FIP Principles Are Based on the Notion of the

question 67

Multiple Choice

FIP principles are based on the notion of the

• A) accountability of the record holder.
• B) responsibility of the record holder.
• C) mutuality of interest between the record holder and the individual.
• D) privacy of the individual.

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Definitions:

Saving

The process of setting aside a portion of current income for future use or for investment purposes.

Consumption Tax

Taxes applied on spending on goods and services, such as sales tax or Value Added Tax (VAT).

Income Tax

A tax levied by governments on individuals' or entities' income. The rate can vary based on income levels or earnings.

Average Tax Rate

The proportion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer's total income.