This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 9 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Income tax is a tax on the net income or the entire income realized in one taxable year. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 2. I haven't decided yet where to go for my holiday. I ..... go to Greece. A) Would. B) Should. C) Can. D) May. Show Answer Correct Answer: D) May. 3. Parliament created the Tea Act to help which company? A) The British Tea Company. B) The British Tea company. C) The West India Company. D) The East India Company. Show Answer Correct Answer: D) The East India Company. 4. The tax period for excises is recognised: A) Calendar year. B) Calendar month. C) Quarter. D) All answers are incorrect. Show Answer Correct Answer: B) Calendar month. 5. The price we pay for civilization. A) Taxes. B) Insurance. C) Incomes. D) Wealth. Show Answer Correct Answer: A) Taxes. 6. Employees are obligated to pay 1% of their net salary to the fund. A) True. B) False. Show Answer Correct Answer: B) False. 7. I have to pay this tax so I can live on my property A) Excise tax. B) Property tax. C) Income tax. D) Sales tax. Show Answer Correct Answer: B) Property tax. 8. SSI stands for..... A) Small scale industries. B) Small scale investment. C) Standard supervisor industries. D) Small saving investment. Show Answer Correct Answer: A) Small scale industries. 9. The Internal Revenue Service is the primary implementing agency in charge of tax collections in the Philippines. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 10. When may the value of the transaction get discounted from the supplying value calculation? A) When the parties to a contract are connected, price isn't the only factor to consider. B) When the items are sold with relatively little gross margins. C) When the parties to the contract are linked or when affordability is not the only factor. D) It could not be turned down. Show Answer Correct Answer: C) When the parties to the contract are linked or when affordability is not the only factor. 11. While measuring the indexed cost of acquisition, ..... is irrelevant A) Cost inflation index of the year of acquisition of capital asset. B) Cost inflation index of the year of improvement of capital asset. C) Cost of acquisition. D) Cost inflation index of the year of transfer of capital asset. Show Answer Correct Answer: B) Cost inflation index of the year of improvement of capital asset. 12. Which of the following transactions are subject to stamp duty? A) Placing real estate as equity in the company. B) Transfer any part or all shares of the company. C) Contracts for the sale of goods or services related to government budget. D) Legal documents related to the registration of the company, the closure of the company or the dissolution of the merger company. Show Answer Correct Answer: D) Legal documents related to the registration of the company, the closure of the company or the dissolution of the merger company. 13. Colonists disguised themselves as what the night of the Boston Tea Party? A) Squanto. B) Mohawk Indians. C) Pilgrims. D) Commoners. Show Answer Correct Answer: B) Mohawk Indians. 14. To sneak goods into a country/place A) Boycott. B) Duty. C) Taxation. D) Smuggle. Show Answer Correct Answer: D) Smuggle. 15. Sum of various heads is called A) Gross total income. B) Taxable income. C) Total income. D) None of these. Show Answer Correct Answer: A) Gross total income. 16. Income Tax is ..... as to subject matter. A) Excise Tax. B) Property Tax. C) Direct Tax. D) Personal, poll or capitation tax. Show Answer Correct Answer: A) Excise Tax. 17. A tax that must be paid on particular legal documents that have to be officially checked, especially when buying a house A) Wealth tax. B) Inheritance tax. C) Corporation tax. D) Stamp duty. Show Answer Correct Answer: D) Stamp duty. 18. Taxes are voluntary proportional contributions from persons and property levied by the law-making body of the State by virtue of its sovereignty for the support of the government and all public needs. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 19. Value-added tax is an indirect tax. A) False. B) True. Show Answer Correct Answer: B) True. 20. What are the advantages of different tax systems? A) A progressive tax is designed to redistribute wealth and income. B) To ensure social equality, reduce the gap between the rich and the poor. C) Both A and B. D) None of above. Show Answer Correct Answer: C) Both A and B. 21. Taxed paper products, playing cards, dice A) Quartering Act. B) Stamp Act. C) Townshend Act. D) Sugar Act. Show Answer Correct Answer: B) Stamp Act. 22. An amount you can earn without paying tax on it ..... A) Tax relief. B) Tax break. C) Tax allowance. D) Flat tax. Show Answer Correct Answer: C) Tax allowance. 23. For which of the following Rules can be made by the Central Government u/s 156 of the Customs Act, 1962? A) Conditions for transshipment & removal of good without payment of duty. B) Transaction Value. C) Form of Bill of Entry. D) Import & export manifest. Show Answer Correct Answer: B) Transaction Value. 24. . Bonus paid by the employer to the employee is ..... A) Fully Taxable. B) Partly Taxable. C) Fully Exempted. D) None of these. Show Answer Correct Answer: A) Fully Taxable. 25. If Damon has a taxable income of $ 86450 what would he pay as a Medicare Levy being 2%? A) $ 1729. B) $ 1850. C) $ 1675. D) $ 1724. Show Answer Correct Answer: A) $ 1729. 26. The federal government's health care system for people age 65 and over A) Medicare. B) Social Security. C) US Retirement Services Inc. D) US Healthcare. Show Answer Correct Answer: A) Medicare. 27. Tax as to subject matter or object A) Ad Valorem Tax. B) Direct Tax. C) Specific Tax. D) Property Tax. Show Answer Correct Answer: D) Property Tax. 28. A Tax which directly paid to the goverment is known as ..... A) Indirect tax. B) Perquisite tax. C) Direct tax. D) Excise duty. Show Answer Correct Answer: C) Direct tax. 29. Under Income tax Act "Person" means A) Hindu Undivided Family. B) Company. C) Local Authority. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 30. Why might a country tax cars based on their engine size? A) They want to encourage the purchase of solar powered vehicles. B) Larger vehicles may generate more pollution and use more gas. C) They want to encourage greater public transport use. D) They want to discourage red necks & hoons who usually buy large cars. Show Answer Correct Answer: B) Larger vehicles may generate more pollution and use more gas. ← 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