Answer:
b) The progressive income tax system
Explanation:
The tax is compulsory contribution levied by the authority in a territory on goods, services, income and profit.
Proportional income tax :Income tax is said to be proportional where the same tax rate is paid by all irrespective of their income bracket.
A progressive income tax is that where the tax rate becomes higher for those income earners in the high income bracket. The tax rates on every dollar earned becomes higher with increase in income.
The regressive income tax is where a lower percentage is paid as tax as the income income increases. Lower rate is paid on additional dollar earned.
The scenario in the question falls under the concept of progressive income tax system
A because it helps you without getting loans
The bead may have been swallowed by the little boy being that infants tend to put anything in their mouth at that age, including objects. Anatomically you would expect it to be found in his digestive system gastrointestinal tract.
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Answer:
1. False
The higher the figure, the higher the risk. Kindly note that loans are usually insured against default. The higher the amount insured, the higher the premium payable as insurance on such amounts.
2. False
It does not make for good internal control to have one person regardless of their position to have the final say on loans of great magnitude such as $5 Million. This can quickly degenerate into a situation where the officer involved is tempted to abuse that power. It makes for good corporate governance and risk management to ensure that the board is responsible for loans of such magnitude.
3. True
If a bank lost $100 in a thousand places, from loan default, that translates to a loss of $100,000. This relatively is large however it is small and will have less impact that a loss of a million dollars in 3 places. That's $ 3,000,000.
As already indicated, it makes for good loan disbursement governance, to ensure that there is at least two persons involved in the risk acceptance criteria (RAC) evaluation and loan disbursement process.
4. False
Separation of duties is the foundation of good internal control. It allows for greater objectivity. It is also key to carefully select signatories to loan disbursements. They have to be people of impeccable character and the company must exercise proper risk management to ensure that every protocol such as opportunity that may create the impulse or inclination to breach policy is removed completely.
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