This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 13 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This was a general tax during Spanish Period paid by the Filipinos to Spain which amounted to eight reales and paid by 18 to 50 years old males. A) Donation from Zamboanga. B) Sanctorum. C) Donation from Zamboanga. D) Tribute. Show Answer Correct Answer: D) Tribute. 2. A person follows calendar year for accounting. For taxation, he has to follow: A) He will to follow extended year from 1st January to next 31st March (a period of 15months). B) Any of the Calendar or Financial year as per his choice. C) Financial year only:1st April to 31st March. D) Calendar year only:1stJanuary to 31st December. Show Answer Correct Answer: C) Financial year only:1st April to 31st March. 3. It is the privilege of not being imposed a financial obligation to which others are subject: A) Tax amnesty. B) Tax incentive. C) Tax credit. D) Tax exemption. Show Answer Correct Answer: D) Tax exemption. 4. To ban or stop buying certain goods A) Tax. B) Repeal. C) Boycott. D) Smuggle. Show Answer Correct Answer: C) Boycott. 5. What you spend your income on? A) Cost of living. B) Expenditures. C) Luxuries. D) Necessities. Show Answer Correct Answer: B) Expenditures. 6. Travis county charges tax each year on the house that Jennifer owns. She pays around $ 6, 500 in taxes each year on the house that she owns. What type of tax is this? A) Income Tax. B) Sales Tax. C) Estate Tax. D) Property Tax. Show Answer Correct Answer: D) Property Tax. 7. Your parents pay a tax each year of $ 3500 that is based off the value of your home. Which type of tax do your parents pay each year? A) Income Tax. B) Property Tax. C) Sales Tax. D) Payroll Tax. Show Answer Correct Answer: B) Property Tax. 8. Her parents wouldn't let her..... out. A) Going. B) Go. C) Gone. D) Went. Show Answer Correct Answer: D) Went. 9. All assesses are required to follow: A) Period starting from 1st July to 30th June only. B) Uniform previous year which must be calendar year only. C) Uniform previous year which must be financial year only. D) Any period of 12 months. Show Answer Correct Answer: C) Uniform previous year which must be financial year only. 10. What does the term "tax shelter" mean? A) Delaying the payment of taxes to a later time. B) Do not pay tax. C) Is not declared to the tax authorities. D) None of above. Show Answer Correct Answer: A) Delaying the payment of taxes to a later time. 11. Profits from the sale of assets may be subject to this tax. A) Income tax. B) Estate duty. C) Capital gains tax. D) Stamp duty. Show Answer Correct Answer: C) Capital gains tax. 12. The residential status of an assessee may change in every the previous year A) True. B) False. Show Answer Correct Answer: A) True. 13. Indirect taxes include: A) VAT, excises. B) Income tax, inheritance tax. C) Properly tax, land tax. D) All answers are correct. Show Answer Correct Answer: A) VAT, excises. 14. Mr. Mann owns a ranch that has 45 acres of land. Each year Mr. Mann pays $ 5, 340 in taxes on the land for his ranch. Which type of tax does Mr. Mann pay? A) Payroll Tax. B) Property Tax. C) Sales Tax. D) Income Tax. Show Answer Correct Answer: B) Property Tax. 15. Income Tax is ..... A) A direct tax. B) An indirect tax. C) A business tax. D) None of the above. Show Answer Correct Answer: A) A direct tax. 16. Customs Act, 1962 extends to A) Whole of India excluding Jammu & Kashmir. B) Whole of India. C) Whole of India excluding Jammu & Kashmir and Union Territories. D) Whole of India excluding Jammu & Kashmir and Special Economic Zones. Show Answer Correct Answer: B) Whole of India. 17. The Philippine revenues are derived from sources, except A) Goods. B) Grants. C) Taxes. D) Capital Revenue. Show Answer Correct Answer: A) Goods. 18. Which is not a basic principle of sound tax system? A) Administrative Feasibility. B) Benefits-received Principle. C) Fiscal Adequacy. D) Equality. Show Answer Correct Answer: B) Benefits-received Principle. 19. Strongest among the Inherent powers of the state A) Police Power. B) Eminent Domain. C) Taxation. D) All are equal. Show Answer Correct Answer: C) Taxation. 20. British merchants began to lose business because of the new taxes. They asked parliament to repeal the stamp act. What is a synonym for repeal? A) Pizza. B) Burn. C) Cancel. D) Fly. Show Answer Correct Answer: C) Cancel. 21. The due date for payment of PPh Article 23 by tax withholding agents is A) 5th of the following month. B) The 15th of the following month. C) The 10th of the following month. D) The 20th of the following month. Show Answer Correct Answer: C) The 10th of the following month. 22. How do we calculate the average rate of tax? A) Total Income divided by the applicable tax bracket. B) Total Income divided by total tax x 100. C) Total Income Tax Paid divided by Income x 100. D) Total Income Tax Paid divided by the Age Group x 100. Show Answer Correct Answer: C) Total Income Tax Paid divided by Income x 100. 23. A tax that only applies to certain products and is often called a "hidden" tax A) Excise tax. B) Sales tax. C) Income tax. D) Social Security tax. Show Answer Correct Answer: A) Excise tax. 24. Tax that is applied to manufactured goods A) Tariff. B) Direct. C) First part. D) Indirect. Show Answer Correct Answer: D) Indirect. 25. If a product is relatively elastic, an increase in sales tax will: A) Increase revenue for the government but decrease revenue for the seller. B) Decrease revenue for the government. C) Result in inelastic supply. D) Lead to increased demand for compliments and substitutes. Show Answer Correct Answer: B) Decrease revenue for the government. 26. Under the Customs Act, 1962, the rulemaking power is delegated to A) Central Board of Indirect Taxes and Customs (CBIC). B) Central Government. C) Respective State Governments. D) Partly to the Central Government and partly to the respective State Governments. Show Answer Correct Answer: B) Central Government. 27. Why do we need to pay taxes? A) To collect money to buy car. B) To collect money to run the government. Show Answer Correct Answer: B) To collect money to run the government. 28. What is Gabby's taxable income if she earns $ 59500 annually and has $ 1435 worth of deductions? A) $ 58165. B) $ 60935. C) $ 58065. D) $ 58055. Show Answer Correct Answer: C) $ 58065. 29. This tax is based on market value and the local government (county, city, school districts). A) Property tax. B) Local tax. C) City tax. D) State tax. Show Answer Correct Answer: A) Property tax. 30. New Regime in personal taxation allows deductions A) True. B) False. C) May be. D) None of above. Show Answer Correct Answer: B) False. ← 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