This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Colonists believed that they should not be taxed if they did not agree to the taxes. A) True. B) False. Show Answer Correct Answer: A) True. 2. What is the purpose of Social Security? A) To protect the safety of our nation's harbors. B) To provide a trained military. C) To help Americans pay the bills when they can no longer work. D) To provide low cost healthcare. Show Answer Correct Answer: C) To help Americans pay the bills when they can no longer work. 3. An assessee is always a person but a person need not to be assessee the statement is A) May be. B) True. C) False. D) Partial true. Show Answer Correct Answer: B) True. 4. In which city did colonists leave tea to rot on the docks? A) Raeigh. B) Charleston. C) New London. D) Georgetown. Show Answer Correct Answer: B) Charleston. 5. Income chargeable u/s 28 includes: A) A) Income from business, profession or vocation. B) Any amount received by any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of the agency or the modification of any of the terms and conditions relating thereto. C) Any amount received by any person, for or in connection with the vesting in the Government or any corporation owned or controlled by the Government under any law for the time being in force, of the management of any property or business. D) All of Above. Show Answer Correct Answer: D) All of Above. 6. Are farmers exempt from paying tax? A) YES. B) NO. C) NONE OF THE ABOVE. D) None of above. Show Answer Correct Answer: B) NO. 7. Income tax is a tax on the net income or the entire income realized in one taxable year. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 8. I haven't decided yet where to go for my holiday. I ..... go to Greece. A) Should. B) May. C) Can. D) Would. Show Answer Correct Answer: B) May. 9. Parliament created the Tea Act to help which company? A) The British Tea company. B) The West India Company. C) The East India Company. D) The British Tea Company. Show Answer Correct Answer: C) The East India Company. 10. The tax period for excises is recognised: A) Calendar year. B) Calendar month. C) Quarter. D) All answers are incorrect. Show Answer Correct Answer: B) Calendar month. 11. The price we pay for civilization. A) Wealth. B) Incomes. C) Taxes. D) Insurance. Show Answer Correct Answer: C) Taxes. 12. Employees are obligated to pay 1% of their net salary to the fund. A) True. B) False. Show Answer Correct Answer: B) False. 13. I have to pay this tax so I can live on my property A) Property tax. B) Income tax. C) Excise tax. D) Sales tax. Show Answer Correct Answer: A) Property tax. 14. SSI stands for..... A) Small scale industries. B) Small scale investment. C) Standard supervisor industries. D) Small saving investment. Show Answer Correct Answer: A) Small scale industries. 15. The Internal Revenue Service is the primary implementing agency in charge of tax collections in the Philippines. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 16. When may the value of the transaction get discounted from the supplying value calculation? A) When the parties to a contract are connected, price isn't the only factor to consider. B) When the parties to the contract are linked or when affordability is not the only factor. C) It could not be turned down. D) When the items are sold with relatively little gross margins. Show Answer Correct Answer: B) When the parties to the contract are linked or when affordability is not the only factor. 17. While measuring the indexed cost of acquisition, ..... is irrelevant A) Cost of acquisition. B) Cost inflation index of the year of improvement of capital asset. C) Cost inflation index of the year of acquisition of capital asset. D) Cost inflation index of the year of transfer of capital asset. Show Answer Correct Answer: B) Cost inflation index of the year of improvement of capital asset. 18. Which of the following transactions are subject to stamp duty? A) Placing real estate as equity in the company. B) Transfer any part or all shares of the company. C) Contracts for the sale of goods or services related to government budget. D) Legal documents related to the registration of the company, the closure of the company or the dissolution of the merger company. Show Answer Correct Answer: D) Legal documents related to the registration of the company, the closure of the company or the dissolution of the merger company. 19. Colonists disguised themselves as what the night of the Boston Tea Party? A) Pilgrims. B) Squanto. C) Mohawk Indians. D) Commoners. Show Answer Correct Answer: C) Mohawk Indians. 20. To sneak goods into a country/place A) Boycott. B) Duty. C) Taxation. D) Smuggle. Show Answer Correct Answer: D) Smuggle. ← 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