This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How much taxes were collected in Finland year 2019? A) 1 million euros. B) 101 billion euros. C) 11 million euros. D) 1 billion euros. Show Answer Correct Answer: B) 101 billion euros. 2. An enforced proportional contribution from owners of lands for special benefits resulting from public improvements. A) Tax. B) Special Assessment. C) Eminent Domain. D) Permit. Show Answer Correct Answer: B) Special Assessment. 3. What tax do you pay when you buy a house A) GDP. B) Property tax. C) Economy. D) Employment rate. Show Answer Correct Answer: B) Property tax. 4. Optical standard deduction scheme allows the business to claim deduction of 40% gross sales. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 5. This means that the property is taxable in the State where it has its actual situs, specifically in the place where it is located, even though the owner resides in another jurisdiction. A) The law of the situated property. B) Power of Taxation. C) Fiscal Administration. D) Public Finance. Show Answer Correct Answer: A) The law of the situated property. 6. Surcharge is calculated on the annual income above A) Accept. B) 10L. C) 15L. D) 50L. Show Answer Correct Answer: D) 50L. 7. An individual or business entity that is obligated to pay taxes to a federal, state, or local government. A) Tax rate. B) Taxation. C) Taxpayers. D) Tax credit. Show Answer Correct Answer: C) Taxpayers. 8. An amount of money citizens and businesses are required to pay so that they government can function and provide services. A) Supply and Demand. B) Security. C) Tax. D) Tariff. Show Answer Correct Answer: C) Tax. 9. What taxes do you pay when you buy fuel for your car A) Income tax. B) Excise tax. C) Property tax. D) Sales tax. Show Answer Correct Answer: B) Excise tax. 10. The federal government's health care system for people aged 65 and over A) Welfare. B) Medicare. C) SNAP / EBT. D) Tariff. Show Answer Correct Answer: B) Medicare. 11. Personal taxes include: A) Land tax. B) VAT. C) Duty. D) Income tax. Show Answer Correct Answer: D) Income tax. 12. The tax system should attempt to achieve its aims without any undesirable side effects. Eg. It should not lead to disincentives to work. This principle of taxation is called: A) Productivity. B) Economical. C) Equity. D) Efficiency. Show Answer Correct Answer: D) Efficiency. 13. Criminal organizations tend to pass money through a series of companies in very complicated transactions to disguise its origin from the tax inspectors and the police called ..... A) Tax shelters. B) Laundering money. C) Tax avoidance. D) Tax evasion. Show Answer Correct Answer: B) Laundering money. 14. Ideally taxes should be based on taxpayers ability to pay. In other words taxes should be: A) Lead to equality. B) Rational. C) Reduce Inequality. D) Equitable (fair). Show Answer Correct Answer: D) Equitable (fair). 15. Stamp Duty may be levied on: A) The purchase or sale of Property. B) The purchase of Demerit Goods. C) The purchase of gas. D) The purchase or sale of Luxury Goods. Show Answer Correct Answer: A) The purchase or sale of Property. 16. In most countries the income tax system can be considered: A) An example of proportional taxation. B) An example of indirect taxation. C) An example of regressive taxation. D) An example of progressive taxation. Show Answer Correct Answer: D) An example of progressive taxation. 17. Legal efforts that can be taken by the taxpayer or tax bearer against an objection decision, the taxpayer can take further legal action to the tax court called A) Object. B) Banding. C) Bookkeeping. D) Investigation. Show Answer Correct Answer: B) Banding. 18. Entertaiment given to potential client in a closed transaction 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%. 19. Another name for tax(es) A) Fee. B) Duty. C) Commission. D) Fine. Show Answer Correct Answer: B) Duty. 20. Which of the following is not included in taxable income- A) Casual income. B) Income from smuggling activity. C) Gifts of personal nature subject to a maximum of '50, 000 received in cash. D) Income received in kind. Show Answer Correct Answer: C) Gifts of personal nature subject to a maximum of '50, 000 received in cash. 21. It is a term for when a taxing authority, usually a government, levies or imposes a tax. A) Tax rate. B) Tax Credits. C) Tax payers. D) Taxation. Show Answer Correct Answer: D) Taxation. 22. Which is illegal way of non payment or minimizing of tax? A) Tax Avoidance. B) Tax Evasion. C) Indirect Double Taxation. D) Tax Exemption. Show Answer Correct Answer: B) Tax Evasion. 23. Brenda's net pay is $ 525/week. Her gross is $ 700. How much money is deducted from her paycheck each week? A) $ 175.00. B) $ 525.00. C) $ 700.00. D) $ 125.00. Show Answer Correct Answer: A) $ 175.00. 24. The determination of the situs of taxation depends on various factors include the following, except A) Nature of the tax. B) Subject matter thereof. C) The ability to pay of the taxpayer. D) Source of the income. Show Answer Correct Answer: C) The ability to pay of the taxpayer. 25. Tax withheld on income in connection with work, services and/or activities is called A) Income Tax Article 23. B) Income Tax Article 22. C) Income Tax Article 25. D) Income Tax Article 21. Show Answer Correct Answer: D) Income Tax Article 21. 26. A supplier that consists of two or even more services would be classified as the provision that describes the variables that are subject to a higher rate of taxation. A) Composite. B) Mixed. C) Both (a) and (b). D) None of the above. Show Answer Correct Answer: B) Mixed. 27. The Philippine individual income tax is characterized by increasing tax rate as the tax base increase. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 28. IGST is billed as soon as the stock is ..... A) Federal. B) Intra-UT. C) Intra-state. D) All of the above. Show Answer Correct Answer: A) Federal. 29. As per Income Tax Act, 1961, income tax is charged on the income of ..... at a rates which are prescribed by the Finance Act of relevant assessment year A) Current Year. B) One year before previous year. C) Previous year. D) None of the Above. Show Answer Correct Answer: C) Previous year. 30. The official date for when taxes are due A) January 15. B) April 15. C) March 15. D) February 15. Show Answer Correct Answer: B) April 15. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 8Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books