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?) The employers pay two different classes of National Insurance contributions - Class 2 and Class 4. Class 4 contributions are paid at a flat rate which for 2001-02 is £2.00 per week They are paid by those whose income exceeds a small earnings exception, currently £3,955 p.a. Class 2 contributions are payable on self-employed individuals whose profits exceed the lower profits limit

?) The self-employed pay two different classes of National Insurance contributions - Class 2 and Class 4. Class 2 contributions are paid at a flat rate which for 2001-02 is £2.00 per week They are paid by those whose income exceeds a small earnings exception, currently £3,955 p.a. Class 4 contributions are payable by self-employed individuals whose profits exceed the lower profits limit

?) The self-employed pay two different classes of National Insurance contributions - Class 2 and Class 4. Class 4 contributions are paid at a flat rate which for 2001-02 is £2.00 per week They are paid by those whose income exceeds a small earnings exception, currently £3,955 p.a. Class 2 contributions are payable by self-employed individuals whose profits exceed the lower profits limit

?) The employers pay two different classes of National Insurance contributions - Class 2 and Class 4. Class 2 contributions are paid at a flat rate which for 2001-02 is £2.00 per week They are paid by those whose income exceeds a small earnings exception, currently £3,955 p.a. Class 4 contributions are payable on self-employed individuals whose profits exceed the lower profits limit

?) It aims to achieve these goals through its expertise in the market place; by acting as a catalyst to collective action when market forces alone are deficient, by supporting the development of a financial system that furthers these goals; by advising government; and by encouraging Brittish interests through its contacts with financial authorities overseas.

?) It aims to achieve these goals through its expertise in the market place; by acting as a catalyst to collective action when market forces alone are deficient, by supporting the development of a financial infrastructure that furthers these goals; by advising government; and by encouraging Brittish interests through its contacts with financial authorities overseas.

?) It aims to achieve these goals through its expertise in the market place; by acting as a catalyst to collective action when market forces alone are deficient, by supporting the development of a financial infrastructure that furthers these goals; by advising government; and by encouraging Brittish interests through its contacts with financial authorities in the EU.

?) It aims to achieve these goals through its expertise in the market place; by acting as a catalyst to collective action when market forces alone are deficient, by supporting the development of a financial system that furthers these goals; by advising government; and by encouraging Brittish interests through its contacts with financial authorities in the EU.

?) The Bank of England influences the cost of money by altering the short-term nominal tax rate.

?) The Bank of England influences the cost of money by altering the long-term nominal interest rate.

?) The Bank of England influences the cost of money by altering the short-term nominal interest rate.

?) The Bank of England influences the cost of money by altering the long-term nominal tax rate.

?) The Bank pursues this core purpose through its decisions on tax bands; by participating in international discussions to promote the health of the world economy; by implementing monetary policy through its market operations and its dealings with the financial system; and by maintaining confidence in the note issue.

?) The Bank pursues this core purpose through its decisions on interest rates; by participating in international discussions to promote the health of the world economy; by implementing monetary policy through its market operations and its dealings with the financial system; and by maintaining confidence in the note issue.

?) The Bank pursues this core purpose through its decisions on tax bands; by participating in international discussions to promote the health of the world economy; by implementing monetary policy through its market operations and its dealings with the financial system; and by maintaining confidence in the stock issue.

?) The Bank pursues this core purpose through its decisions on interest rates; by participating in international discussions to promote the health of the world economy; by implementing monetary policy through its market operations and its dealings with the financial system; and by maintaining confidence in the stock issue.

?) This the Bank seeks to achieve through monitoring developments in the tax system both at home and abroad; and through analysing the health of the domestic and international economy; through close co-operation with financial supervisors both domestically and internationally; and through promoting sound financial infrastructure including efficient payment and settlement arrangements.

?) This the Bank seeks to achieve through monitoring developments in the tax system both at home and abroad; and through analysing the health of the domestic and international economy; through close co-operation with financial supervisors both domestically and internationally; and through promoting sound financial infrastructure including efficient payment and exchange arrangements.

