This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Stamps were placed on A) Newspapers, pamphlets and playing cards. B) Newspapers and shirts. C) Barrels, playing cards and documents. D) None of above. Show Answer Correct Answer: A) Newspapers, pamphlets and playing cards. 2. The three inherent powers of the State includes all, except A) Taxation. B) Police Power. C) Eminent Domain. D) Public Borrowings. Show Answer Correct Answer: D) Public Borrowings. 3. What did the Townshend acts do? A) Put a tax on sugar. B) Put a tax on tea. C) Put a tax on paper goods. D) Put a tax on any goods imported to the colonies. Show Answer Correct Answer: D) Put a tax on any goods imported to the colonies. 4. Which is an example for Indirect tax A) Wealth Tax. B) Gift tax. C) Income tax. D) Excise Act. Show Answer Correct Answer: D) Excise Act. 5. The following is how the tax revenue is used except A) Agricultural and industrial purposes. B) Healthcare. C) Education. D) Government policy implementation tool. Show Answer Correct Answer: D) Government policy implementation tool. 6. The idea that people in the same circumstances must pay the same amount. A) Simplicity. B) Efficiency. C) Equity. D) Certainty. Show Answer Correct Answer: C) Equity. 7. Colonists how to provide a bed, candle, food, and drinks A) Townshend Act. B) Quartering Act. C) Sugar Act. D) Stamp Act. Show Answer Correct Answer: B) Quartering Act. 8. What duties are taxes on intra-State supplies? A) CGST. B) SGST. C) CGST and SGST. D) IGST. Show Answer Correct Answer: C) CGST and SGST. 9. What term is this definition of? "To dissuade people from consuming some non-essential goods and services." A) Taxation. B) Perks. C) Excise tax. D) Corporate income tax. Show Answer Correct Answer: C) Excise tax. 10. Tax Overpayment Assessment Letter is issued if A) The tax owed is less than the tax credit. B) Tax payable is the same as tax credit. C) The tax owed is greater than the tax credit. D) Zero tax payable and zero tax credit. Show Answer Correct Answer: A) The tax owed is less than the tax credit. 11. To act for or on behalf of someone A) Boycott. B) Representation. C) Parliament. D) Taxation. Show Answer Correct Answer: B) Representation. 12. When taxes can adapt to changes in the economic environment, we call this principle of taxation: A) Responsiveness. B) Adaptability. C) Flexibility. D) Wishful Thinking. Show Answer Correct Answer: C) Flexibility. 13. Show the true result of the operation A) Inflation accounting. B) Accounting standards. C) Accounts statement. D) None of the above. Show Answer Correct Answer: A) Inflation accounting. 14. Types of taxes are A) Direct and Indirect Tax. B) Income and VAT Tax. C) Excise and Income Tax. D) Direct and Other Tax. Show Answer Correct Answer: A) Direct and Indirect Tax. 15. Profits made by selling assets are generally liable to a ..... A) Capital gains tax. B) Sales tax. C) Capital transfer tax. D) Wealth tax. Show Answer Correct Answer: A) Capital gains tax. 16. How many pounds of unsold tea did the East India Company have? A) 18 million pounds. B) 17 million pounds. C) 12 pounds. D) 18, 000 pounds. Show Answer Correct Answer: A) 18 million pounds. 17. It is added to a product at every point on the supply chain where value is added. A) Payroll tax. B) Consumption tax. C) Inheritance tax. D) Value added tax. E) Income tax. Show Answer Correct Answer: D) Value added tax. 18. Reducing of tax liability by showing lower income- A) Tax Avoidance. B) Tax Planning. C) Tax Evasion. D) All of the above. Show Answer Correct Answer: C) Tax Evasion. 19. What are low tax countries called? A) Tax evasion. B) Tax avoidance. C) Tax shelters. D) Tax havens. Show Answer Correct Answer: D) Tax havens. 20. When is a tax regressive? A) When some goods have a lower tax than others. B) When the tax as a proportion of income decreases as income increases. C) When the tax is linked to the rate of inflation. D) When the tax is on incomes rather than on goods or services. Show Answer Correct Answer: B) When the tax as a proportion of income decreases as income increases. ← 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