Financing international trade

1.

1. true

2. true

3. false

4. false

5. true

6. true

2.

1f, 2a, 3c, 4d, 5e, 6b

3.

accept a bill of exchange

draw up a bill of exchange

endorse a bill of exchange

sell a bill of exchange

write a bill of exchange

prepare documents

present documents

require documents

sign documents

describe goods

receive goods

sell goods

transport goods

1 accepted / endorsed 4 signs

3 describe 5 present

4 sell

Taxation

1.

1.excise taxes / excise duties

2. income tax / corporation tax

3. sales tax / value-added tax / goods and services tax

4. capital transfer tax / inheritance ax / estate tax / death duty

5. income tax and social security tax / national insurance

6. tariffs

7. capital gains tax

2.

1.direct 4.progressive tax

2. proportional tax 5. Indirect

3. social security

3.

1. false

2. true

3. false

4. true

5. true

6. true

7. false

8. false

4.

charge tax

collect tax

impose tax

levy tax

pay tax

5.

	Mar Marcus	Yvonne
1. Is a tax payer	x	x
2. Works for himself / herself		x
3. Has tax deducted at source	x
4. Submits an annual tax return		x
5. Income exceeds the personal allowance	x	x
6. Income exceeds the 10% band	x	x
7. Income exceeds the 22% band		x
8. Pays tax at the higher rate		x
9. Net earnings are about £4,000 lower than gross earnings	x
10. Gross earnings are below the National Insurance threshold
11. Pays National Insurance	x	x
12. Has tax-allowable expenses		x
13. Employs an accountant		x
14. Lives entirely on unearned income