ENUMERATION

• Monetary policy tools (5)
• Types of Monetary policy (2)
• Components of fiscal policy (3)
• Fiscal institutions in the government (4)
• Challenges of price stability (3)
• Challenges of full employment (3)
• Key differences between monetary policy and fiscal policy (4)
• Characteristics of taxation (4)
• Principles of taxation (4)
• Approaches of taxation (2)
• Classification of Taxation (2)

  Direct and indirect
• Types of national and internal revenue taxes(4)

  * Income

  * Business (value added and percentage)

  * Excise

  * Documentary stamp taxes
• Republic Act. No 109563

  Tax Reform for Acceleration and Inclusion Law
• Ways taxed can be shifted

  1. Backward Shifting
  2. Not shifted at all
  3. Forward shifting
• Under excise tax (2)


  * Specific tax

  * Ad valorem tax
• Phases of the Philippine Budget Process (4)

  * Budget Preparation

  * Budget Legislation

  * Budget Execution

  * Accountability
• Budget Principles (6)

  * Principle of Annuality

  * Rule of Lapse

  * Fiscal Discipline

  * Inclusiveness

  * Accuracy

  * Transparency and Accountability
• Types of Government budget(3)

  * Balanced budget

  * Deficit Budget

  * Surplus Budget
• Types of budget call (2)


  * National budget call

  * Corporate budget call
• Budget Document contents (3)

  * President budget message

  * BESF essential information

  * NEP spending plans
• Problems in Govt. Spending (8)

  * Inaccuracy

  * Rigid Decision making

  * Time required

  * Gaming the system

  * Blames for outcomes

  * Expense allocation

  * Use it or lose it

  * Only considers financial outcome
• Theories of taxation (4) 

  1. benefit-received principle by knut wicksell and erik lindahi
  2. lifeblood or necessity theory
  3. fiscal adequacy by adam smith in his canons of taxation 1776
  4. equality on theoretical justice by arthur cecil pigou
• 8- point socioeconomic agenda

  * reduce transport and logistics costs

  * ensure food security

  * reduce energy costs

  * improve health

  * address learning losses

  * strengthen social protection

  * ensure sound fiscal management

  * enhance bureaucratic efficiency
• NEDA's core values


  * Professionalism

  * Integrity

  * Excellence
• Scope or elements of economic planning

  * Definite objective * Central planning authority * Democratic character * Only an advisory role * Comprehensiveness * Planning for consumption * Rational allocation of resources
• Key aspects pf economic planning (4)

  * Resource Allocation

  * Implementation and Monitoring * Policy Formulation * Economic Goals
• Sources of Government funds (5)

  * Taxes on income and profit

  * Taxes of property

  * Taxes on domestic products and services

  * Taxes on international trade and transaction

  * Other sources
• Scope of Public Finance (3)

  * Public Revenue

  * Public expenditure

  * Public Debt
• Fiscal functions (3) (DAS)

  * Distribution

  * Allocation

  * Stabilization
• Types of Unemployment (4)

  * Seasonal

  * Frictional

  * Structural

  * Cyclical
• Types of Govt Spending (2)

  * Capital Spending

  * Current Spending
• Basic premises of Govt Policies (6)


  * Re- allocating scarce and limited
• Government Principle (10)


  *
• Types of Government budget (3)

  * balanced budget

  * deficit

  * surplus
• Phases of Ph Budget process (4)

  * budget Preparation

  * budget legislation

  * budget Execution

  * accountability
• Budget Principles (6)


  *
• Types Budget call (2)


  *National budget call

  * Corporate budget call
• Fours stages of public debt

  * borrowing the funds

  * spending the funds

  * raising revenue for repayments

  * actual debt repayment
• Components of fiscal policy (3)

  * Revenue policy

  * Expenditure policy

  * Debt management policy
• Objectives of price stability (3)

  * maintaining purchasing power

  * promoting economic efficiency

  * encouraging saving and investment