This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 1 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. True or False:Social Security cannot pay you your full benefits if you do not have enough credits. A) True. B) False. Show Answer Correct Answer: A) True. 2. A taxpayer that derived income solely from business is required to file BIR Form 1700. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 3. ..... are funds used not only to keep the government machinery going, but also to enable the government to carry out its various fiscal functions of allocation, distribution, and stabilization A) Public revenues. B) Grants. C) Fiscal Policy. D) Monetary Policy. Show Answer Correct Answer: A) Public revenues. 4. Non-Taxable Income for married status is A) Rp54.000.000. B) Rp45.000.000. C) Rp5.400.000. D) Rp4.500.000. Show Answer Correct Answer: D) Rp4.500.000. 5. The benefit of section 54 is available only to an individual or a HUF. A) True. B) False. Show Answer Correct Answer: A) True. 6. Goods and Services tax are the example of ..... A) GST. B) Direct Tax. C) Indirect tax. D) IT. Show Answer Correct Answer: C) Indirect tax. 7. GST rates applicable on goods and services are: A) 0% 5% 12% 18% 26%. B) 0% 6% 12% 18% 28%. C) 0% 5% 12% 18% 28%. D) 0% 5% 12% 16% 28%. Show Answer Correct Answer: C) 0% 5% 12% 18% 28%. 8. An employee must be able to provide evidence of all expenses if required by A) False. B) True. Show Answer Correct Answer: B) True. 9. Money taken by the government for public use A) Boycott. B) Smuggle. C) Taxes/taxation. D) Parliament. Show Answer Correct Answer: C) Taxes/taxation. 10. A non resident Indian is not liable to pay tax on his income received in India. A) True. B) False. Show Answer Correct Answer: B) False. 11. The tax you pay on money you receive from various sources A) Excise tax. B) Corporate income tax. C) Income tax. D) Estate tax. Show Answer Correct Answer: C) Income tax. 12. Companies pay this tax on their profits. A) Income tax. B) Inheritance tax. C) Stamp duty. D) Corporation tax. Show Answer Correct Answer: D) Corporation tax. 13. A tax that only applies to certain products A) Social Security Tax. B) Excise Tax. C) Income Tax. D) Progressive Tax. Show Answer Correct Answer: B) Excise Tax. 14. A direct tax cannot be shifted to another. A) True. B) False. Show Answer Correct Answer: A) True. 15. This amendment gave our government the power to collect taxes based on people's income. A) 15th. B) 16th. C) 17th. D) 18th. Show Answer Correct Answer: B) 16th. 16. Jake wants to purchase a video game for $ 10. Jake hands the cashier a $ 10 bill plus two $ 1 bills for tax. What tax is Jake paying? A) Payroll Tax. B) Income Tax. C) Sales Tax. D) Property Tax. Show Answer Correct Answer: C) Sales Tax. 17. GST is imposed on the production of all services and goods, except ..... A) Liquor intended for human ingestion. B) Tobacco. C) Health care service. D) All of the above. Show Answer Correct Answer: A) Liquor intended for human ingestion. 18. Income Tax is levied on the ..... of a person. A) Total Income. B) Total Income-Debt. C) Gross Total Income. D) Net Income-Debt. Show Answer Correct Answer: A) Total Income. 19. Money from taxes is called? A) Greenbacks. B) Continentals. C) Revenue. D) Wampum. Show Answer Correct Answer: C) Revenue. 20. What are Taxes? A) A sum of money that the Federal government pays its citizens for good behavior. B) A sum of money that the State Mandates its businesses pay in order to support the cleaning of their parking lot. C) A sum of money that the Federal Government charges its citizens to clean up their messes. D) A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. Show Answer Correct Answer: D) A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. Next →Related QuizzesAccounting QuizzesTaxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9Taxation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books