This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The primary purpose of taxation on the part of the government is to provide funds or property with which to promote the general welfare and the protection of its citizens and to enable it to finance its multifarious activities. A) True. B) False. Show Answer Correct Answer: A) True. 2. Which one of the below taxes is included in the GST? A) Central sales tax. B) Central excise duty. C) VAT. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. Which one of the below will not be added to supply value? A) GST. B) Interest. C) Late fee. D) Commission. Show Answer Correct Answer: A) GST. 4. In which circumstances will the greatest amount of the tax be borne by the consumer? A) PED-ELASTIC, PES-INELASTIC. B) PED-INELASTIC, PES-ELASTIC. C) PED-INELASTIC, PES-INELASTIC. D) PED-ELASTIC, PES-INELASTIC. Show Answer Correct Answer: B) PED-INELASTIC, PES-ELASTIC. 5. Assessee means A) The person who is liable to pay tax. B) An individual who escape tax. C) Every Indian. D) Every citizen of India. Show Answer Correct Answer: A) The person who is liable to pay tax. 6. Income tax payable by Mr. Lee is RM2 419.50. His salary was deducted monthly by RM 150.00 for monthly tax deduction (PCB). Does Mr. Lee need to pay any more income tax after the monthly deductions? A) Yes, he needs to pay RM 619.50. B) No, he will get refund of RM 619.50 from IRB. C) Yes, he needs to pay RM 2 269.50. D) No, he will get refund of RM 2 269.50 from IRB. Show Answer Correct Answer: A) Yes, he needs to pay RM 619.50. 7. Which word is not in use in word combinations with "tax" ? A) Impose. B) Charge. C) Levi. D) Levy. Show Answer Correct Answer: C) Levi. 8. Under the Customs Act, 1962, the regulations making power is delegated to A) Central Board of Indirect Taxes and Customs (CBIC). B) Respective State Governments. C) Partly to the Central Government and partly to the respective State Governments. D) Central Government. Show Answer Correct Answer: A) Central Board of Indirect Taxes and Customs (CBIC). 9. Maximum deductions under section 80C is A) 1, 00, 000. B) 1, 50, 000. C) 2, 00, 000. D) 2, 50, 000. Show Answer Correct Answer: B) 1, 50, 000. 10. Ourr tax money is spent on all of the following EXCEPT. A) Social Security. B) The Military. C) Private School Education. D) National Parks. Show Answer Correct Answer: C) Private School Education. 11. ..... cover proceeds from sales of fixed capital assets or scrap thereof and public domain and gains on such sales like sale of public lands, buildings and other structures, equipment, and other properties recorded as fixed assets. A) Tax Revenue. B) Extra-ordinary Income. C) Capital Revenue. D) Borrowings. Show Answer Correct Answer: C) Capital Revenue. 12. A tax on the value of a person's assets if their value is above a particular amount A) Stamp duty. B) Tax exile. C) Wealth tax. D) Tax burden. Show Answer Correct Answer: C) Wealth tax. 13. A tax collection system that authorizes taxpayers to calculate, calculate, pay and report for themselves the amount of tax that must be paid A) Official Assesment System. B) Self Assessment System. C) Witholding System. D) Real Stelsel. Show Answer Correct Answer: B) Self Assessment System. 14. Payment rcd by the employer on the maturity of the Keyman Insurance Policy is taxable u/h A) PGBP. B) Salary. C) Style. D) None. Show Answer Correct Answer: A) PGBP. 15. As per Section 2(1) of the Customs Act, 1962, ..... means any authority competent to pass any order or decision under this Act, but does not include the Board, Commissioner (Appeals), or Appellate Tribunal. A) Adjudicating Authority. B) Proper Authority. C) Proper Officer. D) Custom Authority. Show Answer Correct Answer: A) Adjudicating Authority. 16. In 2008, the government of Argentina imposed a tax on exports of wheat and soya beans.What was the most likely aim of this tax? A) To increase agricultural output. B) To increase exports. C) To reduce a budget surplus. D) To reduce the rise in domestic food prices. Show Answer Correct Answer: D) To reduce the rise in domestic food prices. 17. Tax collections during January to September 2021 amounted to ..... A) 2.03 trillion. B) 1.85 trillion. C) 71.8 billion. D) 14.3 billion. Show Answer Correct Answer: A) 2.03 trillion. 18. What are three ways you have benefited from taxes today? A) Zoo's, Arena's, and Big C. B) Highway signs, highways, and bike reflectors. C) Police officers, teachers, and the internet. D) Schools, libraries, and Clean Communities. Show Answer Correct Answer: D) Schools, libraries, and Clean Communities. 19. Income from a business in Pakistan is taxable in the case of non resident in India A) True. B) False. Show Answer Correct Answer: B) False. 20. What type of tax do you pay when shopping A) Estate tax. B) Income tax. C) Sales tax. D) Property tax. Show Answer Correct Answer: C) Sales tax. ← 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