G9 CIVICS THIRD QUARTER REVIEW

Which is NOT part of the process of creating a national budget.

• Congress deliberates on the submitted budget and approves it eventually.

• Congress will pass the budget proposal to the local government (mayors) since

  they know the political atmosphere in their cities better.

• The president, together with his advisers and secretaries submit a proposed

  budget to the congress.

• The president may veto or sign the budget deliberated by congress.

The percentage added to products and services we, Filipinos consume.

• 11%

• 12%

• 13%

• None of the above

This is the contribution imposed by the government on people and firms.

• Tax

• Subsidy

• Collateral

• Transfer

This is included in the computation of the GNI or GDP.

• The sale of pre-loved clothes.

• The income of Jean, the barbecue vendor near Pace Academy.

• The nail used to create a desk and cabinet.

• The income of Zara, a Spanish clothing company with branches in the

  Philippines.

Intermediate goods such as glass, sugar, wood etc. are not included in the

computation of GNI and GDP to avoid ___.

• Double whammy

• Double trouble

• Double jeopardy

• Double counting

Personal disposable income is also called ___.

• Hazard pay

• Bonus pay

• Net pay

• Gross pay

Why does printing so much money cause inflation?

• Because the ordinary citizen will revolt against the government.

• Because the number of goods and services do not change and producers will

  just rack the prices up.

• Because the value of the local currency means nothing when a person is

  overseas.

• It does not cause inflation. In fact, it helps the people solve their financial

  troubles.

The fiscal year of the Philippines ___ .

• April 1st to March 31st

• July 1st to June 30th

• September 1st to August 31st

• January 1st to December 31st

The minimum wage in Metro Manila.

• P 570 for eight hours of work

• P 250 per hour

• P 570 for four hours of work

• P 371 for eight hours of work

Since the base year for the computation of inflation is 2018, when will the next base year be?

• 2024

• 2025

• 2026

• 2027