Exercise 5. Guess the meaning by its definition

1. The worth that is placed on a product by a particular stage in the production process.

2. To take (especially goods) illegally in or from one country to another whereby to avoid paying necessary tax (customs duty).

3. To provide a satisfactory record, especially money received and paid.

4. To cause something new to exist; to produce something new.

5. The act of causing a rule or law to be obeyed or carried out effectively.

6. To produce a new idea or thing for the first time

7. In spite of everything; without worrying about or taking account of.

8. To look like or be alike

9. To state exactly; describe fully.

10. In Latin the tax that is calculated as a percentage of the value of the goods

11. A calculation of the amount of tax a person has to pay; the document that shows this.

12. A raw material or manufactured product available for use or sale.

13. A person who buys goods and services for her/is own use and not for sale.

14. The using up of food, goods, energy and resources by people, organizations and countries.

15. A list of goods or services received that states how much you must pay for them.

16. To get back something that has been lost.

17. An amount that must be paid when particular goods are imported into a country.

18. A person or organization that earns money by buying goods and selling them at a profit.

19. The act of doing business or carrying out a business deal.

20. A tax charged at some percentage of the price of goods and services. It can be charged at each stage of the production process, but can be reclaimed by traders and producers. It is finally paid by the consume

Exercise 6 Grammar revision

1. It is they……will bear the ultimate responsibility when financial markets…… demand that deficit reduction …….be once again the order of the day and tax increases.…. become mandatory.

a) which; will; should; --; b) that; will; should; c) who; --; --; --; d) who; --; must; --.

2. We ….. face the reality that taxes ….. rise a lot in coming years.

a) will; will; b) will; must; c) must; are going to; d) may; are going to.

3. A VAT is the ….. way ……the hundreds of billions of dollars per year that …….

a) best; to get; will need; b) least worse, to get, must need; c) less worse, of getting;

d) least bad, of getting; will be needed.

4. The alternative is …. tax rates that will …….. reduce the economic growth.

a) high; more; b) highest; further; c) higher; far more; d) the highest; far more.

5. The ….. we can hope to do is make incremental improvements to the existing tax system and hopefully prevent it …….

a) worst; to get better; b) worse, to get the best; c) better; to getting worse; d) best; from getting worse.

6. Congress believe that …… taxes are inevitable.

a) the highest; b) the lowest; c) lower; d) higher.

7. In particular, the enactment of a massive new Medicare drug benefit absolutely guarantees that the taxes …. … in the future even if Social Security ….. successfully.

a) will raise; will reform; b) will rise; will be reformed; c) will be raised, is reformed;

d) will be rised; is reformed.

8. ……… considerably different in their details, both bills had the same goal - to close tax loopholes and use the revenue to reduce rates.

a) owing to; b) although; c) according to; d) in spite.

9. The point is that tax reform wasn’t something that Reagan suddenly announced at the 1984 convention. It was already well in the work; detailed plans ….. under consideration in congress for some time. All he ….. do was to push the ball over the goal line for the final score.

a) had been; was to; b) had been; had to; c) was; had to; d) is; has to.

10. If Reagan ….. until his second term to begin the tax-reform process, there is a serious

that he …… successful

a) waited; would be; b) had waited; would be; c) had waited; would have been

11. Reagan had a clear tax philosophy – he wanted tax rates to be as low as possible. After cutting rates in 1981, however, the emergence of budget deficits made further tax cuts impossible and, in fact, led to tax increases. If he …. this point, he likely ….. in 1992.

a) understood; would be reelected; b) had understood; would have been reelected.

12. They ….. supporters of tax reform ……. the time they …….the article about it.

a) were; since; read; b) have been; from; read; c) were; since; have read; d) have been; since; read.

13. It is far more important to get the tax base straightened out. We ….. avoid double taxation, stop taxing things that …..be taxed, start taxing things that ……..be taxed.

a) should; ought not to; should; b) must; should; should; c) need; shouldn’t; must.

14. ……there are only two things that ….. be done with income - it …. be saved or spent – eliminating the taxation of saving necessarily leaves a tax that falls only on consumption.

a) as; must; can; b) since; can; can; c) for; can; must; d) because; need; need

15. We ….. have a tax system that taxes only consumption. The objection to the national retail tax is that it would tax consumption in a way that just won’t work administratively. One ……. as well replace the tax system with voluntary contributions to the government. It’s a nice idea, but unworkable.

a) must; can; b) should; might; c) need; could; d) could; need.

Exercise 7