Match the following terms: Indirect tax | GST Surplus budget | Personal income tax Direct tax | Non-tax revenue Fees and fines | Inflation
Understand the Problem
The question requires matching terms related to taxation and government finance. It tests your understanding of different types of taxes, budget conditions, and revenue sources.
Answer
Indirect tax: GST, Surplus budget: Non-tax revenue, Direct tax: Personal income tax, Fees and fines: Inflation.
Here are the correct matches for the given terms:
Indirect tax: GST Surplus budget: Non-tax revenue Direct tax: Personal income tax Fees and fines: Inflation
Answer for screen readers
Here are the correct matches for the given terms:
Indirect tax: GST Surplus budget: Non-tax revenue Direct tax: Personal income tax Fees and fines: Inflation
More Information
Understanding these terms is crucial for grasping basic economic and financial concepts. Indirect taxes are consumption-based, direct taxes are income-based, a surplus budget indicates more revenue than expenditure, non-tax revenues are additional income sources for the government, and fees/fines can sometimes be linked to inflationary effects.
Tips
A common mistake would be to confuse direct and indirect taxes. Direct taxes are levied directly on income or wealth, while indirect taxes are levied on goods and services.
Sources
- Indirect Tax - KPMG International - kpmg.com
- [PDF] GLOSSARY OF GOVERNMENTAL BUDGETING AND ... - sfa.senate.michigan.gov
- [PDF] Revenue Guide for Washington Cities and Towns - MRSC - mrsc.org
AI-generated content may contain errors. Please verify critical information
