Lecture 1- Introduction to the UK tax system

Beschreibung

Highers Accounting and Finance (Year 2) (Principles of UK Taxation) Quiz am Lecture 1- Introduction to the UK tax system, erstellt von George Mariyajohnson am 20/01/2021.
George Mariyajohnson
Quiz von George Mariyajohnson, aktualisiert more than 1 year ago
George Mariyajohnson
Erstellt von George Mariyajohnson vor fast 4 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
One objective of taxation is to [blank_start]manage economy[blank_end]. It includes [blank_start]employment levels[blank_end], [blank_start]inflation[blank_end], [blank_start]balance of payments[blank_end] & [blank_start]relationships[blank_end] with [blank_start]overseas trading partners[blank_end]. For example, this involves putting [blank_start]taxes[blank_end] in place in times of [blank_start]recession[blank_end]/doing [blank_start]poorly[blank_end] to encourage increased [blank_start]employment levels[blank_end]
Antworten
  • manage economy
  • employment levels
  • inflation
  • balance of payments
  • relationships
  • overseas trading partners
  • taxes
  • recession
  • poorly
  • employment levels

Frage 2

Frage
Another objective of taxation is to provide [blank_start]public goods[blank_end]. These [blank_start]goods[blank_end] are provided for consumption that would unlikely be [blank_start]adequately[blank_end] provided by [blank_start]market[blank_end]. They have [blank_start]zero[blank_end] marginal cost, one individual cannot be [blank_start]excluded[blank_end] from benefiting & all [blank_start]members[blank_end] of society will consume the [blank_start]same[blank_end] amount
Antworten
  • public goods
  • goods
  • adequately
  • market
  • zero
  • excluded
  • members
  • same

Frage 3

Frage
Third objective of taxation is [blank_start]developing society[blank_end]. This involves providing [blank_start]social welfare[blank_end] & [blank_start]health system[blank_end] to improve standards of living for [blank_start]whole society[blank_end]
Antworten
  • developing society
  • social welfare
  • health system
  • whole society

Frage 4

Frage
Fourth objective of taxation is [blank_start]regulation[blank_end]. This involves protecting [blank_start]environment[blank_end], [blank_start]public[blank_end] generally or groups within [blank_start]society[blank_end] who might be exploited
Antworten
  • regulation
  • environment
  • public
  • society

Frage 5

Frage
Tax- Compulsory [blank_start]levy[blank_end] imposed by [blank_start]government[blank_end] or other [blank_start]tax[blank_end] raising body on income, expenditure, wealth or people for which [blank_start]taxpayer[blank_end] receives nothing specific in [blank_start]return[blank_end]
Antworten
  • levy
  • government
  • tax
  • taxpayer
  • return

Frage 6

Frage
Direct tax- Tax which is [blank_start]levied[blank_end] on [blank_start]taxpayer[blank_end] who is intended to bear final [blank_start]burden[blank_end] of paying it i.e. [blank_start]income tax[blank_end], [blank_start]capital gains tax[blank_end], [blank_start]inheritance tax[blank_end], [blank_start]corporation tax[blank_end] & [blank_start]national insurance contributions[blank_end]
Antworten
  • levied
  • taxpayer
  • burden
  • income tax
  • capital gains tax
  • inheritance tax
  • corporation tax
  • national insurance contributions

Frage 7

Frage
Indirect tax- Tax which is ultimately [blank_start]borne[blank_end] by someone other than [blank_start]taxpayer[blank_end] on whom it is [blank_start]levied[blank_end] i.e. [blank_start]VAT[blank_end], [blank_start]customs duties[blank_end] & [blank_start]excise duties[blank_end]
Antworten
  • borne
  • taxpayer
  • levied
  • VAT
  • customs duties
  • excise duties
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