Public finance is a system of cash flow associated with the implementation of the state’s main functions to maintain macroeconomic equilibrium. For its functioning in the conditions of the market, and consequently of commodity-money relations, the state needs certain funds of monetary resources, which constitutes public finances. If you study this discipline, you should know answers for public finance exam questions in order to pass it successfully.
Public Finance Questions and Answers
- What do public finances consist of? Public finances consist of federal and local budgets, finance of state enterprises and extra-budgetary funds.
- What is the state budget? The state budget is the most important instrument of state regulation of the economy.
- What are the prerequisites for the formation of public finances? Prerequisites for the formation of public finances are as follows:
- Monetary economy.
- The usage of developed forms of money in the economy.
- Creation of the system of forming public needs.
- Establishment of a system for ranking expenditures for public needs.
- What are public finances in the context of non-democratic political systems? In the context of non-democratic political systems (monarchy, dictatorship, oligarchy), public finances are the personal treasury of a ruler or rulers; in democratic societies, including constitutional monarchies, state finances are managed by parliaments and ministries of finance subordinate to them.
- What are the differences between public and government needs? In any country, the public, in the broadest sense of the word, and government needs do not always coincide; there are certain differences between them. State needs, as a rule, are of an indirect nature, since the population (individuals, families, various groups) can not directly feel these needs and do not express a desire to satisfy them. For example, the needs for maintaining the army, foreign intelligence, command staff (state officials) or such scientific needs as the creation of devices for thermonuclear fusion are far from the daily needs of citizens. To determine such needs, elective legislative and executive bodies of state power are needed.
- What determines the volume, structure, and orientation of public finances? The volume, structure, and orientation of public finances are determined by special elected bodies (legislative and executive).
- What do public finances serve? Public finances as a set of monetary relations serve, as a rule, the interests of society as a whole, first of which the needs that are peculiar to society, understood as a single complex system.
- What are the functions of public finances? Like finances in general, public finances perform distribution and control functions.
- Are public finances dynamic? Finance as a system of public relations is quite dynamic. Legislatively, changes can be made both to the process of forming incomes, and to items of expenditure. Intergovernmental relations can be changed. Such changes are made for the purpose of implementing a particular financial policy.
- What is the financial policy of the state? The financial policy of the state is a set of measures aimed at achieving the goals declared by public authorities in the field of finance.
- What is the difference between financial and monetary policy? The distinction between financial and monetary policy is due to the fact that the measures implemented within them are carried out by two formally independent state institutions – the Ministry of Finance and the Central Bank. The toolkit (set of methods) of this and other policies is fundamentally different. In addition, the results of financial and monetary policy may contradict each other.
- What is the key element of macroeconomic policy? Financial and monetary policy is a key element of macroeconomic policy in the market environment.
- What are aspects of financial policy? In financial policy, two aspects can be distinguished: purely monetary and general economic aspects. The first is understood as the impact on the economy of the money supply falling into circulation due to a budget deficit; under the second aspect, the impact of public procurement is understood.
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