A level Taxation Quiz 1

15 Questions

Quiz Description

In this quiz, we will be studying taxation. Here, we will be more focused on the concepts of direct and indirect taxes, general sales tax (GSA), income tax, etc, which are some types of taxes. This is a very fertile topic as far as the A level examination is concerned. For this reason, this quiz prepares you for what is coming.

Taxation is a term for when a taxing authority imposes financial obligations on the citizens of a country. This taxing authority is known to be the government. Tax fee is involuntary, and it also occurs on physical assets (property and transactions). We have various types of taxes, which include income tax, corporate tax, payroll tax, capital gain tax, sales tax, and many others. Let’s take for example in the US, an income tax of 3% was imposed on high-income earners during the Civil War. This income tax involves the tax levied on individual wages, salaries or investments, and most at times, the tax increases as taxpayer’s money increases.

There is a lot more knowledge to be gotten about taxation from this economics quiz. All you need to do is go through the 15 questions and discover more knowledge. 

1:

 An indirect tax is charged on __________: 


Correct
  • 1:
    Profits
  • 2:
    Gains
  • 3:
    Income
  • 4:
    Spending
2:

 Who is the administrator of the UK tax system? 


Correct
  • 1:
    HM Customs and Excise
  • 2:
    The Chancellor of the Exchequer
  • 3:
    HM Revenue and Customs
  • 4:
    HM Inland Revenue
3:

 __________ is an indirect tax: 


Correct
  • 1:
    Inheritance tax
  • 2:
    Value-added tax
  • 3:
    Income tax
  • 4:
    Corporation tax
4:

 Which is not a source of UK tax law? 


Correct
  • 1:
    Statutory instruments
  • 2:
    Statute law
  • 3:
    Case law
  • 4:
    HMRC Statements of Practice
5:

 A taxpayer who is in business or who lets property must normally keep records for how many years? 


Correct
  • 1:
    Seven
  • 2:
    Five
  • 3:
    Two
  • 4:
    Nine
6:

 Tax avoidance is illegal. True or False? 


Correct
  • 1:
    True
  • 2:
    False
  • 3:
    Both A and B
  • 4:
    None of the above
7:

Selling Price is equal to


Correct
  • 1:
    Retail Price + GST
  • 2:
    Retail Price − GST
  • 3:
    Manufacturing Cost + GST
  • 4:
    Manufacturing Cost − GST
8:

 General Sales Tax (GST) is charged on 


Correct
  • 1:
    Selling Price
  • 2:
    Retail Price
  • 3:
    Manufacturing Cost
  • 4:
    None of these
9:

  Local supplies of goods made by a cottage industry are exempt from 


Correct
  • 1:
    Income Tax
  • 2:
    Sales Tax
  • 3:
    Capital Value Tax
  • 4:
    Federal Excise Duty
10:

 A computerized program for analysing and cross-matching of sales tax returns is called 


Correct
  • 1:
    Matlab
  • 2:
    SPSS
  • 3:
    SAS
  • 4:
    CREST
11:

  If an article costs $350 with 6% GST then the price customer has to pay is 


Correct
  • 1:
    $362
  • 2:
    $351
  • 3:
    $371
  • 4:
    $341
12:

 If a refrigerator is advertised for $215 inclusive of 7% GST then the original price is 


Correct
  • 1:
    $325.95
  • 2:
    $225.95
  • 3:
    $210.95
  • 4:
    $199.95
13:

 The income tax imposed on first $30000 is $600 and on the next $10000 income is 6%. If the chargeable income is $39200 then income tax payable is 


Correct
  • 1:
    $1,452
  • 2:
    $1,152
  • 3:
    $1,252
  • 4:
    $1,352
14:

 The income tax imposed on first $90000 of income is $4000 and next $20000 is 7%. If chargeable income is $100,000 then the tax payable by the tax payers is 


Correct
  • 1:
    $5,400
  • 2:
    $6,500
  • 3:
    $7,000
  • 4:
    $7,200
15:

 If the tax payable is $8000 for 8 months at rate of 16% then annual value of real estate property is 


Correct
  • 1:
    $85,000
  • 2:
    $75,000
  • 3:
    $78,000
  • 4:
    $89,000

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A level Taxation Quiz 1
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