Public Sector Account - Sources of Government Revenue - SS3 Accounting Past Questions and Answers - page 1
What is the most common source of government revenue?
Taxes
Fees and Charges
Fines and Penalties
Borrowing
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Which of the following is an example of a fee?
Income tax
Sales tax
Property tax
Building permit fee
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What is the purpose of fines and penalties?
To generate revenue for the government
To punish individuals or businesses for violating laws or regulations
To finance capital projects
To provide public goods and services
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What is borrowing?
Payments made by individuals or businesses for specific government services
Charges imposed on individuals or businesses for violating laws or regulations
Government-owned businesses that generate revenue
Governments borrowing funds to finance their operations and capital projects
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What are natural resources?
Government-owned businesses that generate revenue
Charges imposed on individuals or businesses for violating laws or regulations
Payments made by individuals or businesses for specific government services
Resources such as oil, gas, and minerals that governments may extract and sell to generate revenue
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What is the purpose of grants and aid as a source of government revenue?
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How do state-owned enterprises generate revenue for the government?
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