BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Taxes
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Salary
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Debt
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Income
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Detailed explanation-1: -A portion of taxes may be used to service past debts. Governments also use taxes to fund welfare and public services. These services can include education systems, pensions for the elderly, unemployment benefits, transfer payments, subsidies and public transportation.
Detailed explanation-2: -Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.
Detailed explanation-3: -The Government of India earns tax and non-tax revenues to carry out various functions like providing public goods, implementing welfare schemes related to education and food, and managing the day-to-day functions of the country.
Detailed explanation-4: -Revenue is money earned by a business, or income received by the government from taxes.
Detailed explanation-5: -Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.