Unit 22 - Government and Taxation Flashcards

1
Q

tax paid on the profits made from selling something you own

A

capital gains tax

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2
Q

tax paid on any property, money and other assets given to someone

A

capital transfer tax

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3
Q

the use of children to do work that should be done by adults

A

child labo(u)r

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4
Q

a tax on wages and salaries or on company profits

A

direct tax

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5
Q

positive or negative consequences of economic activities experienced by other people

A

externalities

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6
Q

a government’s plan for deciding how much money to borrow and to collect in taxes, and how best to spend it

A

fiscal policy

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7
Q

a tax that is paid at a single rate at all levels of income

A

flat tax

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8
Q

government actions to influence the way fincancial markets or particular industries operate

A

government intervention

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9
Q

how a nation’s total GDP is distributed amongst its population

A

income distribution

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10
Q

the tax people pay on their wages and salaries

A

income tax

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11
Q

a tax paid on property, sales transactions, imports

A

indirect tax

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12
Q

a tax paid on money or property you have received from someone who has died

A

inheritance tax

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13
Q

agreement between management and the employees of a company about salary working conditions etc

A

labo(u)r contract

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14
Q

a small mistake or exception in a tax law which allows you to avoid paying sth.

A

loophole

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15
Q

the forces that decide price levels in an economy whose activities are not influenced or limited by government

A

market forces

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16
Q

the smallest amount of money that an employer is legally allowed to pay someone who works for them

A

minimum wage

17
Q

the crime of moving money that has obtained illegally through banks and other businesses to make it seem as if the money has been obtained legally

A

money laundering

18
Q

pension that is paid by the state to people who stopped working because they’ve reached a particular age

A

old age pension

19
Q

a tax leveled at a higher rate on higher incomes

A

progressive tax

20
Q

situation in which rich people are taxed more and poor people are taxed less as a percentage of their incomes

A

redistributive taxation

21
Q

a tax in which poor people pay a higher percentage of their income than rich people

A

regressive tax

22
Q

money paid by the government to someone who cannot work because of illness

A

sickness benefit

23
Q

a system of payments made by the government to people who are ill, poor or who have no job

A

social security

24
Q

reducing the amount of tax you pay to a legal minimum

A

tax avoidance

25
Q

illegal methods used by people or companies to reduce the tax they pay, or a particular situation where this happens

A

tax evasion

26
Q

countries where taxes are low, where multinational companies often set up their head offices

A

tax haven

27
Q

to distribute according to a plan

A

to allocate

28
Q

to organize something to make a profit

A

to commercialize

29
Q

in the UK, money that the government pays to unemployed people who are looking for a job

A

unemployment benefit

30
Q

a tax that is paid at each stage in the production of goods or services, and by the final customer.

A

value-added tax (VAT)

31
Q

a tax on personal property and financial assets above a particular level

A

wealth tax