SOFT SKILLS KNOWLEDGE - CHAPTER 3

What is Economics?

•  A rise in the general level of prices occurs, workers need more money to pay for good clothing and shelter
• The branch of knowledge concerned with the production, consumption, and transfer of wealth.
• Deals with behavior and decision making by small units, such as individuals and firms
• The study of how people try to satisfy what appears to be seemingly unlimited and competing wants through the careful use of relatively scarce resources

Definition of Land?

• Anything from the earth
• The space we occupy
• Gifts of nature
• All of the above

Definition of Entrepreneur?

•  A risk taker in search of profits who's initila investment must be returned
• A investor in search of profits who does something new with existing resources
•  A investor in search of profits who's initial investment must be returned
• A risk taker in search of profits who does something new with existing resources
  

What is GST?

• Goods and Services Tax
• Not Goods and Services Tax
• Not Indirect Tax
• Sources of Profits

What is GST for?

• The Value-Added Tax or VAT
• is a broad-based consumption tax levied on the import of goods.
•  is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer.
• nONE OF ABOVE

How does the GST work?

• ou should report both your output tax and input tax in your GST return.
• You must submit your GST return to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.
• The difference between output tax and input tax is the net GST payable to IRAS or refunded by IRAS.
• GST exemptions apply to the provision of most financial services, the sale and lease of residential properties, and the importation and local supply of investment precious metals. 

Is GST a new consumption tax ?

• Yes
• No
• No idea
• Not my concern...

What is the rate of GST that will be imposed ?

• 2%
• 3%
• 5%
• 6%

Who will collect GST and remit to the government ?

• by other person who is registered under GST
• by person who is registered under GST
• by business partner who is registered under GST
• by sibling who is registered under GST

What benefits will the rakyat get ?

• Based on the GST rate of 6%, it is expected that there will be a price reduction between 0.08% to 2.71% in respect of eight components of goods and services. 
• Based on the GST rate of 6%, it is expected that there will be a price reduction between 0.09% to 2.71% in respect of eight components of goods and services. 
• Based on the GST rate of 6%, it is expected that there will be a price reduction between 0.10% to 2.71% in respect of eight components of goods and services. 
• Based on the GST rate of 6%, it is expected that there will be a price reduction between 0.11% to 2.71% in respect of eight components of goods and services.