Correct Answer:
D. The division of revenue-raising and spending responsibilities among levels of government
It studies how finances are shared between federal, provincial and local governments.
November 13, 2026 · Accounting and Finance MCQs, Public Finance & Budgeting MCQs
Fiscal federalism deals with:
Related MCQs
An example of a direct tax is:
A.
Sales tax
B.
Customs duty
C.
Excise duty
D.
Income tax
Correct answer is:
D. Income tax
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An adverse opinion is issued when the effects of misstatements are:
A.
Material but not pervasive
B.
Trivial and isolated
C.
Both material and pervasive
D.
Related only to disclosures of no importance
Correct answer is:
C. Both material and pervasive
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In a bank reconciliation, outstanding (unpresented) cheques are:
A.
Deducted from the bank statement balance to find the adjusted bank balance
B.
Added to the bank statement balance
C.
Deducted from the cash book balance
D.
Ignored
Correct answer is:
A. Deducted from the bank statement balance to find the adjusted bank balance
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Treasury bills (T-bills) are:
A.
Long-term bonds with 30-year maturity
B.
Short-term government securities issued at a discount
C.
Shares of public companies
D.
Foreign exchange reserves
Correct answer is:
B. Short-term government securities issued at a discount
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An appropriation account compares:
A.
Profit with loss
B.
Assets with liabilities
C.
Tax collected with tax assessed
D.
Actual expenditure with the grants or appropriations authorized by the legislature
Correct answer is:
D. Actual expenditure with the grants or appropriations authorized by the legislature
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The Fiscal Responsibility and Debt Limitation Act, 2005 of Pakistan provides a target for:
A.
The ratio of total public debt to GDP
B.
The number of public employees
C.
The exchange rate
D.
The inflation rate only
Correct answer is:
A. The ratio of total public debt to GDP
Do you agree with this answer?
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