This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 5 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. . 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) 250 Days. B) 100 Days. C) 180 Days. D) 210 Days. Show Answer Correct Answer: C) 180 Days. 2. 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) Property Tax. D) Sales Tax. Show Answer Correct Answer: B) Income Tax. 3. 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%. 4. In Finland income taxation is ..... A) Only for rich people. B) Flat. C) Aggressive. D) Progressive. Show Answer Correct Answer: D) Progressive. 5. As per Section 2(4) of the Customs Act, 1962, "bill of entry" means a bill of entry referred to in ..... A) Section 46. B) Section 48. C) Section 47. D) Section 45. Show Answer Correct Answer: A) Section 46. 6. 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. 7. Income tax is collected on all types of income except ..... A) Household property. B) Industrial Income. C) Capital Gain. D) Agricultural Income. Show Answer Correct Answer: D) Agricultural Income. 8. To avail the benefit of section 54, the asset transferred should be ....., being a residential house property A) Long-term capital asset. B) Short-term or long-term capital asset as per the choice of the assessee. C) Short-term capital asset. D) Short-term or long-term capital asset as per the choice of the Assessing Officer. Show Answer Correct Answer: A) Long-term capital asset. 9. A person can be resident in more than one country. A) True. B) False. Show Answer Correct Answer: A) True. 10. 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. 11. ..... 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) Assessment. B) License Fee. C) Tariff. D) Taxes. Show Answer Correct Answer: B) License Fee. 12. Objective of tax planning- A) Payment of tax on time. B) Differment of tax. C) Avoidance of tax. D) Minimise of Tax liability. Show Answer Correct Answer: D) Minimise of Tax liability. 13. The charging Section of PGBP is ..... A) 28(1). B) 28(i). C) Sec. 28. D) 28(2). Show Answer Correct Answer: C) Sec. 28. 14. Under which section/sub-section of Income Tax Act, 1961, is the term "PROFESSION" defined? A) 2(34). B) 2(37). C) 2(35). D) 2(36). Show Answer Correct Answer: D) 2(36). 15. Parliament passed the Stamp Act because they believed that the colonies should help support troops. A) True. B) False. Show Answer Correct Answer: A) True. 16. What is the timing of voucher provision when the supply may be traced back to the voucher? A) The date on which the voucher could be issued. B) The date on which the coupon must be redeemed. C) Earlier of (a) and (b). D) Whichever of (a) and (b) comes first. Show Answer Correct Answer: A) The date on which the voucher could be issued. 17. ..... taxes are levied on the production or sale of goods and services. A) Direct. B) Indirect. Show Answer Correct Answer: B) Indirect. 18. Saedah did not pay quit rent of her house. What is the consequence of her action? A) Compound of RM 150. B) The portable property can be seized. C) The land can be seized. D) Fine 10 times of tax undercharged. Show Answer Correct Answer: C) The land can be seized. 19. Rate of this tax decreases as the tax base or bracket increases. A) Regressive Tax. B) Progressive Tax. C) Proportional Tax. D) None of above. Show Answer Correct Answer: A) Regressive Tax. 20. This is how governments pay for services. A) Creating new businesses. B) Printing extra money. C) Donations. D) Taxes. Show Answer Correct Answer: D) Taxes. 21. The selling price of a unit of product P is RM 52.80. If the sales tax imposed is 10%, calculate the original price of a unit of product P. A) RM 52. B) RM 50. C) RM 46. D) RM.48. Show Answer Correct Answer: D) RM.48. 22. How much of a tax was placed on sugar? A) 3 cents. B) 1 pound. C) 1 cent. D) 5 cents. Show Answer Correct Answer: A) 3 cents. 23. The income tax act came into force from. A) 1st March 1971. B) 1st March 1961. C) 1st April 1971. D) 1st April 1961. Show Answer Correct Answer: D) 1st April 1961. 24. Which are the sources of income? A) Salary. B) Gift and Interest. C) Business and Profession. D) All of the above. Show Answer Correct Answer: D) All of the above. 25. What word most closely means "qualified to receive survivor benefits?" A) Survivor. B) Obtain. C) Disabled. D) Eligible. Show Answer Correct Answer: D) Eligible. 26. Base tax for Hisham's chargeable income in 2020 was RM 150 and tax on the next balance is RM 375.60. It is given that zakat of RM 220 was paid in the same year. Calculate income tax payable by Hisham. A) RM 5.60. B) RM 445.60. C) RM 305.60. D) RM 745.60. Show Answer Correct Answer: C) RM 305.60. 27. Taxation Power can be delegated A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 28. A government wants to redistribute income from the rich to the poor. Which changes in taxation would help it to achieve this objective? A) A cut in corporate tax and a rise in sales tax. B) A cut in VAT and a rise in income tax. C) A cut in capital gain tax and inheritance tax. D) A rise in customs duties and excise duties. Show Answer Correct Answer: B) A cut in VAT and a rise in income tax. 29. The income tax Act was passed in: A) 1981. B) 1971. C) 1961. D) 1951. Show Answer Correct Answer: C) 1961. 30. Which of the following is not the type of tax? A) Property assessment tax. B) Quick rent. C) Sales & property tax. D) Income tax. Show Answer Correct Answer: C) Sales & property tax. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books