ERASURES AND ALTERATIONS MEANS WRONG. IT APPLIES TO TEST I, II AND IV ONLY.

Name:____________________________________________________ Score:____________________
Course & Year:_____________________________________________ Date:_____________________

FIN 111 – Finals Quiz #2

I. MEMORY RECALL. Identify the term being described in the following.

____________________1. A type of budget that only inputs are emphasized.

____________________2. In accordance with Sec.271 of the Code, this account shall include the percentage share
of the barangay in the real property taxes.
____________________3. This budgeting system is now exercised and otherwise called as the grassroots
participatory budgeting process.
____________________4. Enables the City council and administrator to identify the total cost of each municipal
service and set spending levels and priorities accordingly.
____________________5. Is a basic political unit that plays a significant role in the country’s economic
development and nation building efforts.
____________________6. Of how many percent does the annual internal revenue allotment shall be appropriated
to development projects?
____________________7. This refers to the appropriations for the purchase of goods and services, the benefits of
which extend beyond the fiscal year and which add to the assets of LGU’s.
____________________8. It is the LGU’s financial plan and instrument for implementing the local development
plan and investment program.
____________________9. Is the annual share of local governments out of the proceeds from the national internal
revenue taxes.
____________________10. Refers to the yearly analysis, evaluation and justification of each activity, program or
project starting from a zero performance level.

II. MODIFIED TRUE OR FALSE: Write TRUE if the statement is correct. If the statement is wrong, do not write
false, but underline the least of word/s that made it false and write the correct answer on the space
provided for.

____________________1. Sections 329-334 of RA #7160 provide the basis for the collection, safekeeping and use
of barangay funds.
____________________2. The Municipal Treasurer shall be responsible for the collection of taxes, fees and other
charges due and contributions accruing.
____________________3. No barangay official or employee shall receive per diems, wages or salaries and other
compensation, in excess of those provided by laws.
____________________4. Statement of Statutory and Contractual obligations is otherwise known as Barangay
Budget preparation form #452.
____________________5. Taxes on goods and services collected from stores or retailers with fixed business
establishments and having gross sales of the preceding calendar year of P50,000 or less in cities and P30,000 or
less in municipalities at a rate of not exceeding 2% of such gross sales and receipts.
____________________6. Barangay officials need to master the use of budget as basic instrument of local
governance.
____________________7. MOOE refers to appropriation for the payment of other expenses of the barangay, such
as travelling expenses, supplies and materials etc.
____________________8. Management information means the ability of the barangay officials to efficiently
manage revenues and expenditure to ensure fiscal balance.
____________________9. Barangay budget execution is where the SB exercise its power to approve the barangay
annual budget through the enactment of an ordinance.
____________________10. This account also includes a 50% share of the proceeds of the tax on sand, gravel and
other quarry resources of the barangay where these resources are extracted.
ERASURES AND ALTERATIONS MEANS WRONG. IT APPLIES TO TEST I, II AND IV ONLY.

III. SPELL ME OUT. Give the meaning of the following terms.

1. BBPF - __________________________________________________________________
2. CROU - __________________________________________________________________
3. MOOE - __________________________________________________________________
4. IRA - __________________________________________________________________
5. RA #7160 - __________________________________________________________________
6. CA #246 - __________________________________________________________________
7. RA #992 - __________________________________________________________________
8. LGU - __________________________________________________________________
9. SB - __________________________________________________________________
10. SK - __________________________________________________________________

“Progress is impossible without change, and those who cannot change their minds cannot change anything.” –
George Bernard Shaw