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WorksheetsTHIRD QUARTER TEST (AP 10)
Total questions: 60
Worksheet time: 1hrs 14mins
A Latin word that means "touch sharply".
Imber
Apricus
Taxare
True or False. A tax is a voluntary contribution of the people of a country to meet the financial needs of the government.
True
False
which best statement completes the sentence: Without tax the government ________________.
can still exist through donations.
can still provide the services needed by its people.
can control economic relations.
would be unable to meet the demands of society.
Desmond owns a gas station. What type of tax will he have to pay on the land that the gas station is on?
Property Tax
Payroll Tax
Income Tax
Desmond bought a new boat. He had to pay which kind of tax on his new boat?
Sales tax
Income Tax
Payroll tax
This is a tax on retail items you buy at stores?
Income
Sales
Payroll
Property Tax is-
Tax on things you buy or purchase
tax on the house, building or land you own
tax take out of your paycheck
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Taxes are collected by
Businesses
Parents
Foreign countries
Government
Who pays taxes
You
Adults
Immigrants
Everyone
who made the taxes imposed by Solomon heavier resulting in a revolt of the ten tribes and forming their own government. I Kings 12: 1-20
Rehoboam
David
Nebuchadnezzar
Caesar
True or False. The underground economy includes firms that do not pay their taxes.
True
False
which of the following is a source of government debt?
transfer payment
collateral
expenditure
When a government is spending more money than it is making, it is operating in a...
deficit
surplus
IOU
interest
Where does government get money for the economy?
the president
new legislation
business taxes
A plan for how much will be spent on various things.
surplus
budget
deficit
securities
Taxes are the ________ of the government and so should be collected without unnecessary hindrance.
lifeblood
purpose
power
objective
One major goal of taxation could be:
The redistribution of some wealth from high income earners to low income earners.
To achieve equality and equity in the distribution of income.
To Redistribute funds towards projects which benefit the most important citizens in an electorate
To achieve equity in the distribution of income by satisfying all stakeholders.
The Philippine Government is a big spender and borrower.
True
False
What is the biggest source of government funds?
Dept
government-controlled corporation
Taxes
expenditure
The government earns incomes in two ways, tax and non-tax revenues.
True
False
Which is an example of non-tax revenues?
fines and fees
income tax
property tax
gift taxes
What is the last resort the government can do if its revenues are insufficient to finance the growing budget?
Raise taxes
sell government properties
borrowing
Which of the following is not true about government borrowing?
The government chooses to borrows rather than raise taxes.
The government borrows because of the insufficient budget.
The government borrows to distribute the wealth of the rich to the people.
Taxation is not just a source of income for the government but it can also be a tool to manipulate the economy.
True
False
Through taxation, the government can reduce the money available during inflation.
True
false
3. Mary opened a dance studio. She receives all the profits from her students’ lessons.
Sole Proprietorship
Partnership
Corporation
Dan, Tony, and Mac own a pizza parlor. They rotate hours and days off.
Sole Proprietorship
Partnership
Corporation
8. A person who takes a risk to produce goods and services in search of a profit is an entrepreneur. In which kind of business structure may entrepreneurs establish a business?
Partnerships and Corporations
Sole Proprietorships, Partnerships, and Corporations
Only Corporations
Sole Proprietorships and Corporations
The amount of something that is available and ready to be sold.
demand
supply
income
profit
Someone who takes the risk to start and organize a business.
entrepreneur
debt
consumers
shortage
An item or service that is to be sold to consumers is called a _________.
profit
product
economics
income
What does income mean?
The amount of debt one goes into when starting a business.
How much allowance your parents give you weekly.
The amount of money made from a business or job.
Ten dollars
Something that is owed to someone else.
due date
debt
income
economics
An individual who purchases or buys goods or services are called ____________.
entrepreneurs
students
monopoly
consumers
Ideally taxes should be based on taxpayers ability to pay. In other words taxes should be:
Lead to equality
Reduce Inequality
Equitable (fair)
Rational
If the taxes are economical, they should:
respect principles of economics
lower the tax burden on low income earners
be easy and cheap to collect.
redistribute money to people on low incomes.
The tax system should attempt to achieve its aims without any undesirable side effects. Eg. It should not lead to disincentives to work. This principle of taxation is called:
Equity
Economical
Productivity
Efficiency
When taxes can adapt to changes in the economic environment, we call this principle of taxation:
Responsiveness
Adaptability
Flexibility
Wishful Thinking
The first coin minted in the Philippines in 1727
Piloncitto
Gold ring
Spanish Barilla
Bariya
Which Philippine bill has the greatest value?
One hundred pesos
Five hundred pesos
One thousand pesos
Whose image is found on the 1-peso coin?
Andres Bonifacio
Jose Rizal
Emilio Aguinaldo
What is the definition of barter?
to visit another country with friends
to exchange resources or services for mutual advantage
to change clothes and buy new ones
to buy an elephant and an orange
What problems could occur when swapping goods in the past?
the items were very smelly
some things were heavy and difficult to move
the food was made of gold
What is likely to happen to money in the future?
Physical currency will disappear and we will use digital cash.
Physical currency will stay the same and the internet will disappear.
physical currency will disappear and we will use cowrie shells.
the potential for conflict between partners
Which of the following is an advantage of sole proprietorship?
There are almost no requirements to start up a sole proprietorship.
The owner keeps all the profits.
The owner makes all the decisions.
All of the above statements are true.
In the United States, which type of business accounts for the greatest share of revenues?
sole proprietorship
partnership
shareholders
corporation
