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ECS1601 ASSESSMENT 2 2024 Which one of the following statements regarding government spending and the financing of such spending is incorrect? a. Personal income tax is the only source of revenue that can be used to finance government spending. b. The incR96,00
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ECS1601 ASSESSMENT 2 2024 Which one of the following statements regarding government spending and the financing of such spending is incorrect? a. Personal income tax is the only source of revenue that can be used to finance government spending. b. The inc
ECS1601 ASSESSMENT 2 2024
Which one of the following statements regarding government spending and the financing of such spending is incorrect?
a. Personal income tax is the only source of revenue that can be used to finance government spending.
b. The income received from state-owned enterprises...
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Education is the most powerful weapon which you can use to change the world
,7/25/24, 11:50 AM Assessment 2 (page 1 of 8)
ECS1601-24-Y_AS2 Introduction Assessment 2
QUIZ
Question 1
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Which one of the following statements regarding government spending and the financing of such spending is incorrect?
a. Personal income tax is the only source of revenue that can be used to finance government spending.
b. The income received from state-owned enterprises forms part the sources of revenue for government.
c. Government spending can be financed through taxation and borrowing.
d. The difference between government spending and taxation is called the budget deficit.
Clear my choice
Question 2
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Which of the following statements is/are correct?
a) Privatisation is the transfer of ownership from private enterprise to the government.
b) Example of nationalisation is when SARB transfers ownership to the government.
c) One of the arguments in favour of privatisation is that the privatised firm may attract foreign direct investment.
d) Unbundling of Eskom is regarded as the first step towards privatisation.
a. a), b) and d)
b. b) and d) only.
c. b), c) and d)
d. a), b) and c)
Clear my choice
Which of the following correctly states how government spending is financed?
a. borrowing, gold reserves and government owned property
b. taxes, gold reserves and income from private owned property
c. taxes, borrowing and income from government owned property
d. taxes, borrowing and gold reserves
Clear my choice
Question 4
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The tax and income of two South African households, A and B, are as follows:
Household A Household B
Income (R) 5 000 1 500
PAYE (R) 1 500 200
VAT-Paid on Goods (R) 300 300
Tax Paid on Fuel (R) 800 600
According to the table, which of the following is correct?
(i) PAYE is a progressive tax,
(ii) VAT is a progressive tax.
(iii) Taxes on fuel are regressive taxes.
a. (iii) is correct.
b. (i), (ii) and (iii) are correct.
c. (ii) and (iii) are correct.
d. (i) and (ii) are correct.
e. (i) and (iii) is correct.
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