Fill in the blank: The primary source of income for the government is ___ revenue.

Tax

True or False: Non-tax revenue is collected primarily from taxes imposed on individuals and businesses.

False. Non-tax revenue comes from sources other than taxes.

Fill in the blank: Taxes are imposed on ___ and businesses to cover government expenditures.

Individuals

Explain the difference between tax revenue and non-tax revenue.

Tax revenue comes from taxes.

• Mandatory payments to government.

• Includes income and sales taxes.

• Supports public services funding.

What distinguishes a tax from a price in terms of payment obligation?

A tax is a mandatory payment imposed by the government, while a price is only paid by those who purchase goods and services.

Fill in the blank: A fee is charged for a specific purpose, whereas taxes are ___ payments to the government.

Compulsory

True or False: When people pay taxes, they are guaranteed specific benefits in return.

False. Taxes do not guarantee specific benefits, unlike prices paid for goods.

What is the purpose of the Right of Escheat?

The Right of Escheat allows the government to acquire the property or bank balance of a person who dies without a will or legal heirs.

Fill in the blank: Unlike taxes, fees do not carry a legal ___ for non-payment.

Penalty

What is the primary role of taxes in a government?

Taxes generate revenue for the government to finance developmental programs.

Fill in the blank: Tax relief provided to entrepreneurs helps them manage the ___ of goods.

Production

True or False: Direct taxes can be shifted to another person.

False. Direct taxes cannot be shifted and the burden falls on the individual or entity liable for the tax.

Short Answer: How do custom duties contribute to economic growth?

Custom duties reduce the import of goods that are available domestically, promoting local industries and trade.