What is a tax?
A financial charge made by a business
A financial charge made by a government
A financial contribution made by the government
How might the government be impacted by a fall in unemployment?
They may raise less money through taxes
The government may increase interest rates
They may raise more money through taxes
What would an increase in interest rates encourage?
More consumer spending
More borrowing
More saving
What is expected to happen when unemployment falls?
More people will be without a job
Consumer spending will rise
More inferior goods will be sold
Which of the following is an example of a tax on sales?
VAT
Income tax
Corporation tax
What is an interest rate?
The cost of borrowing or a benefit for saving
A charge by the government on individuals, consumers and businesses
An amount of money made by an employee
What best explains corporation tax?
A charge to cover health care, pensions and benefits
A tax charged on goods and services
A tax charged on companies profits
Which of the following is an indirect tax?
Which of these businesses is most likely to sell more when consumer income falls?
Travel agent
Jeweller
Pound shop
Which of these phrases best defines an unemployed person?
Someone without a job who is in full-time education
Someone without a job who is actively seeking work
Someone without a job who is unable to work