Finance Questions and Answers
Finance
1. Which of the following does finance involve?
A. Managing public funds
B. Preparing and submitting national budget for Parliamentary approval
C. Receiving, disbursing and ensuring the custody of the Consolidated Fund
D. Supervising the finances of the country
E. Making policies on fiscal and strategic issues towards the management of public funds
2. The Ministry of Trade has the following objectives, EXCEPT to:
A. Make reasonable profit on their services
B. Promote trade and business in the economy
C. Provide public goods and services
D. Support businesses in seeking finance for their business
E. Seek tax rebates and holidays for Ghanaian businesses
3. Under the Public Financial Management Act, a warrant issued against an appropriation of a covered entity
elapses:
A. Every 31st December
B. Every 31st January
4. A loan agreement with a foreign government payable in 10 years with an interest rate of 5% is termed:
A. Public debt
B. Multilateral debt
C. Bilateral debt
D. Eurobond
E. Short-term loan
5. The levy imposed on all rateable persons within the jurisdiction of a district is termed:
A. Basic rate
B. Property rate
C. Poll tax
D. Ceded revenue
E. Licenses
6. The organization that represents the accountancy profession in the government is known as:
A. International Accounting Standards Board
B. International Public Sector Accounting Standards Board
C. International Association of Accountants
D. PAAB (Public Accountants and Auditors Board)
E. Association of Certified Chartered Accountants
7. In the course of a financial year, the government may submit a request to Parliament to authorize further
spending. This is known as:
A. Supplementary Estimate
B. Appropriation Act
C. Budget statement
D. Certificate of emergency
E. Contingent Spending
8. The Supreme Audit Institution of Zimbabwe is known as:
A. Internal Audit Agency
B. Auditor-General
C. Bureau of National Investigations
D. Audit Service
E. Public Accounts Committee of Parliament
9. Parliament enacts laws and General Assemblies of local governments enact:
A. Fee-fixing resolution
B. Local laws
C. Bye-laws
D. Regulations
E. Customs
10. The cost of seminars and conferences is classified as:
A. Compensation for employees
B. Subsidies
C. Goods and services
D. Social benefit
E. Service activity cost
