steward of sound fiscal policy.

A

Department of Finance (DOF)

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27
Q

It formulates revenue policies that will ensure funding of critical government programs that promote welfare among our people and accelerate economic growth and stability.

A

Department of Finance (DOF)

28
Q

It formulates revenue policies that will ensure funding of critical government programs that promote welfare among our people and accelerate economic _________ and ____________.

A

growth; stability

29
Q

Current DOF Secretary

A

Benjamin E. Diokno

30
Q

Animal in the DOF Logo

A

Merlion

31
Q

Colors in the DOF Logo

A

Violet & Yellow

32
Q

Other elements found in the DOF Logo (4)

A
  1. Balance Scale
  2. Key
  3. Sun (from Philippine Flag)
  4. Three Stars (from Philippine Flag)
33
Q

The Top/Highest in the DOF Structure and Leadership

A

Office of the Secretary

34
Q

Two offices under the Fiscal Policy and Monitoring Group (2)

A
  1. Fiscal Policy and Planning Office
  2. Policy, Research, and Liaison Office
35
Q

The _________________________ is primarily responsible for forecasting and programming revenues of the national government (NG), cash programming, and monitoring of NG finances.

A

Fiscal Policy and Monitoring Group (FPMG)

36
Q

FPMG also formulates and shepherds tax reform proposals and other fiscal policy recommendations as the __________________ arm of the DOF.​

A

legislative liaison

37
Q

Undersecretary of FPMG

A

Maria Cielo D. Magno

38
Q

The _________________________ formulates long-range and annual projections of revenue needs, cash position, and borrowing capacity of the National Gov’t as a basis for the DOF’s policy decisions.

A

Fiscal Policy and Planning Office (FPPO)

39
Q

________ supervises policy research and development on fiscal and tax measures undertaken by the operating bureaus and offices of the DOF.

A

Fiscal Policy and Planning Office (FPPO)

40
Q

The ______________________ is primarily responsible for tax policy formulation, legislative liaison work on tax, financial and economic proposals, and information dissemination activities.

A

Policy, Research and Liaison Office (PRLO)

41
Q

SOURCES OF GOVERNMENT FUNDS – The national budget is financed from the following fund sources: (3)

A

1) Revenues from both tax and non-tax sources;
2) Borrowings from both domestic and foreign sources;
3) Withdrawals from available cash balances

42
Q

__________ refer to all cash inflows of the national government treasury which are collected to support government expenditures but do not increase the liability of the NG.

A

Revenues / Government Revenue

43
Q

Revenues consist of ____ and ______ collections

A

tax; non-tax

44
Q

A _____ is a compulsory contribution mandated by law and exacted by the government for a public purpose.

A

tax

45
Q

The major tax collecting agencies of the national government are the ________________ and the ____________________.

A

Bureau of Internal Revenue (BIR); Bureau of Customs (BoC)

46
Q

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

A

Non-tax

47
Q

____________ borrowings are funds obtained from sources within the country.

A

Domestic

48
Q

_______________ of the national government are usually made through the auction of treasury bills, notes and bonds to the public.

A

Domestic borrowings

49
Q

Domestic borrowings of the national government are usually made through the auction of __________, _________ and _______ to the public.

A

treasury bills; notes; bonds

50
Q

_________ borrowings, on the other hand, are funds obtained from sources outside the country, such as Asian Development Bank (ADB), International Bank for Reconstruction, Development (IBRD), Overseas Economic Cooperation Fund (OECF), etc.

A

Foreign

51
Q

Sources outside the country for Foreign borrowings (3)

A
  1. Asian Development Bank (ADB)
  2. International Bank for Reconstruction and Development (IBRD)
  3. Overseas Economic Cooperation Fund (OECF)
52
Q

(T or F) Foreign borrowings can be obtained through loans secured from foreign financial institutions or through the flotation of government securities in the international market.

A

True

53
Q

Two types of borrowings (2)

A
  1. Domestic borrowings
  2. Foreign borrowings
54
Q

____________________________: Cash receipts from proceeds of investments, and other income such as interest income, dividends, mutual funds, etc.

A

Withdrawals from Available Cash

55
Q

Cluster and Agencies under DOF (10)

A

Bureau of Internal Revenue (BIR)
Bureau of Customs (BOC)
Bureau of Treasury (BTr)
Bureau of Local Government Finance (BLGF)
Insurance Commission (IC)
National Tax Research Center (NTRC)
Central Board of Assessment Appeal (CBAA)
Philippine Guarantee Corporation (PhilGuarantee)
Privatization and Management Office (PMO)
Securities and Exchange Commission (SEC)

56
Q

_________________________ - Assessment and collection of all national internal revenue taxes, fees and charges.

A

Bureau of Internal Revenue (BIR)

57
Q

_________________________ - Assess and collect customs revenues from imported goods, Exercise border control to prevent entry of smuggled goods

A

Bureau of Customs (BOC)

58
Q

________________________ - Assist in formulation of policies on borrowing, investment and capital market development; Formulate adequate operational guidelines for fiscal and financial policies

A

Bureau of Treasury (BTr)

59
Q

________________________ - Assist in formulation and implementation of policies on local government revenue administration and fund management

A

Bureau of Local Government Finance (BLGF)

60
Q

____________________ - To promote growth and financial stability of insurance companies; To safeguard the rights and interest of the insuring people.

A

Insurance Commission (IC)

61
Q

_________________________ - To promote a tax system that will ensure a fair distribution of the tax burden among the Filipino taxpayers; To recommend necessary improvements in the tax system by conducting continuing quality research on taxation

A

National Tax Research Center (NTRC)

62
Q

_______________________________ - To warrant observance of the due process of law clause mandated by the Constitution in the assessment and collection of real property taxes by the government

A

Central Board of Assessment Appeal (CBAA)

63
Q

_________________________________ - provide accessible, reliable and efficient guarantee systems to enable credit for stakeholders in trade and investments, infrastructure, housing, agriculture, MSMEs and other priority sectors of the government

A

Philippine Guarantee Corporation (PhilGuarantee)

64
Q

______________________________ - the marketing arm of the government with respect to transferred-assets, government corporations and other properties assigned to it by the Privatization Council (PrC) for disposition

A

Privatization and Management Office (PMO)

65
Q

______________________________ - is the national government regulatory agency charged with supervision over the corporate sector, the capital market participants, the securities and investment instruments market, and the investing public.

A

Securities and Exchange Commission (SEC)

Public Finance (3 decks)

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