business test tax

Question 1

DIRECT TAX

Answer 1

money as it is earned

Question 2

INDIRECT TAX

Answer 2

MONEY AS IT IS SPENT

Question 3

the rates of income tax

Answer 3

20% , 40%

Question 4

Excise duty

Answer 4

discouragement tax

Question 5

motor tax

Answer 5

an annual duty payable on motor vehicles (subject to exemptions) in Ireland for use in public places

Question 6

progressive tax

Answer 6

a tax in which the tax rate increases as the taxable amount increases

Question 7

regressive tax

Answer 7

opposite of progressive tax in which higher income earners pay more than lower income earners

Question 8

tax evasion

Answer 8

illegal, failure to declare all income

Question 9

tax avoidance

Answer 9

legal, claiming certain credits to reduce the amount of taxes you need to pay

Question 10

self employed people

Answer 10

self asses own tax (self assessment tax)

Question 11

PPSN

Answer 11

Personal Public Service Number

Question 12

tax credit

Answer 12

Tax credits reduce the amount of Income Tax that you pay.

Question 13

CAT

Answer 13

capital acquisition tax

Question 14

carbon tax

Answer 14

method of dirextly setting a price on carbon by defining a tax related greenhouse gas emissions - TBC TBC TBC TBC