(1) Tabulate Income Earners: Unom, Awange, Ihember, Dajo. Income base (N): 15,000, 25,000, 32,000, 60,000. Tax payments: 2004 (N): 1,500, 2,500, 3,200, 6,000 2005 (N): 1,500, 2,500, 2,240, 3,000 (i) Unom 2004: 1500/15000 x 100/1 = 150000/15000 = 10% (ii) Dajo 2004: 6000/60000 x 100/1 = 600000/60000 = 10% Dajo 2005: 3000/60000 x 100/1 = 300000/60000 = 5% (iii) Awangean 2005: 2500/25000 x 100/1 = 250000/25000 = 10% (iv) Ihember 2005: 2240/32000 x 100/1 = 224000/32000 = 7% (1b) (i) The taxation system in 2004 and 2005 are proportional tax system as the tax paid increase with increase in income with proportion. (ii) Ihember has least burden as income base is N32,000 and tax paid is N2,240 less to 2004 at thesame amount earned and also does not follow the progressive rate at column at payment. (1c)15% increasement - Unom 15% = 15000x15/100 = 2250 then at 15% flat rate = N2250 - Awange = 25000x15/100 = 3750 then at 15% flat rate = N3750 - Ihemba = 32000x15/100 = 4800 then at 15% flat rate = N4800 - Dajo = 60000x15/100 = 9000 then at 15% flat rate = N9000 Government income = Total: N19,800 (5a) It may be defined as a business organisation established, owned, financed and controlled by one person with the aim of making profit. (5b) (i) He bears all risks alone: Business is full of risks, and unlike other forms of business organisations where other forms of business organisation where these risks are shared by many people, the owner of the one-man business does not share those risks with anybody. (ii) He suffers all losses alone: This is because he does not share the profits of the business with anybody. (iii) It is not a legal entirly: As a result, the owner is not distinct frm the business and if the business is taken to court it is the owner that is also taken and declared bankrupt, His property will be distributed for the benefit of his creditors. (iv) Limited Expansion: Lack of enough capital limits its plans of Expansion. (v) Limited ability: As a result of the fact that the business resulves around one man, Its progress depends on the ability of the person who is the proprietor. (6) - Government participates in the location of industries in Nigeria in order to make sure that industries are scattered all over the country. - Political consideration: Politicians may set aside all relevant factors and side on industy in an area that votes for them as an compensation. - To raise the starndard of living of the people is another vital reason why government participates in the location of industries in Nigeria. - In order to ensure even and rapid economic development, government participates in the location of industries. - The huge amount of capital involves in the location and establishment of some industries may never be afforded by individuals. Hence, government participation. - In order to provide employment opportunities to the citizen of the country. (9a) Economic development refers to development that occurs when there are quantitative and quantitative improvement in all or almost all the sectors of an economy, and which can be sustained. (9b) - Political stability: This atmosphere attracts both foreign and local investors to a country. - Able leadership: The type of leadership a country has to an extent determines very which the rate of law economic Development. - Industrialization: This is associates with development because almost all developed contries of the world are basically industrialised nations. - Availability of capital: This can be achieved through predent use of resource and increased the national savings. - Good development plans: These and their proper execution will and economic development. (11a) - Stabilization of price oil in the world market in order to eliminate fluctuation - Stabilization of oil income by its member-nations. - To ensure steady supply of oil to consuming nations. - It fixes and allocates production quotes to member-nations. (11b) - Political disagreement which sometimes leads to war between member- nations like Iran and Iraq war, causes a serious problem to OPEC. - The organisation always imposes penalty on its numbers that side-trace their agreed fixed production Quota. - In order to solve the leadership rivalry between Saudi Arabia and Iran, the organisation its key posts among its member-nations. - OPEC tries to maintain a reasonable price in order to avoid price fluctuation.
Posted on: Wed, 26 Nov 2014 09:08:39 +0000
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