Government Budgeting Quiz

What is government budgeting?

• A. A process of collecting taxes

• B. A method of reducing government debt

• C. The allocation of revenues and borrowed funds to attain economic and social goals

• D. A way to regulate private sector spending

Why is government budgeting important?

• A. It helps reduce inflation

• B. It allows the government to manage its financial resources effectively

• C. It ensures that all government employees are paid

• D. It prevents economic downturns

Which of the following is NOT one of the major processes in national government budgeting?

• A. Budget preparation

• B. Budget execution

• C. Budget termination

• D. Budget accountability

Who is responsible for determining overall economic targets during the budget preparation process?

• A. The President

• B. The Development Budget Coordinating Committee (DBCC)

• C. The House of Representatives

• D. The Commission on Audit

Which of the following is a major activity in the preparation of the annual national budget?

• A. Issuance of the Budget Call by the DBM

• B. Voting by the Senate

• C. Submission of the budget to the Supreme Court

• D. Implementation of the budget by agencies

What does the Budget Call define?

• A. The number of government employees

• B. The budget framework, economic and fiscal targets, and budget levels

• C. The tax rates for the coming year

• D. The monetary policy of the central bank

What is the role of government agencies in the budget preparation process?

• A. They approve the final budget

• B. They prepare detailed budget estimates and rank programs and projects

• C. They set tax rates

• D. They allocate funds to other agencies

What happens after government agencies submit their budget proposals?

• A. The President signs the budget into law

• B. Budget hearings are conducted where agencies justify their budgets

• C. The budget is immediately implemented

• D. The Senate reviews the budget

How does the budget become law?

• A. The President signs it after approval by Congress

• B. The Supreme Court reviews and approves it

• C. The budget is implemented without legislative approval

• D. The budget is decided by a public referendum

What is the General Appropriations Bill?

• A. A bill that authorizes tax collection

• B. A bill that amends the Constitution

• C. A bill that contains the proposed budget

• D. A bill that allocates funds for specific infrastructure projects