7th Economics Term 3 Unit 1 Book Back Solutions

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Samacheer Kalvi 7th Economics Term 3 Unit 1 Social Book Back Question and Answers:

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Economics – Term 3 Unit 1

Production

 

I. Choose the correct answer:

1. Taxes are ______ payment.
(a) Voluntary
(b) Compulsory
(c) a & b
(d) None of the above
Answer: (b) Compulsory

2. Minimum possible amount should be spent in the collection of taxes is
(a) canon of equality
(b) canon of certainity
(c) canon of economy
(d) canon of convenience
Answer: (c) canon of economy

3. This taxation is a very opposite of progressive taxation.
(a) degressive
(b) proportional
(c) regressive
(d) none
Answer: (c) regressive

4. Income tax is a
(a) direct tax
(b) indirect tax
(c) a &b
(d) degressive tax
Answer: (a) direct tax

5. Which tax is raised on provision of service.
(a) wealth
(b) corporate
(c) wealth
(d) service
Answer: (d) service

II. Fill in the blanks:

  1. _______ is a term for when a taxing authority usually a government levies or imposes a tax.
  2. _______ is the method, where the rate of tax is same regardless size of the income
  3. _______ is paid to the Government by the recipient of gift depending on value of gift.
  4. _______ tax burden cannot be shifted by tax payers.
  5. Indirect tax is ______ elastic.

Answer:

  1. Taxation
  2. Proportional Taxation
  3. Gift tax
  4. Direct
  5. more

III. Match the following:

1. Principle of taxation _ Direct Tax
2. Estate tax – Goods and Service Tax
3. Excise Tax _ Adam Smith
4. 01.07.2017 – Less elastic
5. Direct Tax – Indirect Tax

Answer:

1. Principle of taxation – Adam Smith
2. Estate tax – Direct Tax
3. Excise Tax – Indirect Tax
4. 01.07.2017 – Goods and Service Tax
5. Direct Tax – Less elastic




IV. Odd one out:

1. Which one of the following is not a indirect tax?
(a) Service tax
(b) Value Added Tax(VAT)
(c) Estate duty
(d) Excise duty
Answer: (c) Estate duty

V. Correct one out:

1. Which one of the following tax is a direct tax?
(a) Service tax
(b) Wealth tax
(c) Sales tax
(d) Progressive tax
Answer: (b) Wealth tax

VI. Give short answer:

1. Define tax.
Answer:
Taxes are defined as a compulsory contribution from a person to the government to defray the expenses incurred in the common interest of all without reference to special benefits conferred.

2. Why taxes are imposed?
Answer:
Everybody is obliged by law to pay taxes. Total Tax money goes to government exchequer. Appointed government decides that how are taxes being spent and how the budget is organized.

3. Write name of taxation types and draw its diagram.
Answer:
Taxation Types:
There are four types of Taxation:

  1. Proportional Tax
  2. Progressive Tax
  3. Regressive Tax and
  4. Degressive Tax

4. Write any three importance of tax.
Answer:

  1. Health
  2. Education
  3. Governance

5. What are the types of tax? and explain its.
Answer:
in modern times taxes are classified into two types. There are:
Direct Tax:

  1. A Direct tax is the tax whose burden is directly borne’ by the person on whom it is imposed, (i.e), its burden cannot be shifted to others.

Indirect Tax:

  1. When liability to pay a tax is on one person and the burden of that tax shifts on some other person, this type of tax is called an indirect tax.

6. Write short note on Gift Tax and Service Tax.
Answer:
Gift Tax:

  1. Gift tax is paid to the Government by the recipient of gift depending on value of gift.

Service Tax:

  1. Service tax is raised on provision of Service. This tax is collected from the service recipients and paid to the Central Government.

7. What is Goods and Service Tax?
Answer:

  1. Goods and Services Tax is a kinds of tax imposed on sale, manufacturing and usage of goods and services.
  2. This tax is applied on services and goods at a national level with a purpose of achieving overall economic growth.

8. Distinction between the direct and indirect tax.
Answer:

S.No Direct Tax Indirect Tax
1. Burden cannot be shifted by taxpayers Easily be shifted to another person
2. Tax is imposed on personal income and corporate income Taxes imposed on various goods and services
3. Direct tax has no inflation pressure This tax has inflation pressure
4. The impact and incidence are the same in case of direct tax The impact and incidence are different in case of indirect tax
5. Direct tax is less elastic Indirect tax is more elastic

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