An example of a regressive tax is?
The personal income tax
The graduated corporation income tax
A general sales tax
The inheritance taxes
The excise tax
Correct answer is C
Examples of regressive taxes include sales taxes, user fees, and arguably property taxes.
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
Equality
Security
Certainty
Convenience
Economy
Correct answer is B
No explanation has been provided for this answer.
A state budget is an outline of planned
Expenditures and revenues expected within a financial year
Expenditures of ministries and parastatals within a given period
Recurrent and capital expenditures within a year
Sources of revenue derivation for a financial year
Use of different kinds of taxation in a given year
Correct answer is A
No explanation has been provided for this answer.
Which of the following is a necessary prerequisite for trade by barter?
Needs for double coincidence of wants
Multiple exchange rate
Impossibility of future trade
Impossibility of large-scale production
Correct answer is A
No explanation has been provided for this answer.
Because money serves as a standard for deferred payments
It serves as a store of value
Goods can be bought on credit with pre-determined value
Future trade becomes possible
It serves as a unit of account
It becomes valuable
Correct answer is B
No explanation has been provided for this answer.