[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 12b)
1. Corruption
In Nigeria, corruption occurs in many areas but the most common is corruption of government officials. Newspaper reports quoting EFCC, give large figures of amounts past government officials have allegedly stolen.
Ministries, Directorates and Agencies of government have a staff or two who would disrupt the smooth flow of the system to extort or get bribe from the public for a free service.
[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 2 RED TAPE Red tape makes government slow and costly. It costs much more to get anything done due to red tape in the system. For instance, paying tax is difficult, clearing your goods at the ports is hard, and registering a new business is an uphill task.
[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 8a) National Budget is also called A government budget. It is an annual financial statement presenting the government's proposed revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation.
8bA balanced budget is a situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. A budget can be considered balanced in hindsight after a full year's worth of revenues and expenses have been incurred and recorded.
8c)budget surplus is a period when income or receipts exceed outlays or expenditures. A budget surplus often refers to the financial states of government. They provide enough capital to pay for all domestic production.
8d) a situation in which imports of goods, services, investment income and transfers exceed the exports of goods, services, investment income and transfers must borrow from other countries to pay for its imports. In the short-term, that fuels the country's economic growth.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *6a.*
Tax means by which governments finance their expenditure
by imposing charges on citizens and corporate entities.
Governments use taxation to encourage or discourage
certain economic decisions.
*6b*
*1. Tax Evasion:*
Probably the biggest disadvantage of direct taxes is that it
leads to tax evasion and corruption in a society. If the system
is not water-tight, there is always a chance of tax evasion by
manipulating the law and using subtle techniques. Moreover,
the more blatant way is to suppress the profits by showing
wrong statements of profits, which reduces the tax rate
imposed on the person.
*2. Creates Social Conflict:*
Since not everybody has to pay direct taxes, it is often
responsible for creating social conflict amongst societies. It
also leads to crimes, social injustice and a sense of inferiority
among different groups of people.
*3. Inconvenient:*
Another great disadvantage of the direct taxes is that they are
usually not in accordance with the canon of convenience. In
order to submit the tax, a person has to undergo several
formalities and procedures. Such inconvenience is also one of
the important contributions factors in evasion of direct taxes.
*4. Limits Capital Formations and Investment Opportunities:*
It is usually the elite class that invests their money and form
capital within an economy. Since direct taxes in accordance
with the canon of equality are specifically applied on the
elite class of people, it significantly limits the capital
formation and investment opportunities in an economy. This,
in turn, leads to higher unemployment and lower growth of
economy.
*5. Affects The Ability to Work and Motivation Level:*
As a tax payer, you know that the harder you work and
generate more income, the more you will have to pay in direct
taxes – usually, at an exponential rate, as it is in certain
countries. This goes with the canon of equality that people
with more money should be paying more taxes. Therefore, it
dramatically affects your ability to work and motivation to
excel.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *3a*
Production is the process of transforming inputs(raw materials) into finished products and the distribution of the products in order to satisfy human wants and to earn a living
*3b)* Factors That Determine The Volume Of Production:
1. Availability of Natural Resources: The volume production depends on the quantity and quality of the natural resources available in a country. If a country has large Deposits of natural resources like fertile soil, perennial rivers, extensive forests, long sea coasts, rich minerals etc, volume of production will be high. The larger the availability of resources, the larger will be the volume.
2. Availability of capital: Capital is an important factor in determining the volume of production. Capital includes both fixed capital and variable capital like machinery, buildings. raw materials, electricity etc. The capital depends on the level of savings and investment and banking facilities.
3. Technology: Technology is another determinant of the volume of production. If the people possess technical knowledge, education and training, they can produce diverse goods. They can make inventions and adopt latest technology for producing goods and services. Besides, they also increase the quantity and quality of goods. Hence the nature of technology influences the volume of manufacturing or production.
