Raising and Spending Taxes P1

What is an economy?

• A governing body

• An assembly of people

• The spending of a country's money

• The amount of money spent in a month

A tax is ...

(a)  

Income tax is ​ (a)  

• paid by everyone earning above a certain level
• paid by companies on their profits

What does GPD stand for?

• Great Domestic Produce

• Gross Domestic Product

• Great Dance Practice

• Nothing

What does GNI stand for?

• Gross National Indication

• Great Nations Ideas

• Guess Nothing Interesting

• Gross National Income

What could VAT be added to?

• Insurance

• Food and Drink

• Health Services

• Gas and electricity for houses

What did the government receive the most money from in 2022/23?

• Income Tax

• National Insurance

• NAT

• Buisness Rates

When was the UK public spending as % at its highest?

• During Covid

• During WW2

• During WW1

• During the 2008 financial crash

How much GDP should the government spend?

• 30%

• 25%

• 45%

• 40%

"The more money the state wishes to spend on services, the higher the % of its GDP is used"

• True

• False