__________ _____________ of Amazon is the world's richest an.
Jess Bezos
The term used to describe the two income groups being apart is the ______________ _____________.
Income Gap
What affects prices in a country?
Inflation
For every $1 of course fee paid, income tax will deduct $______ off your income tax.
$1
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
What does GDP stand for?
Gross Domestic Product
For how many years was Singapore named as the most expensive city in the world?
5
Another word for mean is ______________.
average
GDP is made up of two components. What are they?
Goods and Services
73% of Singapore's wealth is owned by ___% of top income earners.
20
Singapore's inflation rate has not exceeded _________% in 2020.
1
Is Singapore a Welfare State? Yes or No?
No
Singapore' GDP in 2020 is about $_________ billion.
300
Inflation affects our ________ of living.
cost
When interest rates on savings are low, people tend to __________ their money.
(1) spend or (2) save
(1) spend
Which organisation in Singapore collects taxes?
Inland Revenue Authority of Singapore (IRAS)
Singapore's maximum income tax rate is ______%.
22%
In 2019, Singapore was ranked number _______ as the easiest place to do business.
2
What does CPF stand for?
Central Provident Fund
Who is Singapore's richest man?
Li Xiting
For every $1 donated to charities, you get $_________ deducted from income tax.
$2.50
What is the meaning of meritocracy? Explain it in your own words.
You are rewarded based on how well you do.
What is commonly known as plastic?
credit cards
CPF is made up of 3 accounts, they are the Special, Medisave & the ____________ account.
ordinary
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 you buy a home, you need to pay _____% in cash.
5
How much do employers contribute to an employee's CPF? Answer in percentage.
17%
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