?) This the Bank seeks to achieve through monitoring developments in the financial system both at home and abroad; and through analysing the health of the domestic and international economy; through close co-operation with financial supervisors both domestically and internationally; and through promoting sound financial infrastructure including efficient payment and exchange arrangements.

?) This the Bank seeks to achieve through monitoring developments in the financial system both at home and abroad; and through analysing the health of the domestic and international economy; through close co-operation with financial supervisors both domestically and internationally; and through promoting sound financial infrastructure including efficient payment and settlement arrangements.

?) As in most other developed countries, monetary policy operates in the UK mainly through influencing the price of money, in other words the interest rate.

?) As in most other developed countries, monetary policy operates in the UK mainly through influencing the price of money, in other words the tax rate.

?) As in most other developed countries, monetary policy operates in the UK mainly through influencing the price of goods, in other words the tax rate.

?) As in most other developed countries, monetary policy operates in the UK mainly through influencing the price of goods, in other words the interest rate.

?) Most income tax on earned income is deducted at source by employers.

?) Most income tax on earned income is deducted at the end of year by tax agents.

?) Most income tax on earned income is deducted at the end of year by employers.

?) Most income tax on earned income is deducted at source by tax agents.

?) The private sector is made up of members of the general public and firms owned by the government. These firms include sole traders, partnerships, limited companies (owned by private shareholders) and Public Limited Companies (Plcs) (also owned by private shareholders)

?) The private sector is made up of members of the general public and firms owned by the government. These firms include sole traders, partnerships, limited companies (owned by private shareholders) and Public Corporations (also owned by private shareholders)

?) The private sector is made up of members of the general public and firms owned by the general public. These firms include sole traders, partnerships, limited companies (owned by private shareholders) and Public Corporations (also owned by private shareholders)

?) The private sector is made up of members of the general public and firms owned by the general public. These firms include sole traders, partnerships, limited companies (owned by private shareholders) and Public, Limited Companies (Plcs) (also owned by private shareholders)

?) The Public Sector is made up of the central government in London, various local councils, and firms owned by the general public (people’s capitalism) such as the Post Office

?) The Public Sector is made up of the central government in London, various small firms, and firms owned by the general public (people’s capitalism) such as the Post Office

?) The Public Sector is made up of the central government in London, various local councils, and firms owned by the government (nationalised industries) such as the Post Office

?) The Public Sector is made up of the central government in London, various small corporations, and firms owned by the government (nationalised industries) such as the Post Office

?) The UK is the world’s fourth largest exporter of sevices (£ 188 billion in 2000) and first largest exporter of goods (£ 78 billion in 2000).

?) The UK is the world’s fifth largest exporter of services (£ 188 billion in 2000) and second largest exporter of goods (£ 78 billion in 2000).

?) The UK is the world’s fourth largest exporter of goods (£ 188 billion in 2000) and first largest exporter of services (£ 78 billion in 2000).

?) The UK is the world’s fifth largest exporter of goods (£ 188 billion in 2000) and second largest exporter of services (£ 78 billion in 2000).

?) The VED is raised through a system of licences, which is levied monthly at £155 per car, with higher duties for commercial vehicles.

?) The VED is raised through a system of excise duties, which is levied monthly at £155 per car, with higher duties for commercial vehicles.

?) The VED is raised through a system of excise duties, which is levied annually at £155 per car, with higher duties for commercial vehicles.

?) The VED is raised through a system of licences, which is levied annually at £155 per car, with higher duties for commercial vehicles.

?) Monthly

?) Daily

?) Quarterly

?) Weekly

?) The Major administration followed a course of selling state-owned firms such as British Telecom back to the private sector

?) The Bush administration followed a course of selling state-owned firms such as British Telecom back to the private sector

?) The Thatcher administration followed a course of selling state-owned firms such as British Telecom back to the private sector

?) The Blair administration followed a course of selling state-owned firms such as British Telecom back to the private sector

?) Class 3 National Insurance contributions are voluntary and are usually made by UK citizens living abroad in order to maintain their entitlement to benefits when they return.

