This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. I ..... to sleep recently. A) Haven't been able. B) Mustn't. C) Can't. D) Couldn't. Show Answer Correct Answer: A) Haven't been able. 2. Taxed lead, paint, paper, tea A) Townshend Act. B) Quartering Act. C) Sugar Act. D) Stamp Act. Show Answer Correct Answer: A) Townshend Act. 3. Cash contribution for customer's annual dinner 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%. 4. What is the main function of taxation? A) To raise revenue to finance government expenditure. B) To economic growth, high employment, and low inflation. C) Can help one understand human thought and behavior. D) None of above. Show Answer Correct Answer: A) To raise revenue to finance government expenditure. 5. How many types of tax in the philippines A) 10. B) 12. C) 3. D) 4. Show Answer Correct Answer: D) 4. 6. What act taxed the tea that was brought into the colonies? A) The Quartering Act. B) The Tea Act. C) The Sugar Act. D) The Stamp Act. Show Answer Correct Answer: B) The Tea Act. 7. Taxes are the enforced proportional contributions from persons and property levied by the law-making body of the State by virtue of its sovereignty for the support of the government and all public needs. A) True. B) False. Show Answer Correct Answer: A) True. 8. A tax on profits made by corporations A) Excise tax. B) Corporate income tax. C) Income tax. D) Estate tax. Show Answer Correct Answer: B) Corporate income tax. 9. After claiming benefit under section 54, if new house is transferred within a period of ..... from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn. A) 1 year. B) 3 years. C) 5 years. D) 7 years. Show Answer Correct Answer: B) 3 years. 10. Based on the tax law and the prakas on payroll tax, employees are allowed to request a reduction in the tax base for dependent children and the federation. Which of the following points gives the right to reduce the tax base? A) The dependent child of the employee who is currently 5 years old and has not yet attended school. B) The dependent child of the employee who is currently 15 years old and has dropped out of school. C) The dependent child of an employee who is currently 20 years old and currently studying at a public high school. D) Unemployed husband. Show Answer Correct Answer: C) The dependent child of an employee who is currently 20 years old and currently studying at a public high school. 11. Governments impose income taxes on financial income generated by all entities within their jurisdiction, including individuals and businesses. A) Payroll tax. B) Consumption tax. C) Inheritance tax. D) Value added tax. E) Income tax. Show Answer Correct Answer: E) Income tax. 12. The power to tax involves the power to destroy. A) True. B) False. Show Answer Correct Answer: A) True. 13. Taxation is the ..... of the state. A) Brain. B) Lifeblood. C) Heart. D) Skeleton. Show Answer Correct Answer: B) Lifeblood. 14. Income of a trade or professional association, from specific services performed for its members shall be A) Exempt. B) Taxable u/h PGBP. C) Taxable u/h IFOS. D) Partly taxable & partly exempt. Show Answer Correct Answer: B) Taxable u/h PGBP. 15. The following items should be included in the supply value: A) Any non-GST taxes, levies, cesses, or fees levied by the supplier independently. B) Interest, late fees, or penalties for failure to pay any compensation for any shipment on time. C) Subsidies that are directly proportional to the price, except subsidies granted by the federal and provincial governments. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Current assets are also known as A) Invested capital. B) Assets. C) Cash. D) Working capital. Show Answer Correct Answer: D) Working capital. 17. Experts who carry out independent work who receive or earn income in connection with work, services or activities are A) Government employees. B) Notary. C) Fisherman. D) Trader. Show Answer Correct Answer: B) Notary. 18. Gift with business logo for customer's annual dinner 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: A) Allowed a deduction of 100%. 19. Making false declarations to the tax authorities is called ..... A) Fiscal policy. B) Tax avoidance. C) Tax evasion. D) Tax havens. Show Answer Correct Answer: C) Tax evasion. 20. Under which section/sub-section of Income Tax Act, 1961, is the term "BUSINESS" defined? A) 2(13). B) 2(14). C) 2(15). D) 2(16). Show Answer Correct Answer: A) 2(13). ← 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