This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year? A) Payroll Tax. B) Income Tax. C) Sales Tax. D) Property Tax. Show Answer Correct Answer: B) Income Tax. 2. ..... is a sum of money for the use of something. It is the consideration which is paid for the use of a road, bridge, or the like, of a public nature. A) Toll. B) Penalty. C) Tax. D) Debt. Show Answer Correct Answer: A) Toll. 3. Which of the following is an example of tax evasion? A) When a business under declares their level of profit. B) When Joe Citizen claims an excessive number of deductions. C) When a firm moves to a country with lower taxes than their home country. D) All of the previous / other answers are correct. Show Answer Correct Answer: A) When a business under declares their level of profit. 4. The money you earn BEFORE deductions is your A) Net pay. B) Gross pay. C) Status. D) Total. Show Answer Correct Answer: B) Gross pay. 5. Which of the below import duties would be imposed? A) CGST. B) SGST. C) IGST. D) CGST and SGST. Show Answer Correct Answer: C) IGST. 6. You pay this tax when you get paid your earnings A) Unemployment rate. B) Income tax. C) Gdp. D) Economy. Show Answer Correct Answer: B) Income tax. 7. Statement A. Abolition of the hated Tribute and its replacement of Cedula Tax was under the Tax Reform of 1886.Statement B. Reduction of the 40-day annual forced labor (polo) to 15 days was under Tax Reform of 1884. A) Statement A is true and Statement B is false. B) Statement B is true and Statement A is false. C) Both statements are true. D) Both statements are false. Show Answer Correct Answer: B) Statement B is true and Statement A is false. 8. Administrative sanctions imposed for late deposit of Income Tax are: A) Flower. B) Shop. C) Ascension. D) Criminal. Show Answer Correct Answer: A) Flower. 9. Transaction in which a contract for the purchase or sale of any commodity including stocks and shares is periodically or ultimately settled otherwise than by the actual delivery or transfer of the commodity or scrips is known as ..... A) Wagering transaction. B) Speculative transaction. C) Deemed Speculation business. D) None of these. Show Answer Correct Answer: B) Speculative transaction. 10. How much is the service tax rate? A) 5%. B) 6%. C) 10%. D) 15%. Show Answer Correct Answer: B) 6%. 11. The tax imposed on the acquisition of rights to land and/or buildings is A) PBB. B) PPh Final. C) BPHTB. D) PPN. Show Answer Correct Answer: C) BPHTB. 12. Which one of these does NOT collect taxes from citizens? A) The state. B) Lutheran Church. C) Red Cross. D) The municipality. Show Answer Correct Answer: C) Red Cross. 13. On the basis of residence, the assessees are divided in to how many categories? A) 2. B) 3. C) 4. D) 5. Show Answer Correct Answer: B) 3. 14. Expenses for Annual General Meeting of company 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%. 15. How many credits do you need to receive full retirement benefits at retirement age (67)? A) You need 40 credits (10 years of work). B) You need 30 credits (7.5 years of work). C) You need 20 credits (5 years of work). D) You automatically get them. Show Answer Correct Answer: A) You need 40 credits (10 years of work). 16. The rateable value of a flat is $ 108 000. If the rates are charged at 5% p.a., find the rates of the flat per quarter. A) $ 5400. B) $ 2700. C) $ 1350. D) $ 1250. Show Answer Correct Answer: C) $ 1350. 17. Countries with low taxation may: A) Encourage MNCs to locate in their countries. B) Encourage Individuals to work/live in that country. C) Increase capital (financial inflows) to their countries. D) All of the previous answers/options are correct. Show Answer Correct Answer: D) All of the previous answers/options are correct. 18. How many heads of income will come under calculation of total income? A) 6. B) 2. C) 4. D) 5. Show Answer Correct Answer: D) 5. 19. What is value added tax percentage of groceries? A) 1%. B) 14%. C) 50%. D) 100%. Show Answer Correct Answer: B) 14%. 20. It refers to the use by the taxpayer of illegal means in escaping, defeating or lessening the tax due. This is also known as "tax dodging" , this implies malice, fraud, or bad faith on the part of taxpayer. A) Shifting. B) Capitalization. C) Tax Avoidance. D) Tax Evasion. Show Answer Correct Answer: C) Tax Avoidance. ← PreviousNext →Related QuizzesAccounting QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9Taxation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books