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Economics > Pre-Finals Set B > Flashcards

Pre-Finals Set B Flashcards

1
Q

also an important economic activity that impacts the economy.

A

Trading

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2
Q

How can a country trade with other nations?

A

Through export and imports

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3
Q

we earn dollars as payment for these goods bought by foreign buyers.

A

exports

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4
Q

Selling locally made products

A

exports

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5
Q

we buy goods from other countries

A

imports

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6
Q

What do we need in trading?

A

common currency

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7
Q

What is the currency unit of United States?

A

Dollar

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8
Q

What is the symbol of US Dollar?

A

USD

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9
Q

What is the euro equivalent of 1 US Dollar?

A

0.931619

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10
Q

What is the Philippine peso equivalent of 1 US dollar?

A

55.0250 pesos

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11
Q

What is the currency unit of Japan?

A

Yen

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12
Q

What is the symbol of Yen?

A

JPY

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13
Q

What is the Philippine peso equivalent of 1 Japanese Yen?

A

0.4099 pesos

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14
Q

What is the currency unit of Hongkong?

A

Dollar

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15
Q

What is the symbol of Hongkong Dollar?

A

HKD

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16
Q

What is the Philippine peso equivalent of 1 Hogkong Dollar?

A

7.0012

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17
Q

What is the currency unit of Switzerland

A

Franc

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18
Q

What is the symbol of the Switzerland Franc

A

CHF

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19
Q

What is the Philippine peso equivalent of 1 Franc?

A

60.2156

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20
Q

What is the currency unit of Canada

A

Dollar

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21
Q

What is the symbol of the Canadian dollar?

A

CAD

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22
Q

What is the Philippine peso equivalent of 1 Canadian dollar?

A

40.2200

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23
Q

What is the currency unit of Singapore

A

Dollar

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24
Q

What is the symbol of Singapore Dollar?

A

SGD

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25
Q

What is the Philippine peso equivalent of 1 Singapore dollar?

A

40.9138

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26
Q

What is the currency unit of Australia?

A

Dollar

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27
Q

What is the symbol of Australian Dollar?

A

AUD

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28
Q

What is the Philippine peso equivalent of 1 Australian Dollar?

A

36.7567

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29
Q

What is the currency unit of Bahrain?

A

Dinar

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30
Q

What is the symbol of Bahrain Dinar?

A

BHD

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31
Q

What is the Philippine peso equivalent of 1 Bahrain Dinar?

A

145.9859

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32
Q

What is the currency unit of Kuwait?

A

Dinar

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33
Q

What is the symbol of Kuwait Dinar?

A

KWD

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34
Q

What is the currency unit of Saudi Arabia

A

Rial

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35
Q

What is the currency symbol of Saudi Arabia Rial?

A

SAR

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36
Q

What is the Philippine peso equivalent of 1 Saudi Arabia Rial?

A

14.6550

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37
Q

What is the currency unit of Brunei?

A

Dollar

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38
Q

What is the currency symbol of Brunei Dollar?

A

BND

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39
Q

What is the Philippine peso equivalent of 1 Brunei Dollar?

A

40.7623 pesos

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40
Q

What is the currency unit Indonesia?

A

Rupiah

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41
Q

What is the currency symbol of Indonesian Rupiah?

A

IDR

42
Q

What is the Philippine peso equivalent of 1 Rupiah?

A

0.0036

43
Q

What is the currency unit of Thailand?

A

Baht

44
Q

What is the currency symbol of Baht?

A

THB

45
Q

What is the Philippine peso equivalent of 1 Thailand Baht?

A

1.5929

46
Q

What is the currency unit UAE?

A

Dirham

47
Q

What is the currency symbol of UAE Dirham?

A

AED

48
Q

What is the Philippine peso equivalent of 1 UAE Dirham?

A

14.9834

49
Q

What is the currency unit of China?

A

Yuan

50
Q

What is the currency symbol of China Yuan?

A

CNY

51
Q

What is the Philippine peso equivalent of 1 China Yuan?

A

59.0638

52
Q

What is the currency unit of Korea?

A

Won

53
Q

What is the currency symbol of Korean Won?

A

KRW

54
Q

What is the Philippine peso equivalent of 1 Korean Won?

A

0.0422

55
Q

What is the currency unit of European Unitary Union?

A

Euro

56
Q

What is the currency symbol of European Unitary Union

A

EUR

57
Q

What is the Philippine peso equivalent of 1 European Unitary Union Euro?

