This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. All individual taxpayers are granted a personal exemption of P 50, 000.00 and additional exemptions of P 50, 000.00 for each qualified dependent up to a maximum of four dependents. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 2. What tax do you recieve from your job A) Sales. B) Income. C) Estate. D) Excise. Show Answer Correct Answer: B) Income. 3. The source of tax payment is: A) Wages. B) Profit. C) Interests. D) All answers are correct. Show Answer Correct Answer: D) All answers are correct. 4. A type of tax levied on individuals who inherit the estate of a deceased person. A) Payroll tax. B) Consumption tax. C) Inheritance tax. D) Value added tax. E) Income tax. Show Answer Correct Answer: C) Inheritance tax. 5. Taxes are levied for public purpose or purposes. A) True. B) False. Show Answer Correct Answer: A) True. 6. The highest CGST rate legally permitted for intrastate supplies is ..... A) 18%. B) 40%. C) 20%. D) 20%+cess. Show Answer Correct Answer: B) 40%. 7. How much taxes were collected in Finland year 2019? A) 1 million euros. B) 11 million euros. C) 1 billion euros. D) 101 billion euros. Show Answer Correct Answer: D) 101 billion euros. 8. An enforced proportional contribution from owners of lands for special benefits resulting from public improvements. A) Tax. B) Special Assessment. C) Permit. D) Eminent Domain. Show Answer Correct Answer: B) Special Assessment. 9. What tax do you pay when you buy a house A) Economy. B) GDP. C) Employment rate. D) Property tax. Show Answer Correct Answer: D) Property tax. 10. Optical standard deduction scheme allows the business to claim deduction of 40% gross sales. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 11. This means that the property is taxable in the State where it has its actual situs, specifically in the place where it is located, even though the owner resides in another jurisdiction. A) The law of the situated property. B) Power of Taxation. C) Public Finance. D) Fiscal Administration. Show Answer Correct Answer: A) The law of the situated property. 12. Surcharge is calculated on the annual income above A) 10L. B) 15L. C) Accept. D) 50L. Show Answer Correct Answer: D) 50L. 13. An individual or business entity that is obligated to pay taxes to a federal, state, or local government. A) Taxation. B) Tax credit. C) Taxpayers. D) Tax rate. Show Answer Correct Answer: C) Taxpayers. 14. An amount of money citizens and businesses are required to pay so that they government can function and provide services. A) Supply and Demand. B) Security. C) Tax. D) Tariff. Show Answer Correct Answer: C) Tax. 15. What taxes do you pay when you buy fuel for your car A) Sales tax. B) Property tax. C) Income tax. D) Excise tax. Show Answer Correct Answer: D) Excise tax. 16. The federal government's health care system for people aged 65 and over A) Welfare. B) Tariff. C) SNAP / EBT. D) Medicare. Show Answer Correct Answer: D) Medicare. 17. Personal taxes include: A) Land tax. B) VAT. C) Duty. D) Income tax. Show Answer Correct Answer: D) Income tax. 18. The tax system should attempt to achieve its aims without any undesirable side effects. Eg. It should not lead to disincentives to work. This principle of taxation is called: A) Equity. B) Economical. C) Productivity. D) Efficiency. Show Answer Correct Answer: D) Efficiency. 19. Criminal organizations tend to pass money through a series of companies in very complicated transactions to disguise its origin from the tax inspectors and the police called ..... A) Tax evasion. B) Laundering money. C) Tax avoidance. D) Tax shelters. Show Answer Correct Answer: B) Laundering money. 20. Ideally taxes should be based on taxpayers ability to pay. In other words taxes should be: A) Lead to equality. B) Reduce Inequality. C) Equitable (fair). D) Rational. Show Answer Correct Answer: C) Equitable (fair). ← PreviousNext →Related QuizzesAccounting QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books