This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Stamp Duty may be levied on: A) The purchase of Demerit Goods. B) The purchase or sale of Property. C) The purchase or sale of Luxury Goods. D) The purchase of gas. Show Answer Correct Answer: B) The purchase or sale of Property. 2. In most countries the income tax system can be considered: A) An example of regressive taxation. B) An example of proportional taxation. C) An example of progressive taxation. D) An example of indirect taxation. Show Answer Correct Answer: C) An example of progressive taxation. 3. Legal efforts that can be taken by the taxpayer or tax bearer against an objection decision, the taxpayer can take further legal action to the tax court called A) Object. B) Banding. C) Bookkeeping. D) Investigation. Show Answer Correct Answer: B) Banding. 4. Entertaiment given to potential client in a closed transaction A) Allowed a deduction of 100%. B) Allowed a deduction of 50%. C) Not allowed a deduction of 100%. D) Not allowed a deduction of 50% . Show Answer Correct Answer: C) Not allowed a deduction of 100%. 5. Another name for tax(es) A) Fine. B) Fee. C) Commission. D) Duty. Show Answer Correct Answer: D) Duty. 6. Which of the following is not included in taxable income- A) Income from smuggling activity. B) Casual income. C) Gifts of personal nature subject to a maximum of '50, 000 received in cash. D) Income received in kind. Show Answer Correct Answer: C) Gifts of personal nature subject to a maximum of '50, 000 received in cash. 7. It is a term for when a taxing authority, usually a government, levies or imposes a tax. A) Tax payers. B) Tax Credits. C) Tax rate. D) Taxation. Show Answer Correct Answer: D) Taxation. 8. Which is illegal way of non payment or minimizing of tax? A) Tax Avoidance. B) Tax Exemption. C) Tax Evasion. D) Indirect Double Taxation. Show Answer Correct Answer: C) Tax Evasion. 9. Brenda's net pay is $ 525/week. Her gross is $ 700. How much money is deducted from her paycheck each week? A) $ 525.00. B) $ 700.00. C) $ 175.00. D) $ 125.00. Show Answer Correct Answer: C) $ 175.00. 10. The determination of the situs of taxation depends on various factors include the following, except A) Nature of the tax. B) Subject matter thereof. C) Source of the income. D) The ability to pay of the taxpayer. Show Answer Correct Answer: D) The ability to pay of the taxpayer. 11. Tax withheld on income in connection with work, services and/or activities is called A) Income Tax Article 21. B) Income Tax Article 22. C) Income Tax Article 23. D) Income Tax Article 25. Show Answer Correct Answer: A) Income Tax Article 21. 12. A supplier that consists of two or even more services would be classified as the provision that describes the variables that are subject to a higher rate of taxation. A) Composite. B) Mixed. C) Both (a) and (b). D) None of the above. Show Answer Correct Answer: B) Mixed. 13. The Philippine individual income tax is characterized by increasing tax rate as the tax base increase. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 14. IGST is billed as soon as the stock is ..... A) Federal. B) Intra-UT. C) Intra-state. D) All of the above. Show Answer Correct Answer: A) Federal. 15. As per Income Tax Act, 1961, income tax is charged on the income of ..... at a rates which are prescribed by the Finance Act of relevant assessment year A) Current Year. B) One year before previous year. C) Previous year. D) None of the Above. Show Answer Correct Answer: C) Previous year. 16. The official date for when taxes are due A) January 15. B) February 15. C) March 15. D) April 15. Show Answer Correct Answer: D) April 15. 17. Which of the following are non-taxable supplies in accordance with current regulations? A) Insurance Services. B) Public postal service. C) Solid-liquid collection and disposal services. D) Electricity and clean water. Show Answer Correct Answer: D) Electricity and clean water. 18. When you die this tax is collected A) Market. B) GDP. C) Sales tax. D) Estate tax. Show Answer Correct Answer: D) Estate tax. 19. An individual, being foreign national, came to India first time during the previous year 2019-20 on 01-01-2020 for 200 days, his residential status for the previous year 2019-20 is. A) Non-resident. B) Resident but not ordinarily resident in India. C) Resident and ordinarily resident in India. D) Resident in India. Show Answer Correct Answer: A) Non-resident. 20. A Filipino citizen residing in the Philippines is levied taxes for income derived inside the Philippines only. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . ← 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