This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Find the correct Statement: A) Scooter damaged partially by accident and claim is recieved. It is trated as revenue expenditure. B) Scooter damaged partially by accident and claim is recieved. It is treated as Capital expenditure. C) Scooter damaged partially by accident and claim is recieved. It is treated as Revenue reciept. D) Scooter damaged partially by accident and claim is recieved. It is treated as capital reciept. Show Answer Correct Answer: C) Scooter damaged partially by accident and claim is recieved. It is treated as Revenue reciept. 2. Which of the following income is taxable u/h PGBP? A) Cash Compensatory Support & Duty Drawback. B) Sum received under a keyman insurance policy. C) Both of the above. D) None of the above. Show Answer Correct Answer: C) Both of the above. 3. What is not included as a tax subject according to the Income Tax Law is A) Private Person. B) The undivided inheritance as a single unit replaces the rightful one. C) A lot. D) WHO. Show Answer Correct Answer: D) WHO. 4. If the taxes are economical, they should: A) Respect principles of economics. B) Lower the tax burden on low income earners. C) Be easy and cheap to collect. D) Redistribute money to people on low incomes. Show Answer Correct Answer: C) Be easy and cheap to collect. 5. This kind of tax is added to a purchase you make at a store. A) Sales Tax. B) Income Tax. C) Property Tax. D) Excise Tax. Show Answer Correct Answer: A) Sales Tax. 6. The form 'ITR-1' is a form for using? A) Income Tax Return. B) Income Tax Challan. C) VAT. D) Excise Duty. Show Answer Correct Answer: A) Income Tax Return. 7. UIF payments are not excluded from income tax calculations. A) Faithful. B) False. Show Answer Correct Answer: A) Faithful. 8. Which of the following is not a characteristics of Taxation? A) INHERENT POWER OF SOVEREIGNTY. B) ESSENTIALLY A LEGISLATIVE FUNCTION. C) FOR PUBLIC PURPOSES. D) TERRITORIAL IN OPERATION. E) NONE OF THE ABOVE. Show Answer Correct Answer: E) NONE OF THE ABOVE. 9. A tax you pay when you buy something A) Income tax. B) Sales tax. C) Social security tax. D) Medicaid. Show Answer Correct Answer: B) Sales tax. 10. The tax you pay when you buy something. A) Excise tax. B) Sales tax. C) Income tax. D) Social Security tax. Show Answer Correct Answer: B) Sales tax. 11. What tax comes out of paychecks and pays for medical care for people 65 and older? A) Social Security. B) Property. C) Income. D) Medicare. Show Answer Correct Answer: D) Medicare. 12. Which of the following statement in relation to Malaysian tax system is NOT true? A) A gift of money made to the government or an approved institution is given a deduction in income tax. B) Zakat and fitrah is a tax rebate. C) Sales and service tax is charged at every stage of the products chain to consumers. D) Foreigners working in Malaysia for less than 60 days are exempted from income tax. Show Answer Correct Answer: C) Sales and service tax is charged at every stage of the products chain to consumers. 13. Nurul rents a single-storey house in Taman Desa Permain. She receives a statement from the local state government for the quit rent of RM105 for the house. Should Nurul pay for the quit rent? A) Yes, Nurul should pay the quit rent as she is currently staying in the house. B) No, the quit rent should be shared equally between Nurul and the house owner. C) No, the house owner should pay for the quit rent. D) Yes, Nurul should pay the quit rent starting from the date when she moved into the house. Show Answer Correct Answer: C) No, the house owner should pay for the quit rent. 14. Under what period when Cedula taxes were actually abolished and later a residence tax was imposed. A) Spanish Period. B) Commonwealth Period. C) American Period. D) Japanese Period. Show Answer Correct Answer: B) Commonwealth Period. 15. The theory of taxation, which provides that the existence of government is a necessity; that government cannot continue without means to pay its expenses; and that for these means it has a right to compel its citizens and property within its limits to contribute. A) Life Blood Theory. B) Benefit-Received Principle. C) Sound Tax System. D) Reciprocity. Show Answer Correct Answer: A) Life Blood Theory. 16. The number of structures in India's GST model is? A) 6. B) 4. C) 3. D) 5. Show Answer Correct Answer: B) 4. 17. We have three classes of taxation A) Progressive, non-progressive, proactive. B) Progressive, regressive, proactive. C) Progressive, non-progressive, proportional. D) Progressive, regressive, proportional. Show Answer Correct Answer: D) Progressive, regressive, proportional. 18. Curtis purchased a new pair of jeans for $ 18. When Curtis pays for his jeans his total is almost $ 20 because of taxes. Which type of tax does Curtis pay? A) Payroll Tax. B) Income Tax. C) Sales Tax. D) Property Tax. Show Answer Correct Answer: C) Sales Tax. 19. Article 22 PPh tariff levied by the Directorate General of Customs and Excise on goods import transactions with API and the importer has a NPWP A) 2%. B) 2, 5%. C) 7, 5%. D) 1, 5%. Show Answer Correct Answer: B) 2, 5%. 20. Taxed molasses, sugar, iron, timber/lumber A) Townshend Act. B) Stamp Act. C) Sugar Act. D) Quartering Act. Show Answer Correct Answer: C) Sugar Act. ← 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