FINMAN 6- PUBLIC FINANCE
The mercantile system stands for the interests of
LONG QUIZ 1
I. IDENTIFICATION. Identify the word/s
that best describe each statement.
1. It refers to revenues and expenditures of
political bodies.
2. It refers to government decisions on taxation,
expenditures, profit and income generation,
borrowings for the achievement of government
objectives.
3. The _____ provides the variety of works and
services to his lord.
4. This system provides landowners with a system
of land management to produce goods necessary
to support themselves and the people who
worked the land.
5. It is a trade practice wherein nations maintain a
favorable balance in trade by increasing exports
and decreasing imports.
6. It is considered as peoples’ burdens.
7. A system in which along with land revenue, a
standing army would be created for service.  14. Economic development: Less developed;
8. Rights and obligations of people are defined by
_____.
9. Monetary Resources.
10. They are considered as an administrative and
political unit.
11. In this system, wealth of nations derived solely
from the value of land agriculture or land
development.
12. They identified the three functions of the
government.
13. It pertains to income, expenses, and financial
management of individuals or private
corporations.
14. It primarily focused on generating revenues and
handling expenditures of political agencies.
15. It gives the government rights to acquire
income.
16. It depends largely upon the general political
organization.
17. He established the Civil Commission.
18. The Philippine public sector operates in a
_____.
19. Used to impact the performance of the
economy.
20. The vehicle by which allocation policy
decisions are established.
II. TRUE or FALSE. Identify whether the
following statements is True or False. Write
Public if the statement is True, otherwise
write Finance.
1. The more the funds are squandered, the greater
are the burdens upon the citizens.
2. Private Finance refers to the collective wants.
3. Both the grantor and the grantee are free men
and social peers.
4. The Spanish rule in the Philippines for three
hundred years is highly characterized with
feudal practices.
5.
merchants and producers.
6. In mercantile system, the government spends for
armies and navies to secure its interest and
sovereignty.
7. The problems of social reform and the issues of
Public Fiscal Administration are inseparably
related.
8. In public finance, the government adjust its
income to its expenses.
9. When it comes to expenditure, both public and
private finance depends on the economic and
social policies.
10. Economic growth implies that there is an
increase in the volume of goods and services. F
11. Natural Monopolies: High Excludability;
Common Resources: High Rivalry.
12. Economic development is the increase in total
physical production.
13. The requirement to keep watch on revenues and
expenditures through the skilled accountants and
auditors becomes a must.
Economic growth: More Developed.
15. Cameralist are in favor of taxes to support
military activities.
16. Adam Smith is against balanced budget.
17. According to David Ricardo, unemployment is
blamed upon the tendency to limit spending too
much.
18. In a free enterprise, the economy is a private
market economy.
19. Natural Monopolies: Low Rivalry; Common
Resources: High Excludability.
20. In Public Finance, the resource allocation is
determined on the basis of the prices prevailing
in the market.
III. ENUMERATION. List down or enumerate
what are being asked on each of the
following item.
1-5. Public finance may be considered a science
when it adopts the following features.
6-8. Early forms of Public Revenue.
9-11. Three factors of production according to
Adam Smith.
12-13. Philippine Republic’s two principal sources
of revenue.
14-15. Two characteristics of Public Goods.
16-19. Four income classifications according to
Gross National Income (GNI) per capita.
20. Title of Lesson 1 in Module 3.
Bonus. 5pts.
NSGABYARA
Clue: village societies.
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