This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 11 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Under the Customs Act, 1962, the regulations making power is delegated to A) Central Board of Indirect Taxes and Customs (CBIC). B) Respective State Governments. C) Partly to the Central Government and partly to the respective State Governments. D) Central Government. Show Answer Correct Answer: A) Central Board of Indirect Taxes and Customs (CBIC). 2. Maximum deductions under section 80C is A) 2, 00, 000. B) 2, 50, 000. C) 1, 50, 000. D) 1, 00, 000. Show Answer Correct Answer: C) 1, 50, 000. 3. Ourr tax money is spent on all of the following EXCEPT. A) National Parks. B) Social Security. C) Private School Education. D) The Military. Show Answer Correct Answer: C) Private School Education. 4. ..... cover proceeds from sales of fixed capital assets or scrap thereof and public domain and gains on such sales like sale of public lands, buildings and other structures, equipment, and other properties recorded as fixed assets. A) Capital Revenue. B) Borrowings. C) Tax Revenue. D) Extra-ordinary Income. Show Answer Correct Answer: A) Capital Revenue. 5. A tax on the value of a person's assets if their value is above a particular amount A) Wealth tax. B) Stamp duty. C) Tax burden. D) Tax exile. Show Answer Correct Answer: A) Wealth tax. 6. A tax collection system that authorizes taxpayers to calculate, calculate, pay and report for themselves the amount of tax that must be paid A) Self Assessment System. B) Official Assesment System. C) Witholding System. D) Real Stelsel. Show Answer Correct Answer: A) Self Assessment System. 7. Payment rcd by the employer on the maturity of the Keyman Insurance Policy is taxable u/h A) PGBP. B) Salary. C) Style. D) None. Show Answer Correct Answer: A) PGBP. 8. As per Section 2(1) of the Customs Act, 1962, ..... means any authority competent to pass any order or decision under this Act, but does not include the Board, Commissioner (Appeals), or Appellate Tribunal. A) Proper Officer. B) Custom Authority. C) Adjudicating Authority. D) Proper Authority. Show Answer Correct Answer: C) Adjudicating Authority. 9. In 2008, the government of Argentina imposed a tax on exports of wheat and soya beans.What was the most likely aim of this tax? A) To increase exports. B) To increase agricultural output. C) To reduce the rise in domestic food prices. D) To reduce a budget surplus. Show Answer Correct Answer: C) To reduce the rise in domestic food prices. 10. Tax collections during January to September 2021 amounted to ..... A) 2.03 trillion. B) 71.8 billion. C) 14.3 billion. D) 1.85 trillion. Show Answer Correct Answer: A) 2.03 trillion. 11. What are three ways you have benefited from taxes today? A) Zoo's, Arena's, and Big C. B) Highway signs, highways, and bike reflectors. C) Police officers, teachers, and the internet. D) Schools, libraries, and Clean Communities. Show Answer Correct Answer: D) Schools, libraries, and Clean Communities. 12. Income from a business in Pakistan is taxable in the case of non resident in India A) True. B) False. Show Answer Correct Answer: B) False. 13. What type of tax do you pay when shopping A) Property tax. B) Sales tax. C) Estate tax. D) Income tax. Show Answer Correct Answer: B) Sales tax. 14. Stamps were placed on A) Newspapers, pamphlets and playing cards. B) Newspapers and shirts. C) Barrels, playing cards and documents. D) None of above. Show Answer Correct Answer: A) Newspapers, pamphlets and playing cards. 15. The three inherent powers of the State includes all, except A) Taxation. B) Police Power. C) Public Borrowings. D) Eminent Domain. Show Answer Correct Answer: C) Public Borrowings. 16. What did the Townshend acts do? A) Put a tax on tea. B) Put a tax on sugar. C) Put a tax on any goods imported to the colonies. D) Put a tax on paper goods. Show Answer Correct Answer: C) Put a tax on any goods imported to the colonies. 17. Which is an example for Indirect tax A) Income tax. B) Gift tax. C) Wealth Tax. D) Excise Act. Show Answer Correct Answer: D) Excise Act. 18. The following is how the tax revenue is used except A) Agricultural and industrial purposes. B) Healthcare. C) Education. D) Government policy implementation tool. Show Answer Correct Answer: D) Government policy implementation tool. 19. The idea that people in the same circumstances must pay the same amount. A) Simplicity. B) Efficiency. C) Equity. D) Certainty. Show Answer Correct Answer: C) Equity. 20. Colonists how to provide a bed, candle, food, and drinks A) Sugar Act. B) Stamp Act. C) Quartering Act. D) Townshend Act. Show Answer Correct Answer: C) Quartering Act. 21. What duties are taxes on intra-State supplies? A) CGST. B) SGST. C) CGST and SGST. D) IGST. Show Answer Correct Answer: C) CGST and SGST. 22. What term is this definition of? "To dissuade people from consuming some non-essential goods and services." A) Corporate income tax. B) Perks. C) Excise tax. D) Taxation. Show Answer Correct Answer: C) Excise tax. 23. Tax Overpayment Assessment Letter is issued if A) The tax owed is less than the tax credit. B) Tax payable is the same as tax credit. C) The tax owed is greater than the tax credit. D) Zero tax payable and zero tax credit. Show Answer Correct Answer: A) The tax owed is less than the tax credit. 24. To act for or on behalf of someone A) Boycott. B) Representation. C) Parliament. D) Taxation. Show Answer Correct Answer: B) Representation. 25. When taxes can adapt to changes in the economic environment, we call this principle of taxation: A) Wishful Thinking. B) Adaptability. C) Flexibility. D) Responsiveness. Show Answer Correct Answer: C) Flexibility. 26. Show the true result of the operation A) Inflation accounting. B) Accounting standards. C) Accounts statement. D) None of the above. Show Answer Correct Answer: A) Inflation accounting. 27. Types of taxes are A) Direct and Indirect Tax. B) Income and VAT Tax. C) Excise and Income Tax. D) Direct and Other Tax. Show Answer Correct Answer: A) Direct and Indirect Tax. 28. Profits made by selling assets are generally liable to a ..... A) Capital transfer tax. B) Capital gains tax. C) Sales tax. D) Wealth tax. Show Answer Correct Answer: B) Capital gains tax. 29. How many pounds of unsold tea did the East India Company have? A) 12 pounds. B) 18 million pounds. C) 18, 000 pounds. D) 17 million pounds. Show Answer Correct Answer: B) 18 million pounds. 30. It is added to a product at every point on the supply chain where value is added. A) Consumption tax. B) Inheritance tax. C) Income tax. D) Value added tax. E) Payroll tax. Show Answer Correct Answer: D) Value added tax. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books