This quiz works best with JavaScript enabled. Home > Finance > Taxation > Income Tax Planning > Income Tax Planning – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Income Tax Planning Quiz 11 (15 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A cash ..... statement reports net wages and other income along with spending for a period, such as a month. A) Flow. B) Outflows. C) Inflows. D) None of above. Show Answer Correct Answer: A) Flow. 2. What should all budgeting methods have in common? A) Putting money in savings for the future. B) Defining different classifications of expenses. C) Using credit cards wisely to build credit history. D) Dividing net income by percentages. Show Answer Correct Answer: A) Putting money in savings for the future. 3. Life expectancy refers to A) A statistical estimate of the number of years you will live in retirement. B) Your perception of how long you expect to live. C) A statistical measure of the average life span of a specific population. D) An estimate of how much money you need for retirement. Show Answer Correct Answer: C) A statistical measure of the average life span of a specific population. 4. The Jeffersons want to save 10% per month from their $ 5, 000 salary. What will they save in a year? A) $ 6, 250. B) $ 6, 000. C) $ 5500. D) $ 500. Show Answer Correct Answer: B) $ 6, 000. 5. What is a home loan called? A) Mortgage. B) Personal Loan. C) Car Loan. D) Above Rent Payments. Show Answer Correct Answer: A) Mortgage. 6. How do most people purchase a home? A) In cash. B) Through a lease. C) With a down payment and a mortgage loan. D) Building their own. Show Answer Correct Answer: C) With a down payment and a mortgage loan. 7. Two kinds of waqf has been determined which are A) Individual waqf and group waqf. B) Family waqf and welfare waqf. C) Perpetuity waqf and permanence waqf. D) Cash waqf and building waqf. Show Answer Correct Answer: B) Family waqf and welfare waqf. 8. What is true about "Needs" ? A) They are items such as an expensive vehicle. B) They are also called "Non-discretionary" expenses. C) They are also called "Discretionary" expenses. D) They are usually fun to pay for. Show Answer Correct Answer: B) They are also called "Non-discretionary" expenses. 9. In India, in the accommodation sector the federal government now allows foreign management and up to 51% foreign ownership of hotels. This example refers to A) Planning. B) Stimulation. C) Coordination. D) Tourism promotion. Show Answer Correct Answer: B) Stimulation. 10. A successful budget A) Should not need to be re-evaluated once it is in place. B) Should never show any variances. C) Should be flexible. D) Should reflect current and future income. Show Answer Correct Answer: C) Should be flexible. 11. The HIGHEST percentage of income for people over age 65 comes from A) Retirement accounts. B) Employment benefits. C) Other assets. D) Social Security. Show Answer Correct Answer: D) Social Security. 12. The word ..... means legally collectible A) Contract. B) Delegation. C) Consideration. D) Negotiable. Show Answer Correct Answer: D) Negotiable. 13. Any difference between actual spending and budgeted amounts is called a budget what? A) Surplus. B) Liability. C) Variance. D) None of above. Show Answer Correct Answer: C) Variance. 14. Which of the following statement is TRUE about wasiyyah? A) Wasiyyah cannot exceed 1/3 over the total estate. B) It is effective anytime as long as the owner agrees. C) There is no need for consent of the legal heirs in a case of exceeding amount of the whole estate. D) Wasiyyah should be made in favour of entitled legal heirs. Show Answer Correct Answer: A) Wasiyyah cannot exceed 1/3 over the total estate. 15. Peer pressure is also known as A) Civic consciousness. B) Work ethic. C) The bandwagon effect. D) Restraint. Show Answer Correct Answer: C) The bandwagon effect. ← PreviousRelated QuizzesTaxation QuizzesFinance QuizzesIncome Tax Planning Quiz 1Income Tax Planning Quiz 2Income Tax Planning Quiz 3Income Tax Planning Quiz 4Income Tax Planning Quiz 5Income Tax Planning Quiz 6Income Tax Planning Quiz 7Income Tax Planning Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books