At the petrol station you buy 30 litres of diesel. One litre of diesel costs £1.26 including VAT, which is at 20%. What is the price of one litre of diesel without VAT?
£1.05
£1.06
£1.46
£1.51
Income tax is:
Paid by employees to the government at the end of each year
Subtracted from the total amount, which an employee earns each pay period
Paid only by somebody who owns property
Not paid by someone living off their pension
What is normally subtracted from the gross income (total amount you earn), to make net income (the amount you actually receive)?
Income tax, VAT tax and state pension contributions
State pension and National insurance contributions
Income tax, property tax and National insurance contributions
Income tax, state pension and National insurance contributions
You have a job in a car factory. During the past two years, the government has raised taxes on its businesses so that they are much higher than in neighbouring countries. What effect is this likely to have on your job?
Your company may consider moving to a country with lower tax, causing the termination of your job.
You will probably get a raise in salary to offset the effect of higher taxes.
The factory will hire more employees to sell more cars to offset the taxes.
Generally, higher business taxes have no effect on job in a factory.
If you sell your old car for more than you paid, the profit is subject to:
Capital gains tax
No taxation
Seller's tax
If the demand for computer programmers increases more than for language experts, what will most likely happen to the salary for both?
The relative salary for the two occupations will not change
The salary of computer programmers will decrease compared to the salary of language experts
The salary of language experts will rise compared to computer programmers
The salary of computer programmers will rise compared to language experts.
Which of the following is true about inflation?
The cost of living will go down
The buying power of people with savings will increase.
People with fixed salary will have less buying power.
Generally, incomes will increase
A friend ended her job in a big company, in which they earned £1,000 a month, in order to start a new business. She withdrew £3,000 from her savings to buy supplies. She also rented a well-equipped office for £600 a month. She wants to work out the total costs of running the new business. She should include:
£3,000 for supplies
The sum of supplies and rent
The sum of supplies, rent, and your previous salary
The sum of supplies, rent, previous salary, and interest