Question :

(a) The role of the Public Expenditure Management System (PEMS) is to allocate and use resources responsively, efficiently and effectively'.
Briefly explain the above statement with particular emphasis on the highlighted terms. Your may illustrate your answer with examples.

(b) Revenue measures or systems can be classified as either progressive, or proportional, or regressive. Provide a short explanation of how each affects people with different economic levels.

(c) ‘Public accounting is often called fund accounting'. Explain what you understand by the term ‘fund accounting'.

(d) "What's the difference between national defence and pizza?", asked your public finance professor.