1. Question
A balanced budget is when:
Answer
Revenue projection and expected expenditures in a budget are presumed equal.
2. Question
The four basic dimensions of a public budget are:
Answer
Political, Managerial, Economic and Accounting instrument
3. Question
The following were revenue allocation commission in Nigeria, except one:
Answer
Binns (1964), Dina (1968), and Udoji (1979)
4. Question
The two types of revenue sharing formula in Nigeria is:
Answer
Vertical formula and Horizontal formula
5. Question
Government expenditure in Nigeria is classified under the following headings:
Answer
Administration of Law and Order, Defense and Economic Development
6. Question
Examples of Non-Oil revenue are:
Answer
Import duties, Export duties, Excise duties, and Stamp duties
7. Question
Sources of Nigeria government revenue is classified into two broad headings:
Answer
Oil revenue and Non - Oil revenue
8. Question
The government account is based on the following bases:
Answer
Cash, Accrual, and Commitment bases
9. Question
The accounting system operated by the Federal, State, Local governments and their agencies is known as:
Answer
Public Account
10. Question
When the tax rate diminishes as income level increases, it is known as:
Answer
Regressive Tax
A balanced budget is when:
Answer
Revenue projection and expected expenditures in a budget are presumed equal.
2. Question
The four basic dimensions of a public budget are:
Answer
Political, Managerial, Economic and Accounting instrument
3. Question
The following were revenue allocation commission in Nigeria, except one:
Answer
Binns (1964), Dina (1968), and Udoji (1979)
4. Question
The two types of revenue sharing formula in Nigeria is:
Answer
Vertical formula and Horizontal formula
5. Question
Government expenditure in Nigeria is classified under the following headings:
Answer
Administration of Law and Order, Defense and Economic Development
6. Question
Examples of Non-Oil revenue are:
Answer
Import duties, Export duties, Excise duties, and Stamp duties
7. Question
Sources of Nigeria government revenue is classified into two broad headings:
Answer
Oil revenue and Non - Oil revenue
8. Question
The government account is based on the following bases:
Answer
Cash, Accrual, and Commitment bases
9. Question
The accounting system operated by the Federal, State, Local governments and their agencies is known as:
Answer
Public Account
10. Question
When the tax rate diminishes as income level increases, it is known as:
Answer
Regressive Tax