?) Class 3 National Insurance contributions are obligatory and are usually made by UK citizens living abroad in order to maintain their entitlement to benefits when they return.

?) Class 3 National Insurance contributions are voluntary and are usually made by foreign citizens living in the UK in order to maintain their entitlement to benefits when they return.

?) Class 3 National Insurance contributions are obligatory and are usually made by foreign citizens living in the UK in order to maintain their entitlement to benefits when they return.

?) The United Kingdom has more limited energy resources--including oil, natural gas, and coal--than has any other EC member.

?) The United Kingdom has as many energy resources--including oil, natural gas, and coal--as has any other EC member.

?) The United Kingdom has less energy resources--including oil, natural gas, and coal--than has any other EC member.

?) The United Kingdom has larger energy resources--including oil, natural gas, and coal--than has any other EC member.

?) Each nationalised industry (or public limited company) has its own Act of Parliament and its own government minister. Firms owned by the government aim to operate in the public interest and do not necessarily try to make maximum profits

?) Each nationalised industry (or public limited company) has its own Act of Parliament and its own Member of Parliament. Firms owned by the government aim to operate in the public interest and do not necessarily try to make maximum profits

?) Each nationalised industry (or public corporation) has its own Act of Parliament and its own Member of Parliament. Firms owned by the government aim to operate in the public interest and do not necessarily try to make maximum profits

?) Each nationalised industry (or public corporation) has its own Act of Parliament and its own government minister. Firms owned by the government aim to operate in the public interest and do not necessarily try to make maximum profits

?) Taxable income is subject to different tax rates depending upon the 'tax band' that income falls within. The first £1,880 of taxable income is taxed at a lower rate of 13%. The next £27,520 is subject to the basic rate of 25%. For taxable income above the basic-rate limit of £29,400, that portion of income is taxed at the higher rate of 40%.

?) Taxable income is subject to different tax rates depending upon the 'tax band' that income falls within. The first £1,880 of taxable income is taxed at a lower rate of 13%. The next £27,520 is subject to the basic rate of 25%. For taxable income above the basic-rate limit of £29,400, that portion of income is taxed at the higher rate of 30%.

?) Taxable income is subject to different tax rates depending upon the 'tax band' that income falls within. The first £1,880 of taxable income is taxed at a lower rate of 10%. The next £27,520 is subject to the basic rate of 20%. For taxable income above the basic-rate limit of £29,400, that portion of income is taxed at the higher rate of 30%.

?) Taxable income is subject to different tax rates depending upon the 'tax band' that income falls within. The first £1,880 of taxable income is taxed at a lower rate of 10%. The next £27,520 is subject to the basic rate of 22%. For taxable income above the basic-rate limit of £29,400, that portion of income is taxed at the higher rate of 40%.

?) The standard rate of value added tax in the UK is 20 %, a reduced rate is imposed on domestic fuel, originally 8% but now 5%. Various categories of goods are either zero-rated or exempt.

?) The standard rate of value added tax in the UK is 17.5%, a reduced rate is imposed on domestic fuel, originally 8% but now 5%. Various categories of goods are either zero-rated or exempt.

?) The standard rate of value added tax in the UK is 17.5%, a reduced rate is imposed on domestic fuel, originally 8% but now 3%. Various categories of goods are either zero-rated or exempt.

?) The standard rate of value added tax in the UK is 20 %, a reduced rate is imposed on domestic fuel, originally 8% but now 3%. Various categories of goods are either zero-rated or exempt.

?) Class 1 contributions are paid by two groups: employees as a tax on their earnings and self-employed as secondary contributions on those they employ. Since 1975, Class 1 contributions for both employers and employees have been earnings-related, subject to an earnings floor which until 1999 was the Upper Earnings Limit (UEL).

