BFN 411 NOUN TMA Past Questions & Answers 2019

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
 

La2ush

Moderator
11. Question
Personal Income Tax is an example of:
Answer
Direct Tax

12 .Question
The major instrument of Fiscal policy include:
Answer
Taxation, Government expenditure, and Borrowing

13. Question
The two main instruments for controlling the economy are:
Answer
Fiscal policy and Monetary policy

14. Question
The Fiscal year for the Federal government of Nigeria is from:
Answer
1st January to 31st December

15. Question
The primary instrument of monetary policy is:
Answer
Open Market Operation, Reserved Requirements, Discount Windows and Moral Suasion

16. Question
Monetary policies are effective only when economies are characterized by developed:
Answer
Money and Financial markets

17. Question
The three basic kinds of monetary policy decisions are:
Answer

The amount of money in circulation, Interest rate, and functions of credit markets and banking system

18. Question
Government intervenes in the economy through the provision of:
Answer
Public goods and Income distribution

19.Question
Public Financial Management is a specialized, functional area found under the general classification:
Answer
Public Administration and Finance

20. Question
A balanced budget is when:
Answer
Revenue projection and expected expenditures in a budget are presumed equal.

21. Question
The four basic dimensions of a public budget are:
Answer
Political, Managerial, Economic and Accounting instrument

22. Question
The following were revenue allocation commission in Nigeria, except one:
Answer
Binns (1964), Dina (1968), and Udoji (1979)

23. Question
The two types of revenue sharing formula in Nigeria is:
Answer
Vertical formula and Horizontal formula

24. Question
Government expenditure in Nigeria is classified under the following headings:
Answer
Administration of Law and Order, Defense and Economic Development

25. Question
According to Adolf Wagner the increase in government expenditure is due to three basic reasons:
Answer
Social activities, Administrative and Protective action, and Welfare functions

26. Question
Examples of Non-Oil revenue are:
Answer
Import duties, Export duties, Excise duties, and Stamp duties
 
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