This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What tax must be paid for your house each year? A) PAYE. B) Car Tax. C) Corporation Tax. D) Local Property Tax. Show Answer Correct Answer: D) Local Property Tax. 2. A tax cut may: A) Increase economic growth in the short term. B) Increase incentives to work. C) Reduce government revenue. D) All of the previous/other answers are correct. Show Answer Correct Answer: D) All of the previous/other answers are correct. 3. An order to pay tax debts and tax collection costs is called A) Tax assessments. B) Order of Seizure. C) Forced Letter. D) Letter of Reprimand. Show Answer Correct Answer: C) Forced Letter. 4. Taxation is A) When you take some time out and lie on your lie or couch. B) When the government takes money from your income or through spending to pay for goods and services in the country. C) When people give money to charity. D) When you get really upset and annoyed that no-ones listening to you. Show Answer Correct Answer: B) When the government takes money from your income or through spending to pay for goods and services in the country. 5. "Board" means the Central Board of Indirect Taxes and Customs constituted under the ..... A) Central Boards Indirect Taxes Act, 1963. B) Central Boards of Revenue Act, 1963. C) Central Boards Indirect Taxes & Customs Act, 1963. D) Central Boards of Taxation Act, 1963. Show Answer Correct Answer: B) Central Boards of Revenue Act, 1963. 6. The total annual income of Su Chin in 2020 was RM 68 490. She donated RM 1 000 to a local library and the total tax relief claimed by her was RM 12 360. Calculate the chargeable income of Su Chin. A) RM 55 130. B) RM57, 130. C) RM 81 850. D) RM 79850. Show Answer Correct Answer: A) RM 55 130. 7. . Where any asset is acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than ..... depreciation shall be allowed at 50 per cent of the allowable depreciation A) 180 Days. B) 250 Days. C) 100 Days. D) 210 Days. Show Answer Correct Answer: A) 180 Days. 8. Jason pays taxes each year to the federal government based off his yearly income. These taxes help pay for thinks like roads, bridges, and fire fighters. Which type of tax does Jason pay? A) Payroll Tax. B) Income Tax. C) Sales Tax. D) Property Tax. Show Answer Correct Answer: B) Income Tax. 9. Entertainment to employees of related companies 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%. 10. In Finland income taxation is ..... A) Flat. B) Aggressive. C) Progressive. D) Only for rich people. Show Answer Correct Answer: C) Progressive. 11. As per Section 2(4) of the Customs Act, 1962, "bill of entry" means a bill of entry referred to in ..... A) Section 45. B) Section 46. C) Section 47. D) Section 48. Show Answer Correct Answer: B) Section 46. 12. It refers to a tax levied to an individual for a general public purpose. Almost all taxes are an example of this classification. A) Special Tax. B) General Tax. C) Ad Valorem Tax. D) Specific Tax. Show Answer Correct Answer: B) General Tax. 13. Income tax is collected on all types of income except ..... A) Agricultural Income. B) Industrial Income. C) Capital Gain. D) Household property. Show Answer Correct Answer: A) Agricultural Income. 14. To avail the benefit of section 54, the asset transferred should be ....., being a residential house property A) Short-term capital asset. B) Long-term capital asset. C) Short-term or long-term capital asset as per the choice of the assessee. D) Short-term or long-term capital asset as per the choice of the Assessing Officer. Show Answer Correct Answer: B) Long-term capital asset. 15. A person can be resident in more than one country. A) True. B) False. Show Answer Correct Answer: A) True. 16. How do individual evasion tax? A) Self-employed people and people with part-time jobs don't declare their to the tax authorities. B) Self-employed workers declare to tax authorities while part-timer workers undeclared income to the tax authorities. C) Self-employed workers do not declare to tax authorities while part-time workers declare income to tax authorities. D) None of above. Show Answer Correct Answer: A) Self-employed people and people with part-time jobs don't declare their to the tax authorities. 17. ..... is legal compensation or reward of an officer for specific services while a tax is an enforced contribution from persons or property by the law-making body by virtue of its sovereignty and for the support of the government and all public needs. A) Taxes. B) License Fee. C) Assessment. D) Tariff. Show Answer Correct Answer: B) License Fee. 18. Objective of tax planning- A) Avoidance of tax. B) Minimise of Tax liability. C) Payment of tax on time. D) Differment of tax. Show Answer Correct Answer: B) Minimise of Tax liability. 19. The charging Section of PGBP is ..... A) Sec. 28. B) 28(2). C) 28(1). D) 28(i). Show Answer Correct Answer: A) Sec. 28. 20. Under which section/sub-section of Income Tax Act, 1961, is the term "PROFESSION" defined? A) 2(34). B) 2(35). C) 2(36). D) 2(37). Show Answer Correct Answer: C) 2(36). ← PreviousNext →Related QuizzesAccounting QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 8Taxation Quiz 9Taxation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books