Question Seven : TRUE or FALSE (10 points) ( Encircle the right letter) T F 1. The property tax is a progressive tax T F 2-The income tax represents the main source of revenues for central governments \begin{tabular}{ll|l} T & F & 3- Revenue bonds and general obligations bonds are issued \end{tabular} to cover the expenditures of the capital budget T F 4- When the rich and the poor pay the same rate, the tax is progressive T F 5-Professionalism and ethics are negatively related T F 6- The GAO is the department responsible for preparing the budget in the United States of America T F 7-Revenues from the property tax go to finance local councils Capital budgets have short-term orientation T F 8- With the exception of the United States the annual budC in all countries are prepared by the ministry of finance TF10 - Equity is the major ethical issue in privatization