This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The HUF is said to be resident in India if ..... A) The control and management of its affairs is wholly or partly situated in India. B) The control and management of its affairs is partially situated out of India. C) The control and management of its affairs is wholly or partly in out of India. D) None of the above. Show Answer Correct Answer: A) The control and management of its affairs is wholly or partly situated in India. 2. VAT is a direct tax A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 3. If sales tax is 10 percent, and a new pair of sneakers costs $ 70, how much do you actually have to pay? A) $ 77. B) $ 71. C) $ 80. D) $ 100. Show Answer Correct Answer: A) $ 77. 4. When the administration of certificates concerning the coupon is not recognizable, what is the supply period? A) A)The date on which the voucher was issued. B) B)The date on which the coupon must be redeemed. C) C)Earlier of (a) and (b). D) Whichever of (a) and (b) comes first. Show Answer Correct Answer: B) B)The date on which the coupon must be redeemed. 5. A tax on wages and salaries is ..... A) Flat tax. B) Wealth tax. C) Regressive tax. D) Progressive tax. Show Answer Correct Answer: D) Progressive tax. 6. Any some received under key man insurance policy taken on the life of the employee shall be ..... A) Taxable under the head Business or profession. B) Taxable under the head income from other sources. C) Taxable in the hands of employee. D) Either from business/profession or income from other sources. Show Answer Correct Answer: D) Either from business/profession or income from other sources. 7. What was the name of the group the protested the Stamp Act? A) The daughters of liberty. B) The continental congress. C) The house of lords. D) The sons of liberty. Show Answer Correct Answer: D) The sons of liberty. 8. This was a general tax during Spanish Period paid by the Filipinos to Spain which amounted to eight reales and paid by 18 to 50 years old males. A) Sanctorum. B) Tribute. C) Donation from Zamboanga. D) Donation from Zamboanga. Show Answer Correct Answer: B) Tribute. 9. A person follows calendar year for accounting. For taxation, he has to follow: A) Calendar year only:1stJanuary to 31st December. B) Financial year only:1st April to 31st March. C) Any of the Calendar or Financial year as per his choice. D) He will to follow extended year from 1st January to next 31st March (a period of 15months). Show Answer Correct Answer: B) Financial year only:1st April to 31st March. 10. It is the privilege of not being imposed a financial obligation to which others are subject: A) Tax credit. B) Tax amnesty. C) Tax incentive. D) Tax exemption. Show Answer Correct Answer: D) Tax exemption. 11. To ban or stop buying certain goods A) Repeal. B) Tax. C) Boycott. D) Smuggle. Show Answer Correct Answer: C) Boycott. 12. What you spend your income on? A) Expenditures. B) Luxuries. C) Necessities. D) Cost of living. Show Answer Correct Answer: A) Expenditures. 13. Travis county charges tax each year on the house that Jennifer owns. She pays around $ 6, 500 in taxes each year on the house that she owns. What type of tax is this? A) Estate Tax. B) Sales Tax. C) Income Tax. D) Property Tax. Show Answer Correct Answer: D) Property Tax. 14. Your parents pay a tax each year of $ 3500 that is based off the value of your home. Which type of tax do your parents pay each year? A) Payroll Tax. B) Income Tax. C) Sales Tax. D) Property Tax. Show Answer Correct Answer: D) Property Tax. 15. Her parents wouldn't let her..... out. A) Went. B) Going. C) Go. D) Gone. Show Answer Correct Answer: A) Went. 16. All assesses are required to follow: A) Uniform previous year which must be calendar year only. B) Uniform previous year which must be financial year only. C) Any period of 12 months. D) Period starting from 1st July to 30th June only. Show Answer Correct Answer: B) Uniform previous year which must be financial year only. 17. What does the term "tax shelter" mean? A) Delaying the payment of taxes to a later time. B) Do not pay tax. C) Is not declared to the tax authorities. D) None of above. Show Answer Correct Answer: A) Delaying the payment of taxes to a later time. 18. Profits from the sale of assets may be subject to this tax. A) Capital gains tax. B) Stamp duty. C) Estate duty. D) Income tax. Show Answer Correct Answer: A) Capital gains tax. 19. VAT is a tax on A) Income. B) Company profit. C) Death. D) Spending. Show Answer Correct Answer: D) Spending. 20. The residential status of an assessee may change in every the previous year A) True. B) False. Show Answer Correct Answer: A) True. ← 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