4. Factors of production: Another determinant of Volume of manufacturing or production is the factors of production. Factors of production comprise labor, capital and organization. The quantity and quality will influence the volume of production. If these are plenty, then production of goods on large scale is possible.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 1B 2E 3D 4A 5D 6C 7E 8A 9E 10D 11B 12E 13E 14A 15B 16D 17A 18 19 21 23 24C 25D 26E 27A 28E 29D 30A 31 32 33 34 35 36 37C 38A 39 40E 41E 42B 43 44E 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59B 60..... *Still solving🕺*
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *9*
(Choose any four)
*1. Family and friends:*
One of the sources of business funds is family members
and relatives. Borrowing from friends, parents, siblings,
uncles, is significant and good if you come from a family
where there are able and capable people to lend you.
*2. Nigerian commercial banks:*
Individuals who wish to either start up or fund their
businesses often go to banks to access their facilities
especially when family members and friends cannot
support this business.
*3. YouWin Program:*
This is an empowerment Program put in place by Federal
Government of Nigeria. It empowers Nigerians mostly the
youths.
*4. Nonprofits / Angel Investors:*
Some Non-governmental organizations or nonprofits are
established for the sole purpose of helping people have
access to certain grants or loans.
*5. SMEDAN:*
Small and Medium Enterprises Development Agency of
Nigeria is an agency was set up by Nigerian government
to support individuals who have great business ideas but
may not have enough resources to execute them.
SMEDAN is one of the sources of business funds in
Nigeria.
*6. Personal finance:*
One of the ways individuals can get loans is by funding it
themselves. People who manage to operate a local
account (mostly fixed deposit) can empty it just to fund
their business.
*7. Local co-operative societies:*
In Nigeria, people often join co-operative societies and
borrow so as to generate business funds. They do money
sharing in turns, in that a huge percentage of their savings
are given to members to start business with it.
*8. Partnership:*
When we hear names like PZ Cussons (Paterson and
Zochonis) is a good example of how partnership can
transform businesses. Partnership means two individuals
pooling their resources and using it to fund their business
ideas which may not be funded by one person alone
because of huge financial implication of such businesses.
[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 12b)
1. Corruption
In Nigeria, corruption occurs in many areas but the most common is corruption of government officials. Newspaper reports quoting EFCC, give large figures of amounts past government officials have allegedly stolen.
Ministries, Directorates and Agencies of government have a staff or two who would disrupt the smooth flow of the system to extort or get bribe from the public for a free service.
[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 2 RED TAPE Red tape makes government slow and costly. It costs much more to get anything done due to red tape in the system. For instance, paying tax is difficult, clearing your goods at the ports is hard, and registering a new business is an uphill task.
[05/06 7:23 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 8a) National Budget is also called A government budget. It is an annual financial statement presenting the government's proposed revenues and spending for a financial year that is often passed by the legislature, approved by the chief executive or president and presented by the Finance Minister to the nation.
8bA balanced budget is a situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. A budget can be considered balanced in hindsight after a full year's worth of revenues and expenses have been incurred and recorded.
8c)budget surplus is a period when income or receipts exceed outlays or expenditures. A budget surplus often refers to the financial states of government. They provide enough capital to pay for all domestic production.
8d) a situation in which imports of goods, services, investment income and transfers exceed the exports of goods, services, investment income and transfers must borrow from other countries to pay for its imports. In the short-term, that fuels the country's economic growth.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *6a.*
Tax means by which governments finance their expenditure
by imposing charges on citizens and corporate entities.
Governments use taxation to encourage or discourage
certain economic decisions.
*6b*
*1. Tax Evasion:*
Probably the biggest disadvantage of direct taxes is that it
leads to tax evasion and corruption in a society. If the system
is not water-tight, there is always a chance of tax evasion by
manipulating the law and using subtle techniques. Moreover,
the more blatant way is to suppress the profits by showing
wrong statements of profits, which reduces the tax rate
imposed on the person.
*2. Creates Social Conflict:*
Since not everybody has to pay direct taxes, it is often
responsible for creating social conflict amongst societies. It
also leads to crimes, social injustice and a sense of inferiority
among different groups of people.
