This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 14 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the State or political unit which has jurisdiction to impose a particular tax. A) Situs of Taxation. B) Life blood theory. C) Police Power. D) Eminent Domain. Show Answer Correct Answer: A) Situs of Taxation. 2. Agency business, rcd a sum of 5L from his principal for termination of agency. Compensation amount rcd is? A) Exempt as it is ex-gratia payment. B) Exempt as it is capital receipt. C) Fully taxable u/h PGBP. D) Taxable u/h IFOS. Show Answer Correct Answer: C) Fully taxable u/h PGBP. 3. Find the correct Statement: A) Scooter damaged partially by accident and claim is recieved. It is trated as revenue expenditure. B) Scooter damaged partially by accident and claim is recieved. It is treated as Capital expenditure. C) Scooter damaged partially by accident and claim is recieved. It is treated as Revenue reciept. D) Scooter damaged partially by accident and claim is recieved. It is treated as capital reciept. Show Answer Correct Answer: C) Scooter damaged partially by accident and claim is recieved. It is treated as Revenue reciept. 4. Which of the following income is taxable u/h PGBP? A) Cash Compensatory Support & Duty Drawback. B) Sum received under a keyman insurance policy. C) Both of the above. D) None of the above. Show Answer Correct Answer: C) Both of the above. 5. What is not included as a tax subject according to the Income Tax Law is A) WHO. B) The undivided inheritance as a single unit replaces the rightful one. C) Private Person. D) A lot. Show Answer Correct Answer: A) WHO. 6. If the taxes are economical, they should: A) Respect principles of economics. B) Lower the tax burden on low income earners. C) Be easy and cheap to collect. D) Redistribute money to people on low incomes. Show Answer Correct Answer: C) Be easy and cheap to collect. 7. This kind of tax is added to a purchase you make at a store. A) Income Tax. B) Property Tax. C) Sales Tax. D) Excise Tax. Show Answer Correct Answer: C) Sales Tax. 8. The form 'ITR-1' is a form for using? A) Income Tax Return. B) Income Tax Challan. C) VAT. D) Excise Duty. Show Answer Correct Answer: A) Income Tax Return. 9. UIF payments are not excluded from income tax calculations. A) False. B) Faithful. Show Answer Correct Answer: B) Faithful. 10. Which of the following is not a characteristics of Taxation? A) INHERENT POWER OF SOVEREIGNTY. B) ESSENTIALLY A LEGISLATIVE FUNCTION. C) FOR PUBLIC PURPOSES. D) TERRITORIAL IN OPERATION. E) NONE OF THE ABOVE. Show Answer Correct Answer: E) NONE OF THE ABOVE. 11. A tax you pay when you buy something A) Income tax. B) Social security tax. C) Sales tax. D) Medicaid. Show Answer Correct Answer: C) Sales tax. 12. The tax you pay when you buy something. A) Social Security tax. B) Excise tax. C) Sales tax. D) Income tax. Show Answer Correct Answer: C) Sales tax. 13. What tax comes out of paychecks and pays for medical care for people 65 and older? A) Medicare. B) Social Security. C) Property. D) Income. Show Answer Correct Answer: A) Medicare. 14. Which of the following statement in relation to Malaysian tax system is NOT true? A) A gift of money made to the government or an approved institution is given a deduction in income tax. B) Zakat and fitrah is a tax rebate. C) Sales and service tax is charged at every stage of the products chain to consumers. D) Foreigners working in Malaysia for less than 60 days are exempted from income tax. Show Answer Correct Answer: C) Sales and service tax is charged at every stage of the products chain to consumers. 15. Nurul rents a single-storey house in Taman Desa Permain. She receives a statement from the local state government for the quit rent of RM105 for the house. Should Nurul pay for the quit rent? A) Yes, Nurul should pay the quit rent as she is currently staying in the house. B) No, the quit rent should be shared equally between Nurul and the house owner. C) No, the house owner should pay for the quit rent. D) Yes, Nurul should pay the quit rent starting from the date when she moved into the house. Show Answer Correct Answer: C) No, the house owner should pay for the quit rent. 16. Under what period when Cedula taxes were actually abolished and later a residence tax was imposed. A) Commonwealth Period. B) American Period. C) Japanese Period. D) Spanish Period. Show Answer Correct Answer: A) Commonwealth Period. 17. The theory of taxation, which provides that the existence of government is a necessity; that government cannot continue without means to pay its expenses; and that for these means it has a right to compel its citizens and property within its limits to contribute. A) Sound Tax System. B) Benefit-Received Principle. C) Life Blood Theory. D) Reciprocity. Show Answer Correct Answer: C) Life Blood Theory. 18. The number of structures in India's GST model is? A) 6. B) 3. C) 4. D) 5. Show Answer Correct Answer: C) 4. 19. We have three classes of taxation A) Progressive, regressive, proactive. B) Progressive, non-progressive, proportional. C) Progressive, regressive, proportional. D) Progressive, non-progressive, proactive. Show Answer Correct Answer: C) Progressive, regressive, proportional. 20. Curtis purchased a new pair of jeans for $ 18. When Curtis pays for his jeans his total is almost $ 20 because of taxes. Which type of tax does Curtis pay? A) Property Tax. B) Sales Tax. C) Payroll Tax. D) Income Tax. Show Answer Correct Answer: B) Sales Tax. 21. Article 22 PPh tariff levied by the Directorate General of Customs and Excise on goods import transactions with API and the importer has a NPWP A) 2, 5%. B) 1, 5%. C) 7, 5%. D) 2%. Show Answer Correct Answer: A) 2, 5%. 22. Taxed molasses, sugar, iron, timber/lumber A) Townshend Act. B) Sugar Act. C) Stamp Act. D) Quartering Act. Show Answer Correct Answer: B) Sugar Act. 23. This tax hits the low income the hardest because all of their expenditures go towards everyday goods. A) State tax. B) Sales tax. C) Federal tax. D) Government tax. Show Answer Correct Answer: B) Sales tax. 24. Last year I paid too much tax, so this year I received a tax ..... A) Return. B) Receipt. C) Rebate. D) Allowance. Show Answer Correct Answer: C) Rebate. 25. Who will announce the rate of taxation to be imposed underneath the CGST Act? A) The Federal Government. B) State Administration. C) GST Commission. D) Central And state, following the GST Council's proposals. Show Answer Correct Answer: D) Central And state, following the GST Council's proposals. 26. This determines the total tax paid on the assessed value of a piece of property. A) Mill levy. B) Tax levy. C) Income tax. D) Property tax. Show Answer Correct Answer: A) Mill levy. 27. The tax rate whose percentage becomes greater if the amount that is the basis for its imposition becomes greater A) Progressive tax rates. B) Degressive tax rates. C) Fixed tax rate. D) Proportional tax rates. Show Answer Correct Answer: A) Progressive tax rates. 28. A worker earns $ 60 000 a year and pays 25% income tax. He spent $ 2000 on furniture and$ 5000 on a computer and paid 20% sales tax on each.How much indirect tax did he pay? A) $ 15 000. B) $ 16 400. C) $ 1000. D) $ 1400. Show Answer Correct Answer: D) $ 1400. 29. Fill the sentence with a correct word:The employee needs to provide ..... to the employer for the taxation. A) A gift. B) Value added tax. C) A passport. D) A tax card. Show Answer Correct Answer: D) A tax card. 30. . Rate at which additional depreciation is charged is A) 5. B) 15. C) 30. D) 20. Show Answer Correct Answer: D) 20. ← 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