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For how many years was Singapore named as the most expensive city in the world?
5
In 2019, Singapore was ranked number _______ as the easiest place to do business.
2
Is Singapore a Welfare State? Yes or No?
No
What is the meaning of meritocracy? Explain it in your own words.
You are rewarded based on how well you do.
CPF is made up of 3 accounts, they are the Special, Medisave & the ____________ account.
ordinary
How much do employers contribute to an employee's CPF? Answer in percentage.
17%
Which organisation in Singapore collects taxes?
Inland Revenue Authority of Singapore (IRAS)
What does CPF stand for?
Central Provident Fund
What percentage of income is put into CPF?
20%
For every $1 of course fee paid, income tax will deduct $______ off your income tax.
$1
For every $1 donated to charities, you get $_________ deducted from income tax.
$2.50
Singapore's maximum income tax rate is ______%.
22%
What is commonly known as plastic?
credit cards
When you buy a home, you need to pay _____% in cash.
5
Every bank needs to keep a certain percentage of savings in the bank without investing the money. What is this called? Clue - FRB
Fractional Reserve Banking
When interest rates on savings are low, people tend to __________ their money. (1) spend or (2) save
(1) spend
__________ _____________ of Amazon is the world's richest an.
Jess Bezos
Who is Singapore's richest man?
Li Xiting
73% of Singapore's wealth is owned by ___% of top income earners.
20
The term used to describe the two income groups being apart is the ______________ _____________.
Income Gap
Another word for mean is ______________.
average
There are two measurements used when we want to have an indication of how well or badly the population is doing. They are the _____________ and _____________.
mean and median
Singapore' GDP in 2020 is about $_________ billion.
300
Singapore's inflation rate has not exceeded _________% in 2020.
1
Inflation affects our ________ of living.
cost
What affects prices in a country?
Inflation
GDP is made up of two components. What are they?
Goods and Services
What does GDP stand for?
Gross Domestic Product