Pre-Finals Set B Flashcards
(102 cards)
1
Q
also an important economic activity that impacts the economy.
A
Trading
2
Q
How can a country trade with other nations?
A
Through export and imports
3
Q
we earn dollars as payment for these goods bought by foreign buyers.
A
exports
4
Q
Selling locally made products
A
exports
5
Q
we buy goods from other countries
A
imports
6
Q
What do we need in trading?
A
common currency
7
Q
What is the currency unit of United States?
A
Dollar
8
Q
What is the symbol of US Dollar?
A
USD
9
Q
What is the euro equivalent of 1 US Dollar?
A
0.931619
10
Q
What is the Philippine peso equivalent of 1 US dollar?
A
55.0250 pesos
11
Q
What is the currency unit of Japan?
A
Yen
12
Q
What is the symbol of Yen?
A
JPY
13
Q
What is the Philippine peso equivalent of 1 Japanese Yen?
A
0.4099 pesos
14
Q
What is the currency unit of Hongkong?
A
Dollar
15
Q
What is the symbol of Hongkong Dollar?
A
HKD
16
Q
What is the Philippine peso equivalent of 1 Hogkong Dollar?
A
7.0012
17
Q
What is the currency unit of Switzerland
A
Franc
18
Q
What is the symbol of the Switzerland Franc
A
CHF
19
Q
What is the Philippine peso equivalent of 1 Franc?
A
60.2156
20
Q
What is the currency unit of Canada
A
Dollar
21
Q
What is the symbol of the Canadian dollar?
A
CAD
22
Q
What is the Philippine peso equivalent of 1 Canadian dollar?
A
40.2200
23
Q
What is the currency unit of Singapore
A
Dollar
24
Q
What is the symbol of Singapore Dollar?
A
SGD
25
What is the Philippine peso equivalent of 1 Singapore dollar?
40.9138
26
What is the currency unit of Australia?
Dollar
27
What is the symbol of Australian Dollar?
AUD
28
What is the Philippine peso equivalent of 1 Australian Dollar?
36.7567
29
What is the currency unit of Bahrain?
Dinar
30
What is the symbol of Bahrain Dinar?
BHD
31
What is the Philippine peso equivalent of 1 Bahrain Dinar?
145.9859
32
What is the currency unit of Kuwait?
Dinar
33
What is the symbol of Kuwait Dinar?
KWD
34
What is the currency unit of Saudi Arabia
Rial
35
What is the currency symbol of Saudi Arabia Rial?
SAR
36
What is the Philippine peso equivalent of 1 Saudi Arabia Rial?
14.6550
37
What is the currency unit of Brunei?
Dollar
38
What is the currency symbol of Brunei Dollar?
BND
39
What is the Philippine peso equivalent of 1 Brunei Dollar?
40.7623 pesos
40
What is the currency unit Indonesia?
Rupiah
41
What is the currency symbol of Indonesian Rupiah?
IDR
42
What is the Philippine peso equivalent of 1 Rupiah?
0.0036
43
What is the currency unit of Thailand?
Baht
44
What is the currency symbol of Baht?
THB
45
What is the Philippine peso equivalent of 1 Thailand Baht?
1.5929
46
What is the currency unit UAE?
Dirham
47
What is the currency symbol of UAE Dirham?
AED
48
What is the Philippine peso equivalent of 1 UAE Dirham?
14.9834
49
What is the currency unit of China?
Yuan
50
What is the currency symbol of China Yuan?
CNY
51
What is the Philippine peso equivalent of 1 China Yuan?
59.0638
52
What is the currency unit of Korea?
Won
53
What is the currency symbol of Korean Won?
KRW
54
What is the Philippine peso equivalent of 1 Korean Won?
0.0422
55
What is the currency unit of European Unitary Union?
Euro
56
What is the currency symbol of European Unitary Union
EUR
57
What is the Philippine peso equivalent of 1 European Unitary Union Euro?