A

7.9984

58
Q

What happens to the value when the supply of currency increases

A

The value tends to lower, and we pay lower price for it (vice - versa)

59
Q

When was the Asian Financial Crisis?

A

Late 1990s

60
Q

What happened during the Asian Financial Crisis?

A

construction hit low levels in the Philippines, some high-profile construction projects were abandoned, and demand for housing was at a low level

61
Q

What caused the real estate to boom?

A

It is connected to the booming BPO sector

62
Q

What does BPO mean?

A

Business Process Outsourcing

63
Q

Where does the residential demand in the market continues to boom?

A
  • The Fort
  • Alabang
  • Makati
  • Quezon City
64
Q

Is the payment for using land or building belonging to others

A

Rent

65
Q

Payment made to or for a factor of production over and above the amount expected by its owner.

A

Rent

66
Q

Compensation made to the owner of such land or building

A

Rent

67
Q

Exists due to market imperfection

A

Economic rent

68
Q

Are necessary to build the future

A

Savings and Investment

69
Q

Helps the economy’s productive capacity

A

Savings and Investment

70
Q

A concern for households and the government, not just the business

A

Savings and Investment

71
Q

Defined as buidling up the capital stock for future production and consumption

A

Investment

72
Q

What is behind the use of money as an exchange medium?

A

savings and investment activities that are seen in households that produce for their consumption.

73
Q

We pay this for the government to provide public goods and services that empowers and enable individuals and institutions like to pursue their dreams

A

Taxes

74
Q

Why do we have to pay taxes?

A

We pay the government tax to provide public goods and services that empower and enable individuals and institutions like to pursue their dreams.

75
Q

How can taxes burden us?

A

Taxes can also distort savings, investment, and consumption as income earners shift to substitutes to avoid the tax burden.

76
Q

This can distort savings investments and consumption as income earners shift to substitute to avoid tax burden.

A

Taxes

77
Q

Where can the General Principles of Income Taxation in the Philippines be found?

A

in the National Internal Revenue Code, Chapter II, General Principles, Section 23

78
Q

How is a citizen residing in the Philippines taxable?

A

if the income derived from sources within and without the Philippines

79
Q

How is a nonresident citizen taxable?

A

only on income derived from sources within the Philippines

80
Q

How is an individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker taxable?

A

when income derived from sources within the Philippines

81
Q

When can a seaman be treated as an overseas contract worker?

A

when a seaman is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade

82
Q

How is an alien individual, whether a resident or not of the Philippines, taxable?

A

only on income derived from sources within the Philippines

83
Q

How is a domestic corporation taxable?

A

when all income is derived from sources within and without the Philippines.

84
Q

How can a foreign corporation, whether engaged or not in trade or business in the Philippines, taxable?

A

when the income derived from sources within the Philippines

85
Q

Use of Tax

A
  • Revenue
  • Redistribution
  • Repricing
86
Q

Kinds of Tax

A
  • Personal Tax
  • Property Tax
  • Excise Tax
  • Tariff
87
Q

Types of Tax

A

Direct Tax
Indirect Tax

88
Q

Also referred to as personal income tax

A

Individual Tax (Personal Tax)

89
Q

Is levied on an individual’s wages, salaries, and other types of income.

A

Income Tax / Personal Tax

90
Q

Is usually imposed by the state

A

Income tax / Personal Tax

91
Q

Why do people not pay taxes on all of their income?

A

Because of exemptions, deductions, and credits,

92
Q

Is an ad valorem tax on the value of a property

A

Property tax

93
Q

What are the governing authorities of the jurisdiction in which the property is located?

A

It can be a national government, a federated state, a county or geographical region, or a municipality.

94
Q

Levied by the governing authority of the jurisdiction in which the property is located

A

Property Tax

95
Q

Can multiple jurisdiction tax the same property?

A

Yes

96
Q

a tax on a country’s commodity, production, sales, or consumption

A

Excise Tax

97
Q

All goods and properties including those subjects to excise tax, sold, bartered, or exchanged are subjected to how much excise tax?

A

12% VAT

98
Q

What are subjected to a 12% Value-added tax?

A

All goods and properties (except those specifically exempt), including those subject to excise tax, sold, bartered, or exchanged.

99
Q

Custom duties on merchandise imports

A

Tariff

100
Q

Give a price advantage to locally produced goods over similar imported goods and raised government revenues

A

Tariff

101
Q

another term of Direct Tax

A

Withholding Tax

102
Q

another term of Indirect Tax

A

Value added tax

Economics (5 decks)

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