?) Class 1 contributions are paid by two groups: employees as a tax on their earnings and employers as secondary contributions on those they employ. Since 1975, Class 1 contributions for both employers and employees have been earnings-related, subject to an earnings floor which until 1999 was the Upper Earnings Limit (UEL).

?) Class 1 contributions are paid by two groups: employees as a tax on their earnings and self-employed as secondary contributions on those they employ. Since 1975, Class 1 contributions for both employers and employees have been earnings-related, subject to an earnings floor which until 1999 was the Lower Earnings Limit (LEL).

?) Class 1 contributions are paid by two groups: employees as a tax on their earnings and employers as secondary contributions on those they employ. Since 1975, Class 1 contributions for both employers and employees have been earnings-related, subject to an earnings floor which until 1999 was the Lower Earnings Limit (LEL).

?) Maintaining the integrity and value of the interest rate; Maintaining the stability of the financial system, both domestic and international; seeking to ensure the effectiveness of the UK’s financial services.

?) Maintaining the integrity and value of the tax; Maintaining the stability of the tax system, both domestic and international; seeking to ensure the effectiveness of the UK’s financial services.

?) Maintaining the integrity and value of the interest rate; Maintaining the stability of the tax system, both domestic and international; seeking to ensure the effectiveness of the UK’s financial services.

?) Maintaining the integrity and value of the currency; Maintaining the stability of the financial system, both domestic and international; seeking to ensure the effectiveness of the UK’s financial services.

?) Excise duties are flat-rate taxes (per pint, per litre, per packet etc.) levied upon five major goods: mineral water, wine, spirits, tobacco and petrol/diesel.

?) Excise duties are flat-rate taxes (per pint, per litre, per packet etc.) levied upon five major goods: beer, wine, spirits, tobacco and petrol/diesel.

?) Excise duties are flat-rate taxes (per pint, per litre, per packet etc.) levied upon five major goods: mineral water, wine, spirits, tobacco and coal.

?) Excise duties are flat-rate taxes (per pint, per litre, per packet etc.) levied upon five major goods: beer, wine, spirits, tobacco and coal.

?) Preferential rates, providing for elimination or partial elimination of the full rate, apply in the context of preferential or free-trade agreements which the EU has entered into with CIS countries or groupings of CIS countries. To qualify for preferential treatment the goods must meet the relevant origin rules

?) Preferential rates, providing for elimination or partial elimination of the full rate, apply in the context of preferential or free-trade agreements which the EU has entered into with third countries or groupings of third countries. To qualify for preferential treatment the goods must meet the relevant origin rules

?) Preferential rates, providing for elimination or partial elimination of the full rate, apply in the context of preferential or free-trade agreements which the EU has entered into with third world countries or groupings of third world countries. To qualify for preferential treatment the goods must meet the relevant origin rules

?) Preferential rates, providing for elimination or partial elimination of the full rate, apply in the context of preferential or free-trade agreements which the EU has entered into with OECD countries or groupings of OECD countries. To qualify for preferential treatment the goods must meet the relevant origin rules

?) The most remarkable phenomenon characterizing the economy of the United Kingdom has been the fall of service industries.

?) The most remarkable phenomenon characterizing the economy of the United Kingdom has been the fluctuation of service industries.

?) The most remarkable phenomenon characterizing the economy of the United Kingdom has been the stagnation of service industries.

?) The most remarkable phenomenon characterizing the economy of the United Kingdom has been the growth of service industries.

?) The manufacturing industry as a whole has continued to grow both in employment and in its contribution (now less than one-fourth) to the gross domestic product (GDP).

?) The manufacturing industry as a whole has continued to develop both in employment and in its contribution (now less than one-fourth) to the gross domestic product (GDP).

?) The manufacturing industry as a whole has continued to shrink both in employment and in its contribution (now less than one-fourth) to the gross domestic product (GDP).

