с тестом субсидія 9. державні запозичення
2. податковий кодекс 10. податок на додану вартість
3. витрати 11. відсоткова облігація
4. стягувати податки 12. основні фонди
5. вільний від податку 13. податок на спадщину
6. зовнішній борг 14. споживчі товари
7. бюджетний дефіцит 15. податкова «лазівка»
8. податок на предмети розкоші 16. податкова пільга
Task two. Give Ukrainian equivalents
1. money laundering 9. payroll tax
2. gift tax 10. sickness benefit
3. slump 11. budget constraint
4. government spending 12. income tax
5. tax liability 13. zero tax rate
6. business entity 14. defaulting tax payer
7. legal person 15. treasury bill
8. tax return 16. money supply
Task three. Match the words and phrases below which have the same meaning
1. revenue a) fund
2. finance b) sole trader
3. fight c) transaction
4. goal d) commodity
5. assets e) spending
6. expensive f) objective
7. boom g) yield
8. slump h) costly
9. return i) sumptuary
10. operation j) peak
11. product k) recession
12. luxury l) wealth
13. influence m) wages
14. outlay n) affect
15. self-employed o) combat
16. salary r) transaction
Task four. Mark whether these statements are true (T) or false (F).
1. Exchange policy is conducted by the government.
2. Income of both individuals and corporations is taxed.
3. VAT is paid in all the countries all over the world.
4. Monetary policy deals with taxes and expenditures.
5. Transfers are exchanged into goods and services.
6. Self-employed must file a tax declaration for a current tax year.

7. Most people are tax-free.
8. Budget deficit is financed through government borrowing.
9. Cyclical budget is the result of government policy.
10. Taxes on goods and services are known as direct taxes.
11. The less one earns, the less one pays in taxes is a kind of proportional tax.
12. Bonds issued by the US government are known as gilts.
13. Public goods are provided by the government.
14. Custom duties are taxes on the goods brought into a country.
15. Consumer products are used for personal or family consumption.
16. Too much money in the circulation may lead to inflation.
Task five. Choose the most suitable word.
1. Monetary policy is conducted by central/commercial banks.
2. Budget deficit is financed through government borrowing/expenditures.
3. Tax is the voluntary/compulsory contribution in the budget.
4. Payroll tax is an example of direct/indirect tax.
5. Contractionary fiscal policy is a tool to fight high inflation/unemployment.
6. Exceeding tax revenues over government expenditures is budget surplus/deficit.
7. Tax avoidance/evasion is legal.
8. Customs/excise duty is levied on luxury goods.
9. A long decrease in economy is recovery/recession.
10. Short-term security issued by the US government is treasury bill/bond.
11. In Ukraine VAT/excise duty is imposed on all sales transactions.
12. A person employed by someone is employer/employee.
13. Asking for the financial support to international organizations by the government is
referred to as internal/external public debt.
14. The institution whose function is controlling money supply in the country is
government/central bank.
15. VAT is an example of direct/indirect tax.
16. Tax evading/avoiding is to be punished by law.