1.  The acronym \'NRMAFC\' means:
Answer:  National Revenue Mobilisation Allocation and Fiscal Commission

2.  Government expenditure is classified into:
Answer: Capital and Recurrent expenditure

3. The system of government operated in Nigeria is known as:
Answer: Federalism

4.  Which of the following is not a basic dimension of a public budget?
Answer:  It is an accounting document that holds the private setor responsible for their action

5.  The Cash basis of accounting is a system where:
Answer: The receipts are recorded only when cash is received while expenditures are recorded only when cash is paid

6.  The Chief Accounting Officer of the federation is the:
Answer: Accountant General of the Federation

7. Oil revenue comprises of:
Answer:  All of the above

8. Objectives of a budget does not include one of the followings:
Answer: Forecasting

9. Accrual basis of accounting is a system where:
Answer: Revenue recorded when earned and expenditures recorded when benefits are received

10.  Oil revenue became Nigeria major source of income in:
Answer:  The \'70s