This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When you are rich and pass out you have to pay these A) Sales tax. B) Estate tax. C) GDP. D) Income tax. Show Answer Correct Answer: B) Estate tax. 2. A mixed income earner is a taxpayer who is engaged in business and also in the practice of profession. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 3. The idea that it should be clear when taxes are due, how much is due, and how they should be paid. A) Simplicity. B) Efficiency. C) Equity. D) Certainty. Show Answer Correct Answer: D) Certainty. 4. Investments under the following are allowed under 80C deduction A) Life Insurance. B) Bank Savings Account. C) Debt Mutual Fund. D) Infrastructure Bonds. Show Answer Correct Answer: A) Life Insurance. 5. AY for the year 2020-2021 is A) 2020-2021. B) 2019-2020. C) 2021-2022. D) 2022-2023. Show Answer Correct Answer: C) 2021-2022. 6. Which of the following acts are considered as obstruction of the implementation of tax provisions? A) Failure to notify the tax administration of any change in registration. B) B. Attempt to obstruct tax collection and collection. C) C. Failed to keep accounting records and other documents or did not issue business invoices. D) D. Delay in filing and paying taxes. Show Answer Correct Answer: A) Failure to notify the tax administration of any change in registration. 7. A special reduction in taxes that the government allows for a particular purpose A) Tax break. B) Tax allowance. C) Flat tax. D) Tax loss. Show Answer Correct Answer: A) Tax break. 8. If Mr.Ravi has joined a new job on 1/10/2020 after quitting his old job on 15/8/2020, his previous year will be A) 1/10/2019 to 31/3/2020. B) 15/8/2019 to 31/3/2020. C) 1/4/2019 to 31/3/2020. D) None of the above. Show Answer Correct Answer: C) 1/4/2019 to 31/3/2020. 9. This tax is levied at a certain percentage of the workers income and matched by the employer and it pays for social security and medicare. A) Income tax. B) Payroll tax. C) Self tax. D) Government tax. Show Answer Correct Answer: B) Payroll tax. 10. One major goal of taxation could be: A) The redistribution of some wealth from high income earners to low income earners. B) To achieve equality and equity in the distribution of income. C) To Redistribute funds towards projects which benefit the most important citizens in an electorate. D) To achieve equity in the distribution of income by satisfying all stakeholders. Show Answer Correct Answer: A) The redistribution of some wealth from high income earners to low income earners. 11. State of Finland's Budget is prepared by ..... A) Ministry of Finance. B) The president. C) The leader of Church. D) The whole Parliament of Finland. Show Answer Correct Answer: A) Ministry of Finance. 12. Which country does not have VAT: A) Australia. B) Mexico. C) USA. D) Canada. Show Answer Correct Answer: C) USA. 13. Income tax is levied on A) Monthly basis. B) Yearly basis. C) Half-yearly basis. D) Quarterly basis. Show Answer Correct Answer: B) Yearly basis. 14. Tax avoidance is illegal. A) True. B) False. Show Answer Correct Answer: B) False. 15. The definition of the person includes ..... A) An individual. B) A Company. C) And HUF. D) All. Show Answer Correct Answer: D) All. 16. A taxpayer deriving mixed income will also use BIR Form 1701. A) TRUE. B) FALSE . Show Answer Correct Answer: A) TRUE. 17. The service tax rate is ..... w.e.f 1.6.2015 A) 12%. B) 18%. C) 14%. D) 16%. Show Answer Correct Answer: C) 14%. 18. Money that the government collects from people and businesses is called a ..... A) Income. B) Tax. C) Charge. D) Estate. Show Answer Correct Answer: B) Tax. 19. Mr. X, partner of M/s XYZ, is assessable as A) Firm. B) HUF. C) An Individual. D) None of the Above. Show Answer Correct Answer: C) An Individual. 20. What does abbreviation VAT stand for? A) Voluntary adulting tax. B) Value availability tax. C) Value added tax. D) Vehicle added tax. Show Answer Correct Answer: C) Value added tax. ← PreviousNext →Related QuizzesAccounting QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9Taxation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books