Samacheer Kalvi 7th Economics Term 3 Unit 1 Book Back Questions and Answers:
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Samacheer Kalvi 7th Social Science Economics Book Back Unit 1 Term 3 Solution Guide PDF:
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Economics – Term 3
Unit 1 – Tax and its Importance
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 that should be spent on the collection of taxes is
(a) canon of equality
(b) canon of certainty
(c) canon of economy
(d) canon of convenience
Answer: (c) canon of economy
3. This taxation is the 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 the provision of service.
(a) wealth
(b) corporate
(c) wealth
(d) service
Answer: (d) service
II. Fill in the blanks:
- _______ is a term for when a taxing authority usually a government levies or imposes a tax.
- _______ is the method, where the rate of tax is the same regardless size of the income
- _______ is paid to the Government by the recipient of the gift depending on the value of the gift.
- _______ tax burden cannot be shifted by taxpayers.
- Indirect tax is ______ elastic.
Answer:
- Taxation
- Proportional Taxation
- Gift tax
- Direct
- 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 an 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 taxes is a direct tax?
(a) Service tax
(b) Wealth tax
(c) Sales tax
(d) Progressive tax
Answer: (b) Wealth tax
VI. Give a 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 the government exchequer. The appointed government decides how are taxes being spent and how the budget is organized.
3. Write the name of taxation types and draw their diagram.
Answer:
Taxation Types:
There are four types of Taxation:
- Proportional Tax
- Progressive Tax
- Regressive Tax and
- Degressive Tax
4. Write any three importance of tax.
Answer:
- Health
- Education
- Governance
5. What are the types of tax? and explain it.
Answer:
in modern times taxes are classified into two types. There are:
Direct Tax:
- A Direct tax is a 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:
- When the 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 a short note on Gift Tax and Service Tax.
Answer:
Gift Tax:
- Gift tax is paid to the Government by the recipient of the gift depending on the value of the gift.
Service Tax:
- Service tax is raised on the provision of Service. This tax is collected from the service recipients and paid to the Central Government.
7. What are Goods and Service Taxes?
Answer:
- A goods and Services Tax is a kind of tax imposed on the sale, manufacturing, and usage of goods and services.
- This tax is applied to services and goods at a national level with the purpose of achieving overall economic growth.
8. Distinction between direct and indirect tax.
Answer:
| S.No | Direct Tax | Indirect Tax |
| 1. | The 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. | The direct tax has no inflation pressure | This tax has inflation pressure |
| 4. | The impact and incidence are the same in the case of direct tax | The impact and incidence are different in the case of indirect tax |
| 5. | Direct tax is less elastic | Indirect tax is more elastic |
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