U06 Funding RECAP

What is taxation?

• The process of collecting money from individuals and businesses to fund public services

• The process of distributing money to individuals and businesses from public services

• The process of borrowing money from individuals and businesses to fund public services

• The process of saving money for individuals and businesses from public services

What is income and expenditure?

• The process of earning and spending money

• The process of saving and investing money

• The process of borrowing and lending money

• The process of budgeting and managing money

What is the impact of funding on public service delivery?

• It can affect the quality and availability of public services

• It has no impact on public service delivery

• It only affects the cost of public services

• It only affects the salaries of public service workers

What is austerity?

• A policy of reducing government spending to balance the budget

• A policy of increasing government spending to stimulate the economy

• A policy of borrowing money to fund government programs

• A policy of cutting taxes to increase consumer spending

Which government department is responsible for collecting money and providing funding to other departments?

• The Treasury

• The Department of Defense

• The Department of Health

• The Department of Education

What are some examples of central government direct taxation?

• Income tax, corporation tax, property tax

• Sales tax, excise duty, VAT

• Council tax, entertainment tax, customs duty

• Inheritance tax, gift tax, service tax

What are some examples of central government indirect taxation?

• Sales tax, excise duty, VAT

• Income tax, corporation tax, property tax

• Council tax, entertainment tax, customs duty

• Inheritance tax, gift tax, service tax

What is the main source of funding for local government?

• Council tax

• Income tax

• Sales tax

• Property tax

What is the impact of funding cuts on the British Army?

• Reduction in personnel and equipment

• Increase in personnel and equipment

• No impact on personnel and equipment

• Improvement in personnel and equipment

What is the impact of funding cuts on the Fire Service?

• Reduction in personnel, equipment and response time

• Increase in personnel, equipment and response time

• No impact on personnel, equipment and response time

• Improvement in personnel, equipment and response time