Public Finance - Jamb Economics Past Questions and Answers

Question 36:

• JAMB 1981

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A. Budget deficit
B. Balance budget
C. Budget surplus ‘
D. Budget statement
E. Unfavourable budget.

Question 37:

• JAMB 1981

Government budget can be described as the sum of?

A. Indirect tax, direct tax, and loans expected within a financial year
B. Planned recurrent expenditure and planned investment expenditure
C. Planned capital expenditure for a development plan within a plan period
D. Planned expenditure and expect revenue within a financial year
E. Planned expenses of all ministries within a financial year

Question 38:

• JAMB 1981

Progressive income tax can be expressed as

A. Tax that falls as income rises
B. Tax that rises as income falls
C. Tax that is independent of income
D. Tax that rises as income rises
E. Tax that is neutral to income

Question 39:

• JAMB 1982

Taxes which are levied on a person’s expenditures are known as?

A. Purchase tax
B. Sales tax
C. Direct tax
D. Poll tax
E. Income tax

Question 40:

• JAMB 1982

The chief sources of Federal Government revenue in Nigeria are?

A. Import duties, petroleum, import tax, profit tax, royalties and government dividends
B. Personal income tax, excise tax and vehicle licenses
C. Export duties, personal income tax and royalties
D. Property income, sales tax and excise tax
E. Import duties, sales tax and poll tax