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PA 581 Week 8 Final Exam-Latest 2017 November
Question Question 1 25 pts (TCO A) One of our lectures discusses the budget execution stage of the budget cycle. Please identify and explain each of the major steps in the budget execution process. Question 2 25 pts (TCO D) What level of government do property taxes usually support? Question 3 25 pts (TCO C) Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows: Q1: $3,750,000 Q2: $4,500,000 Q3: $3,750,000 Q4: $3,000,000 Flag this Question On December 31, 201X, budgetary status reports showed expenditures of $7,500,000 and encumbrances of $1,000,000. Using an accrual accounting concept, what was the budgetary status of Library Systems as of that December 31 date? Show and label all work and state your conclusion. As of the end of the third quarter, the Library System shows expenditures of $11,000,000 and has $3,000,000 in encumbrances. It projects that spending in the fourth quarter will be $500,000 more than what was initially allotted for that budget period. Determine the amount of the supplemental appropriation, if any, which must be requested in order to end the fiscal year with a balanced budget.Show and label all work. Question 4 25 pts (TCO F) Our text discusses in a sidebar what happens when government finances go horribly wrong. It discusses fault, repudiation, receivership, and bankruptcy. Please describe and discuss each of these situations.
Question 5 25 pts (TCO E) What is the purpose of a tax system? One of the basic criteria that is considered when a tax system is evaluated is the equity standard. Please provide your interpretations of these items: 1. Purpose of a tax system and 2. Equity Question 6 25 pts (TCO A, B) Where do the following three levels of government receive their budgetary and fiscal powers? The federal government. A state government. A local government. Question 7 25 pts (TCO A, B) Why must we have budget cycles in the government environment, whether it’s the federal, state or local level of government? Identify the four major phases of a typical government budget cycle, and briefly describe what happens in each phase. Question 825 pts (TCO G) Explain the importance of Pareto Improvement to a governmental unit. A public project produces the following individual benefits for stakeholders stated in terms of present values when an appropriate social discount rate of 15% is used: Al = $16,000; Bev = $25,000; and Chris = $17,000. The present value of the total cost of completing and maintaining this project equals $54,000. · Explain the importance of Pareto Improvement. · Is this project economically feasible from the social point of view? Explain. · If stakeholders knew that each would be held responsible (through taxation) for 1/3 of the project costs, would this project be accepted under majority rule? Why or why not? Be very specific, using numbers in your answer. · In principle, could Bev, the major beneficiary, financially "cut deals" with Al and/or Chris so as to ENSURE that they would vote for the project? Using only the numbers given in the project statement as your starting data, specify how this could be done. Question 9 25 pts (TCO H) What is a capital asset? Explain what is meant by a capital budget and present an argument to justify the development of capital budgets by governmental units, giving at least two reasons to support that view. Explain the major differences between an operating budget and a capital budget. Question 1025 pts (TCO I) Below is a table showing the income of individuals A and B together with their food and clothing purchases in an untaxed environment (NOTE: K = 1000). Individual Income Food Clothing A $20,000 $5,000 $2,000 B $50,000 $8,000 $8,000 SHOW ALL WORK IN A SYSTEMATIC FRAMEWORK TO EARN MAXIMUM POINTS.
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Hint: Develop a calculation table for analysis There is a proposal on the government table to exempt EITHER food OR clothing from the sales tax base. The purpose of this proposal is to seek progressivity rather than regressivity in the sales tax system. Provide a reasoned recommendation supported by calculations as to which option should be selected SHOW ALL WORK IN A SYSTEMATIC FRAMEWORK TO EARN MAXIMUM POINTS. Hint: Develop two calculation tables for analysis. Before even considering any particular numbers, define precisely what is meant when we say that a tax system is regressive. Do the same for what is meant by progressive. Suppose a general sales tax of 5% is applied to all purchases, and purchasing behavior does not change as a result. In consideration of the sum total of ALL sales taxes paid, illustrate why this tax system is regressive.
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