?) The manufacturing industry as a whole has continued to stagnate both in employment and in its contribution (now less than one-fourth) to the gross domestic product (GDP).

?) If interest rates are too high, this may discourage borrowing and spending. That will help bring inflation down but may temporarily reduce output and employment.

?) If interest rates are too high, this may discourage borrowing and spending. That will help bring inflation down and may temporarily increase output and employment.

?) If interest rates are too high, this may discourage saving and spending. That will help bring inflation down but may temporarily reduce output and employment.

?) If interest rates are too high, this may discourage saving and spending. That will help bring inflation down and may temporarily increase output and employment.

?) If interest rates are too low, this may encourage too much borrowing and spending and result in the emergence of inflationary pressures.

?) If interest rates are too low, this may encourage too much borrowing and saving and result in the emergence of inflationary pressures.

?) If interest rates are too low, this may encourage too much borrowing and spending and result in the emergence of unemployment.

?) If interest rates are too low, this may encourage too much borrowing and saving and result in the emergence of unemployment.

?) The main kinds of income that are subject to income tax are earnings from employment and self-employment, unemployment benefit, pension payments during retirement, profits from business, income from property, bank and building society interest and national insurance benefits.

?) The main kinds of income that are subject to income tax are earnings from employment and self-employment, unemployment benefit, pension payments during retirement, profits from business, income from property, bank and building society interest and dividends on shares.

?) The main kinds of income that are subject to income tax are earnings from employment and self-employment, debt payments, pension payments during retirement, profits from business, income from property, bank and building society interest and dividends on shares.

?) The main kinds of income that are subject to income tax are earnings from employment and self-employment, debt payments, pension payments during retirement, profits from business, income from property, bank and building society interest and national insurance benefits.

?) A multinational corporation is a very large partnership with a head office in one country and several branches operating overseas

?) A multinational corporation is a very large partnership with a head office in one town and several branches operating over the country

?) A multinational corporation is a very large firm with a head office in one country and several branches operating overseas

?) A multinational corporation is a very large firm with a head office in one town and several branches operating over the country

?) Stamp duty reserve tax (SDRT) was introduced in 1986 and applies to certain transactions in electronic form that are not liable to council tax because there is no physical transfer of ownership, such as the sale of shares held in electronic accounts.

?) Stamp duty reserve tax (SDRT) was introduced in 1986 and applies to certain transactions in securities that are not liable to council tax because there is no physical transfer of ownership, such as the sale of shares held in electronic accounts.

?) Stamp duty reserve tax (SDRT) was introduced in 1986 and applies to certain transactions in securities that are not liable to stamp duty because there is no physical transfer of ownership, such as the sale of shares held in electronic accounts.

?) Stamp duty reserve tax (SDRT) was introduced in 1986 and applies to certain transactions in electronic form that are not liable to stamp duty because there is no physical transfer of ownership, such as the sale of shares held in electronic accounts.

?) The policy's aims have been to improve agricultural productivity in order to ensure stable agricultural markets while simultaneously affording producers a fair standard of living and guaranteeing consumers regular food supplies at reasonable prices.

?) The policy's aims have been to improve agricultural productivity in order to ensure stable agricultural markets while simultaneously affording producers a fair competition and guaranteeing consumers regular food supplies at low prices.

?) The policy's aims have been to improve agricultural productivity in order to ensure stable agricultural markets while simultaneously affording producers a fair standard of living and guaranteeing consumers regular food supplies at low prices.

?) The policy's aims have been to improve agricultural productivity in order to ensure stable agricultural markets while simultaneously affording producers a fair competition and guaranteeing consumers regular food supplies at reasonable prices.

