7543724
Beschreibung
Quiz von Joshua Dairo, aktualisiert more than 1 year ago
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Erstellt von Joshua Dairo
vor mehr als 7 Jahre
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Frage 1
Frage
What is Fiscal Policy?
Antworten
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Involves the use of government spending, direct and indirect taxation and government borrowing to affect the level and growth of aggregate demand in the economy, output and jobs.
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Involves altering base interest rates, which ultimately determine all other interest rates in the economy, or altering the quantity of money in the economy.
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Includes any policy that improves an economy’s productive potential and its ability to produce.
Frage 2
Frage
Government expenditure is the sum of all spending by both local and national government
Antworten
- True
- False
Frage 3
Frage
Indirect taxation is a type of tax which is paid for by an individual directly to the government.
Antworten
- True
- False
Frage 4
Frage
Direct tax, which is imposed on a transaction and paid to the government by the firm after the good has been bought.
Antworten
- True
- False
Frage 5
Frage
Tick all the correct examples of Direct Taxes
Antworten
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Income Tax
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VAT
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Corporation Tax
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Landfill Tax
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National Insurance Contributions
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Student Loans
Frage 6
Frage
Tick all the correct examples of Indirect Taxes
Antworten
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Stamp Taxes
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VAT
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Excise Duties
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Inheritance Tax
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Petroleum Revenue Tax
Frage 7
Frage
Balanced budget: When total government spending equals (or is greater than) government tax receipts.
Antworten
- True
- False
Frage 8
Frage
Budget surplus an indicator of financial health in which expenditures exceed revenue.
Antworten
- True
- False
Frage 9
Frage
What are Progressive Taxes?
Antworten
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This occurs when an increase in income leads to the same % increase in tax.
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Takes a higher percentage of tax from people with higher incomes. It means that the more a person earns, the higher his average rate of tax will be.
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A tax which takes a higher percentage of tax revenue from those on low incomes. As income increases, the proportion of your income paid in tax falls.
Frage 10
Frage
What are Proportional Taxes
Antworten
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This occurs when an increase in income leads to the same % increase in tax.
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Takes a higher percentage of tax from people with higher incomes. It means that the more a person earns, the higher his average rate of tax will be.
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A tax which takes a higher percentage of tax revenue from those on low incomes. As income increases, the proportion of your income paid in tax falls.
Frage 11
Frage
What are Regressive Taxes
Antworten
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Takes a higher percentage of tax from people with higher incomes. It means that the more a person earns, the higher his average rate of tax will be.
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This occurs when an increase in income leads to the same % increase in tax.
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A tax which takes a higher percentage of tax revenue from those on low incomes. As income increases, the proportion of your income paid in tax falls.
Frage 12
Frage
"The total amount of money the British government owes to the private sector and other purchasers of UK gilts." What type of debt is this?
Antworten
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UK National Debt
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Mortgagae
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Secured Debt
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