Question

A government collects $70 billion quarterly in tax revenue. Each year it allocates $15 billion to the justice system and $29 billion for the administrative costs. What percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending?
a.15.71%
b.37.15%
c.84.29%
d.62.85%

Answer 1

Answer:

The answer is B) 37.15%

Explanation:

We have $70 billion which is collected. We have already allocated $15 billion and $29 billion to the justice systems and administrative costs respectively.

We're left with $26 billion.   (70 - 15 - 29)

We now need to express 26 as a percentage of 70.

We do this by dividing 26 by 70 and multiplying it by a 100

26/70 x 100 = 37,14% is therefore left over to allocate to the other categories of government spending

The answer is therefore B.

Answer 2

Answer:

c.84.29%

Explanation:

We been given the following

Quarterly tax revenue collected = $70 billion

To calculate the percentage of its total annual tax revenue is left for allocation to the remaining categories of government spending we the following method

annual tax revenue collected = $70 billion × 4

= $280 billion

Total amount allocated = $15 billion + $29 billion

= $44 billion

Therefore, percentage of annual tax revenue allocated will

= [ $44 billion ÷ $280 billion ] × 100

=1.57×100%

= 15.71%

Percentage of its total annual tax revenue is left for allocation to the remaining categories will be subtracting annual percentage tax revenue allocated from 100% , which we have as;

= 100% - 15.71%

= 84.29%