7.9984
58
What happens to the value when the supply of currency increases
The value tends to lower, and we pay lower price for it (vice - versa)
59
When was the Asian Financial Crisis?
Late 1990s
60
What happened during the Asian Financial Crisis?
construction hit low levels in the Philippines, some high-profile construction projects were abandoned, and demand for housing was at a low level
61
What caused the real estate to boom?
It is connected to the booming BPO sector
62
What does BPO mean?
Business Process Outsourcing
63
Where does the residential demand in the market continues to boom?
- The Fort
- Alabang
- Makati
- Quezon City
64
Is the payment for using land or building belonging to others
Rent
65
Payment made to or for a factor of production over and above the amount expected by its owner.
Rent
66
Compensation made to the owner of such land or building
Rent
67
Exists due to market imperfection
Economic rent
68
Are necessary to build the future
Savings and Investment
69
Helps the economy's productive capacity
Savings and Investment
70
A concern for households and the government, not just the business
Savings and Investment
71
Defined as buidling up the capital stock for future production and consumption
Investment
72
What is behind the use of money as an exchange medium?
savings and investment activities that are seen in households that produce for their consumption.
73
We pay this for the government to provide public goods and services that empowers and enable individuals and institutions like to pursue their dreams
Taxes
74
Why do we have to pay taxes?
We pay the government tax to provide public goods and services that empower and enable individuals and institutions like to pursue their dreams.
75
How can taxes burden us?
Taxes can also distort savings, investment, and consumption as income earners shift to substitutes to avoid the tax burden.
76
This can distort savings investments and consumption as income earners shift to substitute to avoid tax burden.
Taxes
77
Where can the General Principles of Income Taxation in the Philippines be found?
in the National Internal Revenue Code, Chapter II, General Principles, Section 23
78
How is a citizen residing in the Philippines taxable?
if the income derived from sources within and without the Philippines
79
How is a nonresident citizen taxable?
only on income derived from sources within the Philippines
80
How is an individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker taxable?
when income derived from sources within the Philippines
81
When can a seaman be treated as an overseas contract worker?
when a seaman is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade
82
How is an alien individual, whether a resident or not of the Philippines, taxable?
only on income derived from sources within the Philippines
83
How is a domestic corporation taxable?
when all income is derived from sources within and without the Philippines.
84
How can a foreign corporation, whether engaged or not in trade or business in the Philippines, taxable?
when the income derived from sources within the Philippines
85
Use of Tax
- Revenue
- Redistribution
- Repricing
86
Kinds of Tax
- Personal Tax
- Property Tax
- Excise Tax
- Tariff
87
Types of Tax
Direct Tax
Indirect Tax
88
Also referred to as personal income tax
Individual Tax (Personal Tax)
89
Is levied on an individual's wages, salaries, and other types of income.
Income Tax / Personal Tax
90
Is usually imposed by the state
Income tax / Personal Tax
91
Why do people not pay taxes on all of their income?
Because of exemptions, deductions, and credits,
92
Is an ad valorem tax on the value of a property
Property tax
93
What are the governing authorities of the jurisdiction in which the property is located?
It can be a national government, a federated state, a county or geographical region, or a municipality.
94
Levied by the governing authority of the jurisdiction in which the property is located
Property Tax
95
Can multiple jurisdiction tax the same property?
Yes
96
a tax on a country's commodity, production, sales, or consumption
Excise Tax
97
All goods and properties including those subjects to excise tax, sold, bartered, or exchanged are subjected to how much excise tax?
12% VAT
98
What are subjected to a 12% Value-added tax?
All goods and properties (except those specifically exempt), including those subject to excise tax, sold, bartered, or exchanged.
99
Custom duties on merchandise imports
Tariff
100
Give a price advantage to locally produced goods over similar imported goods and raised government revenues
Tariff
101
another term of Direct Tax
Withholding Tax
102
another term of Indirect Tax
Value added tax
