The National Budget

Question 1

What is a budget?

Answer 1

A budget is a future plan of the money you are expecting to come in, and a estimate of what you expect to spend

Question 2

true or false, there are many people involved in national budget

Answer 2

true

Question 3

Who is responsible for the national budget

Answer 3

The National Treasury

Question 4

What month of each year does the national budget speech happen

Answer 4

The national budget speech happens in February

Question 5

Who says the national budget speech

Answer 5

The minister of finance

Question 6

what is The process of drawing up a national budget

Answer 6

answers in book

Question 7

What is tax?

Answer 7

A compulsory contribution of money to the state revenue.

Question 8

How many types of main tax is there?

Answer 8

two types

Question 9

What are the two main types of tax

Answer 9

direct and indirect

Question 10

What is direct tax?

Answer 10

Direct tax is when the tax is directly given to the person and the responsibility to pay the tax cannot be transferred to any one else

Question 11

What is indirect tax?

Answer 11

Indirect tax allow the person to contribute the tax to someone else

Question 12

What does the acronym VAT mean

Answer 12

Value Added Tax

Question 13

What does Value added tax mean

Answer 13

VAT is paid on goods and services purchased. Which is then paid over to SARS.

Question 14

Is VAT direct or indirect

Answer 14

Indirect

Question 15

What is tax avoidance

Answer 15

Tax Avoidance is a legal way to avoid tax

Question 16

What is Tax Evasion?

Answer 16

Tax evasion involves a person or business failing to declare income or profit. this means they are trying to evade paying the tax.

Question 17

What is standard rated?

Answer 17

Standard rated is when VAT of 15% is levied.

Question 18

What is zero rated items?

Answer 18

Zero rated items mean that they are enssential items that have zero added tax

Question 19

What does the acronym PAYE mean?

Answer 19

Pay As You Earn

Question 20

What is PAYE

Answer 20

Pay as you earn is tax that is paid by individuals who receive a salary, the higher your salary is the more tax you pay.

Question 21

What is Capital Gains Tax

Answer 21

Tax paid on the profits made on the sale of a second immovable asset\house

Question 22

What is Carbon Emissions tax

Answer 22

The tax used for petrol

Question 23

What is Company tax

Answer 23

It is a fixed % on all net profit earned by registered companies.

Question 24

what is custom duties?

Answer 24

Tax imported on goods.

Question 25

what is international air travel tax

Answer 25

a levy per passenger departing on international flights

Question 26

What is Sin Tax?

Answer 26

Tax on goods that are harmful to the body

Question 27

Is PAYE direct or indirect tax?

Answer 27

Direct tax

Question 28

Is Capital Gains Tax direct or indirect?

Answer 28

Indirect tax

Question 29

Is sin tax direct or indirect tax

Answer 29

Indirect tax

Question 30

is income tax direct or indirect tax

Answer 30

Direct tax

Question 31

Give five examples of zero rated items.

Answer 31

Brown bread
Rice
Milk
Eggs
Fruits and vegetables

Question 32

Why is brown bread included on the list and not white bread?

Answer 32

Brown bread is healthier than white bread.

Question 33

What types of services does the government need to allocate.

Answer 33

Health, housing, transport, social grants and security.