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Y8 Economy Revision Flashcards | StudBud
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Y8 Economy Revision
Y8 Economy Revision
30 terms
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StudBud Administration
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Cycle Test 2 revision
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Which agency is responsible for managing the national budget in New Zealand?
Inland Revenue Department
Ministry of Education
The Treasury
Ministry of Health
2
Which of the following is an example of a direct tax?
Income Tax
Fuel Levy
GST (Goods and Services Tax)
Customs Duty
3
What is globalisation?
Countries interacting and influencing each other
Countries becoming self-sufficient
Countries ignoring each other
Countries making all their goods by hand
4
What is a direct tax?
A tax paid only when buying goods
A tax charged directly on income or profits
A tax paid voluntarily
A tax on imported goods
5
Why is developing rural areas important?
Rural areas don’t need development
Rural areas have better internet
Rural people already have high incomes
Rural areas often have high poverty and limited job opportunities
6
What happens to most people when they turn 65 in New Zealand?
They qualify for the government pension
They must retire immediately
They have to find a new job
They get a tax refund
7
What does SOE stand for?
Society of Enterprises
State Operated Enterprise
State Owned Enterprise
Special Operations Executive
8
What is a major source of government revenue?
Lottery wins
Gift cards
Donations
Taxes
9
What is a government surplus?
When income and spending are the same
When income is higher than spending
When spending is higher than income
When no money is collected
10
What is meant by a
trade-off
when development takes place?
Development means using unlimited resources to meet unlimited wants.
Development improves one area while sometimes causing harm in another.
Development always benefits everyone equally with no negative effects.
Development only focuses on protecting the environment.
11
What is the main purpose of the national budget?
To reduce taxes
To plan government income and expenditure
To raise money for businesses
To plan how citizens spend their money
12
Which of these is an example of an indirect tax?
Company tax
Personal income tax
Property tax
Goods and Services Tax (GST)
13
What is the consequence of pumping harmful chemicals into rivers?
Healthier forests
River pollution and death of river life
Cleaner water
More fish
14
What is meant by a 'basic service'?
A luxury item
A service critical for improving people's lives
An optional government service
A private sector business
15
What are the
four factors of production
?
Money, Labour, Machines, Services
Capital, Consumers, Goods, Labour
Land, Labour, Capital, Entrepreneurship
Land, Buildings, Consumers, Entrepreneurs
16
What law protects workers' rights in New Zealand?
Business Relations Act
Financial Services Act
Employment Relations Act
Labour Markets Act
17
Which of these is a feature of modern societies?
Trading only by bartering goods
Growing and making everything at home
Being fully self-sufficient
Using technology and trading internationally
18
What happens if government spending exceeds income?
Income tax increases
Surplus
No change
Debt
19
What does the 'triple bottom line' refer to?
People, Pollution, Profit
Profit, Productivity, Population
Planning, Productivity, Price
People, Planet, Profit
20
What is an example of a private good?
Cellphones
Streetlights
Hospitals
Public parks
21
What is an indirect tax?
A tax added to the price of goods or services
A tax collected on people's incomes
A tax on public parks
A tax paid at the end of the year
22
Which of the following is an example of the
factor market
?
A household buying groceries from a supermarket.
A consumer purchasing a new mobile phone.
A business hiring a new employee.
A government buying computers from a company.
23
The Employment Relations Act automatically gives workers the right to unlimited paid leave.
False
True
24
Which three branches make up New Zealand's central government?
Parliament, Cabinet, Court
Mayor, Council, Tribunal
Administration, Law, Justice
Executive, Legislative, Judicial
25
What must employers provide under the Employment Relations Act?
A promotion after 6 months
Unlimited holidays
A safe and fair working environment
A free lunch
26
What are the two levels of government in New Zealand?
National and Provincial
Central and Regional
Central and Local
Local and National
27
What are the two main types of taxes collected by the government?
Local tax and regional tax
Business tax and tourist tax
Direct tax and indirect tax
Export tax and shipping tax
28
In a self-sufficient society, people mainly:
Import goods from other countries
Produce their own food, tools, and clothing
Use the internet to shop
Work in offices
29
Which of the following is NOT a factor of production?
Land
Capital
Goods
Labour
30
How many levels of government are there in New Zealand?
One
Two
Four
Three
