Government in Action (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
When is the Commonwealth Budget presented to Parliament each year?
When is the Commonwealth Budget presented to Parliament each year?
May
What percentage of Commonwealth Government revenue comes from taxation?
What percentage of Commonwealth Government revenue comes from taxation?
93%
Which revenue source accounts for the largest share of total government income?
Which revenue source accounts for the largest share of total government income?
Income tax at 68%
What defines the progressive structure of personal income tax?
What defines the progressive structure of personal income tax?
Higher earners pay proportionally more
At what rate is the GST applied on most goods and services?
At what rate is the GST applied on most goods and services?
10%
Who receives the GST revenue collected by the Commonwealth Government?
Who receives the GST revenue collected by the Commonwealth Government?
State and territory governments
What is the largest category of Commonwealth Government expenditure?
What is the largest category of Commonwealth Government expenditure?
Social security & welfare at 36%
What percentage of the budget is allocated to health expenditure?
What percentage of the budget is allocated to health expenditure?
16%
Why does government apply excise duties to goods with inelastic demand?
Why does government apply excise duties to goods with inelastic demand?
Consumers keep buying despite prices
What is the standard company tax rate on net profits?
What is the standard company tax rate on net profits?
30%