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Real life applications of money exchange, profit, loss & taxation.

Time to learn.
by

Min Chi Chua

on 28 March 2011

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Transcript of Real life applications of money exchange, profit, loss & taxation.

Real life applications of
Money exchange,
profit & loss,
taxation. 1.Money exchange: When you travel to USA for example,
you need US dollars. That's when money
exchange comes in. The changing of money is money exchange. Simple, isn't it? 2. Profit and loss. Profit : How much money you earn from sales or business. Loss : How much money you lose through sales or business. So it's pretty obvious that profit is good and loss is bad. Now's where profit&loss and $ exchange
come together Knowing that the exchange rate for Singapore dolllars to USA dollars is 1SGD$ : 0.79 US$, if a money changer changes 1SGD$ to 0.80 US$, he makes a profit of 0.1US$ per SGD. but... if he changes 1SGD$ to 0.78US$, he loses 0.1
US$ per SGD changed. 3. Taxation Tax is the money we pay to the government, We ALL pay tax. They may come in forms of: Income tax,
Goods&services tax(GST),
Transport (ERP),
and so on.. 1. Income tax is how much you give to the government based on your salary. 2. GSt is how much extra money we have to pay ,which goes to the government, when we buy stuff. 3. transport tax, such as ERP, is money paid to the government when you go on a certain road. It also depends what kind of vehicle you are using, like motorcyclists have to pay less than car drivers. Now... you might ask what all this money is used for, Well, the government uses this whole lot of money to build roads, houses, subsidise our education, blah blah blah. ...so tax isn't ALL that bad. That's pretty much all we have,
so thank you for your attention:)
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