This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 2 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What below would be included in the description of "Goods" under article 2(52) of the CGST Act, 2017?I) MoneyII) Actionable claimIII) SecurityIV) Growing cropsChoose the correct choice from the list below. A) I & II. B) II & IV. C) IV only. D) II & III. Show Answer Correct Answer: B) II & IV. 2. The amount of money in your paycheck after taxes are taken out. A) Net pay. B) Disability income. C) Gross pay. D) Regular pay. Show Answer Correct Answer: A) Net pay. 3. Which of the following are chargeable incomes?I. School feesII. EmploymentIII. DividendsIV. Royalties A) I and II. B) III and IV. C) I, II and III. D) II, III and IV. Show Answer Correct Answer: D) II, III and IV. 4. The basic retirement program run by federal government A) Medicare. B) US Retirement Services Inc. C) Social Security. D) Department of Defense. Show Answer Correct Answer: C) Social Security. 5. Classification of taxes as to subject matter or object includes all, EXCEPT: A) Personal, poll or capitation tax. B) Excise tax. C) Property tax. D) Direct tax. Show Answer Correct Answer: D) Direct tax. 6. GST stands for Goods and Services Tax, and it is a tax system that covers a wide range of A) Goods. B) Services. C) Goods, companies and imports. D) Products, systems, and exports. Show Answer Correct Answer: C) Goods, companies and imports. 7. Income-tax in India is charged at the rate(s) prescribed by ..... A) The Income-tax Act. B) The Central Board of Direct Taxes. C) The Finance Act. D) The Ministry of Finance. Show Answer Correct Answer: C) The Finance Act. 8. The following is an example of income derived from capital, namely A) Flower. B) Sales turnover. C) Salary. D) Gift. Show Answer Correct Answer: A) Flower. 9. If premium paid on the policy exceeds 10% of Sum Assured A) Exemption under section 10(10D) on Maturity amount received. B) No Exemption from income tax on the maturity of policiesUNDER SECTION 10 (10D). Show Answer Correct Answer: B) No Exemption from income tax on the maturity of policiesUNDER SECTION 10 (10D). 10. Which of the following are the importances of taxation?I. Economic growthII. Government revenueIII. Infrastructure developmentIV. Private funding A) I and III. B) II and III. C) I, II and III. D) II, III and IV. Show Answer Correct Answer: C) I, II and III. 11. Wedding gift to customer 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%. 12. This tax is levied on the estates of those who have died. A) Inheritance tax. B) Family tax. C) Second party tax. D) Progressive tax. Show Answer Correct Answer: A) Inheritance tax. 13. Tax can be vetoed by the president before becoming as a law.President can not impose/make tax laws. A) FALSE; TRUE. B) FALSE; FALSE. C) TRUE; TRUE. D) TRUE; FALSE. Show Answer Correct Answer: C) TRUE; TRUE. 14. To cancel or get rid of an act A) Represent. B) Repeal. C) Parliament. D) Boycott. Show Answer Correct Answer: B) Repeal. 15. Taxes are collected by A) Businesses. B) Parents. C) Foreign countries. D) Government. Show Answer Correct Answer: D) Government. 16. England was furious after the colonists rebelled against the Tea Act. What was the name of the harsh new laws they created to punish the colonists? A) The Insatiable Act. B) The Tea Act. C) The Coercive Acts. D) The Horrible Act. Show Answer Correct Answer: C) The Coercive Acts. 17. What is not subject to domestic tax is A) Individuals who are in Indonesia for more than 183 days in a 12 month period. B) Individuals who at one time are in Indonesia and have the intention to reside in Indonesia. C) Individuals residing in Indonesia. D) Individuals who are in Indonesia for no more than 183 days in a 12 month period. Show Answer Correct Answer: D) Individuals who are in Indonesia for no more than 183 days in a 12 month period. 18. What impact will a sales tax have on the supply curve? A) It will result in a shift of the supply curve to the left. B) It will result in a movement down the supply curve. C) It will result in a movement up the supply curve. D) It will result in a shift of the supply curve to the right. Show Answer Correct Answer: A) It will result in a shift of the supply curve to the left. 19. What are taxes according to the method of collection? A) Direct and indirect. B) Profit (income), value added, resource, property, action. C) National and local. D) Cadastral, declaration and previous. Show Answer Correct Answer: A) Direct and indirect. 20. In India, the GST is based on the dual model GST adopted in: A) Canada. B) USA. C) UK. D) Japan. Show Answer Correct Answer: A) Canada. 21. This is often called a "death tax, " since it is collected after a wealthy person dies. A) Property tax. B) Estate tax. C) Social security. D) Medicare. Show Answer Correct Answer: B) Estate tax. 22. The products & services networking (GSTN) performs the following activities ..... A) Facilitating registration. B) Returning the package to the federal and state governments. C) GST calculation and settlement. D) All of the above. Show Answer Correct Answer: D) All of the above. 23. This type of taxes is passed in to the consumer and very rarely is it passed backwards to the supplier or wholesaler A) Third party tax. B) Manufacture tax. C) Supplier tax. D) Inventory tax. Show Answer Correct Answer: D) Inventory tax. 24. The letter used by Taxpayers to report the calculation and/or payment of tax, tax objects, and/or non-tax objects, and/or assets and liabilities in accordance with the provisions of tax legislation is A) SSP. B) STP. C) GDP. D) SPT. Show Answer Correct Answer: D) SPT. 25. Sum rcd for not carrying out any activity in relation to any business is taxable u/h A) Agreement is Void. B) Salary. C) Style. D) PGBP. Show Answer Correct Answer: D) PGBP. 26. The Indian government uses direct and indirect taxation.Which is a direct tax? A) Corporate (profits) tax. B) Customs duty. C) Goods and services tax. D) Petrol tax. Show Answer Correct Answer: A) Corporate (profits) tax. 27. The term total revenue would not include the following items: A) Inward deliveries that are taxed on an effective payment basis. B) Exempt supplies. C) Export of goods or services or both. D) Persons with the very same PAN address supplying across state lines. Show Answer Correct Answer: A) Inward deliveries that are taxed on an effective payment basis. 28. When you are rich and pass out you have to pay these A) Estate tax. B) Sales tax. C) GDP. D) Income tax. Show Answer Correct Answer: A) Estate tax. 29. A mixed income earner is a taxpayer who is engaged in business and also in the practice of profession. A) FALSE . B) TRUE. Show Answer Correct Answer: A) FALSE . 30. The idea that it should be clear when taxes are due, how much is due, and how they should be paid. A) Simplicity. B) Equity. C) Certainty. D) Efficiency. Show Answer Correct Answer: C) Certainty. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books