Begin session 6- Business env recap

This principle of tax relates to the fairness of the distribution of the tax burden

• Fairness

• Equity

• Transparency

• Convenience

Which of the following is a characteristic of a progressive tax system?

• Higher income individuals pay a lower percentage of their income in taxes

• Everyone pays the same percentage of their income in taxes

• Higher income individuals pay a higher percentage of their income in taxes

• Taxes are only levied on consumption

An accountant who is straightforward and honest in their approach acts with ?

Inflation means?

• The rate at which the general level of prices for goods and services is irrelevant

• The rate at which the general level of prices for goods and services is rising

• The rate at which the general level of prices for goods and services is decreasing
• The rate at which the general level of prices for goods and services remains constant

An examples for uncertainty for a Business is?

• Political stability

• Economic stability
• Market demand fluctuations

• Technological advancements

Partners pay tax on their share of the profits

• Sole trader

• Charity

• Limited liability partnership

• Limited company