Government And Taxation

Question 1

Republic

Answer 1

Republic is the rule where some or all of the people control over a government

Question 2

Monarchy

Answer 2

It rule by an individual who passes power over his heir

Question 3

Constitutional monarchy

Answer 3

It is a rule where an monarch exists but their power have limited by constitution.

Question 4

Ideology

Answer 4

Ideology is a set of ideas and idea that form a foundation of political or economic theory

Question 5

Planned economy

Answer 5

Planned economy are those where a central authority(government) decide what will be produced and the industries that receive investment according to the central plan

Question 6

Unplanned economy

Answer 6

Unplanned economy are those where economic decisions are determined by the interaction of buyer and sellers using price mechanism

Question 7

Laissez-faire economics

Answer 7

Laissez-faire economics are market economics with no unnecessary interventions
They involves private ownership of resources and free market

Question 8

Command economics

Answer 8

Command economy are strictly planned economics where all resources are owned by the state and production decision occur in accordance with central plan

Question 9

Mixed economics

Answer 9

In mixed economics,resources may be owned by either private or public (government) enterprises
Production decisions may be market-based but there may be government intervention in those markets.

Question 10

Taxation system

Answer 10

Progressive tax
Proportional tax
Regressive tax

Question 11

Progressive tax

Answer 11

Increase the average rate of tax as the amount subject to taxation increases

Question 12

Proportional tax

Answer 12

Sees the average rate of tax remain the same as the activity increase

Question 13

Regressive tax

Answer 13

Occur when the average rate of tax falls as the amount subject to taxation increase.

Question 14

Purpose of government taxation

Answer 14

Providing public good
Reallocation of resources
Redistribution of income

Question 15

Public good

Answer 15

Private enterprise usually won’t provide public goods because it’s difficult /impossible to make people pay
Without payment,the private enterprise can’t make a profit ,so it avoid the market for that goods/services.

Question 16

Reallocation of resources

Answer 16

Means to transfer the different economic resources from one industry to another

Question 17

Redistribution of income

Answer 17

Transfer of incomes from one group of people to another.

Question 18

Government revenue

Answer 18

The spending on all of programs that government puts in place to achieve their policy goals

Question 19

Infrastructures

Answer 19

A form of public investment in system and capital that allow private investment to flourish

Question 20

General taxation

Answer 20

Income tax
Business tax
Sales tax

Question 21

Accounting (word explanation)

Answer 21

Preparing financial statements showing income and expenditure,assets and liabilities

Question 22

Managerial accounting

Answer 22

Providing information that will allow a business to make decisions ，plan future operations and develop business strategies

Question 23

Creative accounting

Answer 23

Using all available accounting procedures and tricks to disguise the true financial position of a company

Question 24

Auditing

Answer 24

Inspecting and reporting on accounts and financial records

Question 25

Tax accounting

Answer 25

Calculating how much an individual or a company will have to pay to the local and national governments(and trying to reduce it to minimum)

Question 26

Cost accounting

Answer 26

Calculating all the expenses involved in producing something,including materials ,labour and all other expenses

Question 27

Bookkeeping

Answer 27

Write down the detail of transaction