FME3

Public finance is the management of a country’s revenue, expenditures, and debt load

through various government and quasi-government institutions.

• True

• False

If the government has a deficit (spending is less than revenue), it will fund the

difference by borrowing money and issuing national debt.

• True

• False

Spain imposed tributes or taxes upon Filipinos for its survival and benefit. As early as 152, the Spanish

government embodied in the laws of the Indies.

• True

• False

The Japanese entered Manila on January 2, 1942. The occupation officially terminated on September 2,

1945, the day the Japanese surrender was signed aboard the battleship, USS Missouri, in Tokyo bay.

• True

• False

In a mixed economy, the market equilibrium is tough to maintain because of public and private

interests.

• True

• False

It 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.

• Government Debt

• Government Spending

• Government Budget

• Government Tax

The responsible for crafting and passing laws, as well as performing checks and balances on

the executive branch.

• Senate of the Philippines

• House of the Representatives

• Philippines Fiscal Framework

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.

• Revenue

• Debt

• Tax

refer to funds obtained from repayable sources, such as

loans secured by the government from financial institutions

• Revenue

• Spendings

• Borrowings

The government borrows from any of the following reasons:

• to finance national government

  deficits

• to obtain foreign exchange

• to gain interest rate

• to gain credit limit