?) The Bank's monetary policy objective is to deliver price stability and, without prejudice to that objective, to support the Government's economic policy, including its objectives for growth and employment

?) The Bank's monetary policy objective is to deliver price rise and, without prejudice to that objective, to support the Government's economic policy, including its objectives for growth and self-employment

?) The Bank's monetary policy objective is to deliver low prices and, without prejudice to that objective, to support the Government's economic policy, including its objectives for growth and unemployment

?) The Bank's monetary policy objective is to deliver price rise and, without prejudice to that objective, to support the Government's economic policy, including its objectives for growth and employment

?) The United Kingdom has a number of organized financial markets: the securities markets, the Listed Securities Market, and the Third Market.

?) The United Kingdom has a number of organized financial markets: the securities markets, the Unlisted Securities Market, and the Third Market.

?) The United Kingdom has a number of organized financial markets: the securities markets, the Unlisted Securities Market, and the Listed Securities Market.

?) The United Kingdom has a number of organized financial markets: the securities markets, the Listed Securities Market, and the Second Market.

?) The EU is a customs union. Member States charge a common tariff on goods from outside the EU.

?) The EU is a customs union. Member States charge a common tariff on foodstuff from inside the EU.

?) The EU is a customs union. Member States charge a common tariff on goods from inside the EU.

?) The EU is a customs union. Member States charge a common tariff on foodstuff from outside the EU.

?) British Trade International (BTI) brings together the work of the OECD and the Department of Trade and Industry (DTI) on international trade and investment.

?) British Trade International (BTI) brings together the work of the FCO and the Department of Trade and Industry (DTI) on import and export.

?) British Trade International (BTI) brings together the work of the OECD and the Department of Trade and Industry (DTI) on import and export.

?) British Trade International (BTI) brings together the work of the FCO and the Department of Trade and Industry (DTI) on international trade and investment.

?) The United Kingdom now ranks among the top developing countries in growth rates, productivity, and competitiveness.

?) The United Kingdom now ranks among the top capitalist countries in growth rates, productivity, and competitiveness.

?) The United Kingdom now ranks among the top agricultural countries in growth rates, productivity, and competitiveness.

?) The United Kingdom now ranks among the top industrial countries in growth rates, productivity, and competitiveness.

?) The range of mineral resources of economic value in the United Kingdom is relatively moderate.

?) The range of mineral resources of economic value in the United Kingdom is relatively low.

?) The range of mineral resources of economic value in the United Kingdom is relatively high.

?) The range of mineral resources of economic value in the United Kingdom is relatively limited.

?) Each individual has a personal allowance, which is deducted from total income before tax in order to reach taxable income.

?) Each individual has a personal allowance, which is deducted from a part of income before tax in order to reach taxable income.

?) Each individual has a personal allowance, which is deducted from a part of income after tax in order to reach taxable income.

?) Each individual has a personal allowance, which is deducted from total income after tax in order to reach taxable income.

?) Products that feature prominently in British exports are machinery, automobiles and other transport equipment, computers, aerospace equipment, electrical and electronics goods, and gas.

?) Products that feature prominently in British exports are machinery, automobiles and other transport equipment, computers, aerospace equipment, foodstuff and beverages, and gas.

?) Products that feature prominently in British exports are machinery, automobiles and other transport equipment, computers, aerospace equipment, electrical and electronics goods, and oil.

?) Products that feature prominently in British exports are machinery, automobiles and other transport equipment, computers, aerospace equipment, foodstuff and beverages, and oil.

?) The country imports one-tenth of its beverages and about one-third of its machinery and transport equipment.

?) The country imports one-tenth of its foodstuffs and about one-third of its machinery and transport equipment.

?) The country imports one-tenth of its beverages and about one-third of its machinery and aerospace equipment.

?) The country imports one-tenth of its foodstuffs and about one-third of its machinery and aerospace equipment.

?) The manufacturing sector provides the source of greatest growth.

?) The industry sector provides the source of greatest growth.

?) The agricultural sector provides the source of greatest growth.

?) The service sector provides the source of greatest growth.

