Taxation

What did Alice help other new business owners with?

• Cooking recipes

• Tax management

• Travel plans

• Marketing strategies

Answer explanation

Alice helped other new business owners with tax management, not cooking recipes, travel plans, or marketing strategies.

What did Alice find was not as daunting as she had thought?

• Managing taxes

• Starting a business

• Learning about taxes

• Moving to Taxville

Answer explanation

Alice found managing taxes was not as daunting as she had thought, making it the correct choice among the options provided.

Where did Alice move to when she started her own business?

• Taxville

• Paris

• New York City

• London

Answer explanation

Alice moved to Taxville when she started her own business, making Taxville the correct choice.

The functions of taxation

• A

• B

• C

• D

• E

Taxes can be designed both to discourage and to encourage spending.

• TRUE

• FALSE

The same amount of money can be taxed more than once.

• TRUE

• FALSE

'Loopholes' are a common form of tax evasion.

• TRUE

• FALSE

If you pay a lot of your income into a pension fund or a life insurance policy you never have to pay tax on it.

• TRUE

• FALSE

A way to delay the payment of tax to a later time.

Answer explanation

Postpone (line 31)

An adjective describing expenditures that can be taken away from taxable income or profits.

Answer explanation

Tax-deductible (line 33)