FINANCE AND TAX
Every country’s and family’s development is built on economics. Economics is a required course for all educated people; without it, you cannot claim to be educated.
Learn economics to better understand the ups and downs of the economy and how to manage your life. Economics enables you to think strategically and make decisions that optimize the outcome.
People who have studied Economics and Finance are in high demand because they are well-prepared for jobs in banking and the financial sector, such as in accounting firms.
The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets, and governments, and therefore better respond to the threats and opportunities that emerge when things change.
FINANCE AND TAX
1 FINANCIAL SYSTEM
A country’s financial system includes its banks, nonbank lenders; securities markets; pension, mutual, and other investment funds; insurers; and market infrastructures such as central clearing counterparties, payment providers, and central banks, as well as its regulatory and supervisory authorities.
A financial system functions as an intermediary between savers and investors. It facilitates the flow of funds from the areas of surplus to the areas of deficit. It is concerned about money, credit, and finance. These three parts are very closely interrelated with each other and depend on each other.
- Money Market – in which short-term funds are lent and borrowed.
- Capital Market – where medium and long-term exchanges happen.
Career opportunities in finance include positions in retail bank management, commercial lending, securities analysis, securities brokerage, commercial credit, consumer credit, and corporate financial management. Detailed information about these and other career opportunities in finance can be found on a CD-ROM entitled “Discovering Your Finance Career,” which is available in the department office.
Finance positions require not only knowledge of the three areas of finance, but also good analytical, quantitative, computer, communication, and collaborative work skills. Departmental and finance concentration goals seek to enhance these skills.
2 REVENUE – DEFICIT
A revenue deficit occurs when realized net income is less than the projected net income. This happens when the actual amount of revenue and/or the actual amount of expenditures do not correspond with budgeted revenue and expenditures.
Revenue deficit = Total Revenue expenditure – Total Revenue receipts. OR Revenue deficit = Total Revenue expenditure – (Tax Revenue + Non-Tax Revenue) Fiscal Deficit: Fiscal deficit is defined as the excess of total expenditure over total receipts excluding borrowings during a fiscal year.
In order to bring down the revenue deficit, the government can either raise revenue receipts or reduce revenue expenditures.
3 TAX
Taxation is a term for when a taxing authority, usually a government, levies or imposes a financial obligation on its citizens or residents. Paying taxes to governments or officials has been a mainstay of civilization since ancient times.
- Sales taxes are paid by the consumer when buying most goods and services. …
- Income taxes are paid on many sources of income you might earn, like the taxes taken directly from your paycheck.
progressive tax—A tax that takes a larger percentage of income from high-income groups than from low-income groups. proportional tax—A tax that takes the same percentage of income from all income groups. regressive tax—A tax that takes a larger percentage of income from low-income groups than from high-income groups.
In the United States, the historical favorite is the progressive tax. Progressive tax systems have tiered tax rates that charge higher-income individuals higher percentages of their income and offer the lowest rates to those with the lowest incomes.
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Course Features
- Lectures 0
- Quizzes 0
- Duration 20 weeks
- Skill level All levels
- Language English
- Students 0
- Assessments Yes