The following three (3) functions of the government, except

• Allocation

• Distribution

• Amortization

• Stabilization

The function of the government where a situation exist that the markets fail to provide the needed goods or the appropriate amounts of goods or services as it is impossible for private business to do so and earn profit, thus the public sector grants resources through governmental process.

• Distribution

• Allocation

• Development

• Stabilization

It is the major responsibility of the government to provide an economic environment that assures open market competition, economic growth, price stability, full employment and national development.

• Development

• Allocation

• Stabilization

• Distribution

___________ is the vehicle by which allocation policy decisions are established

• Allotment process

• Development process

• Budget process

• Stabilization process

Refers to government decisions on taxation, expenditures, profit and income generation, borrowings for the achievement of government objectives

• Monetary Policy

• Fiscal Policy

• Taxation Policy

• Expenditures Policy

Public Finance becomes an art when the outputs of science are used, learned and applied, or when common sense and practicability are put into use whenever public resources are generated, allocated and spent.

• True

• False

________ is the study of income, expenditure, borrowing and financial policy and administration of “the government.

• Accounting

• Economics

• Public Finance

• Private Finance

Public finance is not traditionally considered a branch of the field of economics with specific reference to legal and constitutional aspect of revenue sharing arrangements among spending government units.

• True

• False

Public Finance Cycle includes all, except

• Formulation of Fiscal Policy

• Accountability

• Public Borrowings

• Public Auction

________ are goods and services that are available to all people at no extra cost. They are “non-excludable‘ and “non-rival‘

• Private Goods

• Public Goods

• Economic Goods

• Substitute Goods