*3. Inconvenient:*
Another great disadvantage of the direct taxes is that they are
usually not in accordance with the canon of convenience. In
order to submit the tax, a person has to undergo several
formalities and procedures. Such inconvenience is also one of
the important contributions factors in evasion of direct taxes.
*4. Limits Capital Formations and Investment Opportunities:*
It is usually the elite class that invests their money and form
capital within an economy. Since direct taxes in accordance
with the canon of equality are specifically applied on the
elite class of people, it significantly limits the capital
formation and investment opportunities in an economy. This,
in turn, leads to higher unemployment and lower growth of
economy.
*5. Affects The Ability to Work and Motivation Level:*
As a tax payer, you know that the harder you work and
generate more income, the more you will have to pay in direct
taxes – usually, at an exponential rate, as it is in certain
countries. This goes with the canon of equality that people
with more money should be paying more taxes. Therefore, it
dramatically affects your ability to work and motivation to
excel.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *3a*
Production is the process of transforming inputs(raw materials) into finished products and the distribution of the products in order to satisfy human wants and to earn a living
*3b)* Factors That Determine The Volume Of Production:
1. Availability of Natural Resources: The volume production depends on the quantity and quality of the natural resources available in a country. If a country has large Deposits of natural resources like fertile soil, perennial rivers, extensive forests, long sea coasts, rich minerals etc, volume of production will be high. The larger the availability of resources, the larger will be the volume.
2. Availability of capital: Capital is an important factor in determining the volume of production. Capital includes both fixed capital and variable capital like machinery, buildings. raw materials, electricity etc. The capital depends on the level of savings and investment and banking facilities.
3. Technology: Technology is another determinant of the volume of production. If the people possess technical knowledge, education and training, they can produce diverse goods. They can make inventions and adopt latest technology for producing goods and services. Besides, they also increase the quantity and quality of goods. Hence the nature of technology influences the volume of manufacturing or production.
4. Factors of production: Another determinant of Volume of manufacturing or production is the factors of production. Factors of production comprise labor, capital and organization. The quantity and quality will influence the volume of production. If these are plenty, then production of goods on large scale is possible.
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: 1B 2E 3D 4A 5D 6C 7E 8A 9E 10D 11B 12E 13E 14A 15B 16D 17A 18 19 21 23 24C 25D 26E 27A 28E 29D 30A 31 32 33 34 35 36 37C 38A 39 40E 41E 42B 43 44E 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59B 60..... *Still solving🕺*
[05/06 8:31 am] ENGR NASER DAHER 💪🏻💪🏻💪🏻: *9*
(Choose any four)
*1. Family and friends:*
One of the sources of business funds is family members
and relatives. Borrowing from friends, parents, siblings,
uncles, is significant and good if you come from a family
where there are able and capable people to lend you.
*2. Nigerian commercial banks:*
Individuals who wish to either start up or fund their
businesses often go to banks to access their facilities
especially when family members and friends cannot
support this business.
*3. YouWin Program:*
This is an empowerment Program put in place by Federal
Government of Nigeria. It empowers Nigerians mostly the
youths.
*4. Nonprofits / Angel Investors:*
Some Non-governmental organizations or nonprofits are
established for the sole purpose of helping people have
access to certain grants or loans.
*5. SMEDAN:*
Small and Medium Enterprises Development Agency of
Nigeria is an agency was set up by Nigerian government
to support individuals who have great business ideas but
may not have enough resources to execute them.
SMEDAN is one of the sources of business funds in
Nigeria.
*6. Personal finance:*
One of the ways individuals can get loans is by funding it
themselves. People who manage to operate a local
account (mostly fixed deposit) can empty it just to fund
their business.
*7. Local co-operative societies:*
In Nigeria, people often join co-operative societies and
borrow so as to generate business funds. They do money
sharing in turns, in that a huge percentage of their savings
are given to members to start business with it.
*8. Partnership:*
When we hear names like PZ Cussons (Paterson and
Zochonis) is a good example of how partnership can
transform businesses. Partnership means two individuals
pooling their resources and using it to fund their business
ideas which may not be funded by one person alone
because of huge financial implication of such businesses.
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