?) Where a threat to the stability of the financial system is perceived to be present; the Bank may intervene to stand between an intermediary and the market place in order to facilitate payments and settlements, which might otherwise not be completed, in extreme cases, emergency financial support by the Bank might be provided, the so-called 'lender of last resort' (LOLR) function, but this is only done where the failure of one institution could bring down other, otherwise viable, institutions.

?) Where a threat to the stability of the financial system is perceived to be present; the Bank may intervene to stand between an intermediary and the market place in order to facilitate payments and settlements, which might otherwise not be completed, in extreme cases, emergency decrease of interest rates by the Bank might be provided, the so-called 'lender of last resort' (LOLR) function, but this is only done where the failure of one institution could bring down other, otherwise viable, institutions.

?) Where a threat to the stability of the financial system is perceived to be present; the Bank may intervene to stand between an intermediary and the market place in order to facilitate payments and borrowings, which might otherwise not be completed, in extreme cases, emergency decrease of interest rates by the Bank might be provided, the so-called 'lender of last resort' (LOLR) function, but this is only done where the failure of one institution could bring down other, otherwise viable, institutions.

?) Where a threat to the stability of the financial system is perceived to be present; the Bank may intervene to stand between an intermediary and the market place in order to facilitate payments and borrowings, which might otherwise not be completed, in extreme cases, emergency financial support by the Bank might be provided, the so-called 'lender of last resort' (LOLR) function, but this is only done where the failure of one institution could bring down other, otherwise viable, institutions.

?) The Department of Trade and Industry has overall responsibility for international trade policy.

?) The British Trade International has overall responsibility for international trade policy.

?) The Bank of England has overall responsibility for international trade policy.

?) The Foreign and Commonwealth Office has overall responsibility for international trade policy.

?) Corporation tax is charged on profits made by UK resident companies, public corporations and unincorporated associations. The profit on which corporation tax is charged is comprised of income from trading and/or investments and capital gains. If a company makes a trading loss, then the loss can be carried back for one year to be set against profits in that period or it may be earned forward indefinitely. The standard rate of corporation tax is currently 30%, and there is a reduced rate of 20% for companies with profits of less than £300,000.

?) Corporation tax is charged on profits made by UK resident companies, public corporations and unincorporated associations. The profit on which corporation tax is charged is comprised of income from trading and/or investments and capital gains. If a company makes a trading loss, then the loss can be carried back for one year to be set against profits in that period or it may be earned forward indefinitely. The standard rate of corporation tax is currently 40%, and there is a reduced rate of 20% for companies with profits of less than £300,000.

?) Corporation tax is charged on profits made by UK resident companies, public corporations and partnerships. The profit on which corporation tax is charged is comprised of income from trading and/or investments and capital gains. If a company makes a trading loss, then the loss can be carried back for one year to be set against profits in that period or it may be earned forward indefinitely. The standard rate of corporation tax is currently 40%, and there is a reduced rate of 20% for companies with profits of less than £300,000.

?) Corporation tax is charged on profits made by UK resident companies, public corporations and partnerships. The profit on which corporation tax is charged is comprised of income from trading and/or investments and capital gains. If a company makes a trading loss, then the loss can be carried back for one year to be set against profits in that period or it may be earned forward indefinitely. The standard rate of corporation tax is currently 30%, and there is a reduced rate of 20% for companies with profits of less than £300,000.

?) in short-term decline

?) in long-term growth

?) in long-term decline

?) in short-term growth

?) in oil and nuclear resources

?) in nuclear resources

?) in gas and nuclear resources

?) in oil and natural gas

?) savings and spendings

?) borrowings and spendings

?) imports and exports

?) productivity and competitiveness

?) life insurance

?) employee’s insurance

?) business insurance

?) civil liability insurance

?) non-inflationary economic slowdown

?) inflationary economic slowdown

?) non-inflationary economic growth

?) inflationary economic growth

?) to productive cattle

?) to productive crops

?) to productive forestry

?) to productive industry

?) conducting monetary policy

?) being the lender of the last resort

?) default on payments

?) setting interest rates