Fin623 Online Quiz No. 3
Tuesday, January 04, 2011 Posted In Fin Edit This
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Question # 1 of 15 ( Start time: 03:18:24 PM ) Total Marks: 1
Which one of the following is the main objective of Fiscal Policy?
Select correct option:
Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options
Question # 2 of 15 ( Start time: 03:18:46 PM ) Total Marks: 1
Utilities were exempted up to which of the following tax year?
Select correct option:
2004
2005
2006
2007
Question # 3 of 15 ( Start time: 03:20:09 PM ) Total Marks: 1
Which of the following is the main tool of Fiscal Policy?
Select correct option:
Taxes
Deficit Financing
Subsidies
Transfer Payments
Question # 4 of 15 ( Start time: 03:20:33 PM ) Total Marks: 1
Which of the following is the general formula for calculating tax credits?
Select correct option:
(A + B) x C
(A - B) x C
(A / B) x C
(A / B) + C
Question # 5 of 15 ( Start time: 03:21:11 PM ) Total Marks: 1
Which of the following is tax, where the tax rate decreases as the amount to which the rate is applied increases?
Select correct option:
Proportional tax
Progressive tax
Regressive tax
Corporate tax
Question # 6 of 15 ( Start time: 03:21:27 PM ) Total Marks: 1
Which one of the following is the general definition of tax?
Select correct option:
Compulsory contribution of wealth by persons
Optional contribution of wealth by persons
Compulsory contribution of wealth by state
Optional contribution of wealth by state
Question # 7 of 15 ( Start time: 03:21:46 PM ) Total Marks: 1
Payment of Zakat is entitled to a deductible allowance according to provisions of sec.60.
Select correct option:
True 000
False
Question # 8 of 15 ( Start time: 03:22:34 PM ) Total Marks: 1
Which of the following section deal with tax treatment of person who is a cultivator or receiver of agricultural produce as rent-in-kind in the business of cultivator?
Select correct option:
Rule 11 of the IT Rule 2002
Section 40 of the Income Tax Ordinance 2001
Section 41 of the Income Tax Ordinance 2001
Section 42 of the Income Tax Ordinance 2001
Question # 9 of 15 ( Start time: 03:23:33 PM ) Total Marks: 1
Agricultural income does NOT include which one of the following?
Select correct option:
Rent or Revenue derived by a person from land
Income derived from land situated in Pakistan
The land is used for agricultural purposes
Income from spontaneous forest
Question # 10 of 15 ( Start time: 03:24:04 PM ) Total Marks: 1
Which part of income is charged to tax of non-resident person under the income tax ordinance 2001?
Select correct option:
Pakistani source of income
Foreign source of income
Both Pakistan and foreign source of income
None of the given option
Question # 11 of 15 ( Start time: 03:24:25 PM ) Total Marks: 1
Mr.John a non-resident received profit in Pakistan on a security issued by a resident person, how the profit will be treated under sec (46) of IT Ordinance 2001?
Select correct option:
Wholly Taxable
Wholly Exempt
Partly Exempt
None of the given options
Question # 12 of 15 ( Start time: 03:25:25 PM ) Total Marks: 1
Any dividend is Pakistan source income if it is paid by which of the following?
Select correct option:
By resident Company
By non resident Company
By resident Individual
By resident AOP
Question # 13 of 15 ( Start time: 03:26:42 PM ) Total Marks: 1
Which of the following tax is payable on merchandise imported or exported from one country to another?
Select correct option:
Custom duty
Income tax
Sales tax
Wealth tax
Question # 14 of 15 ( Start time: 03:27:03 PM ) Total Marks: 1
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 650,000 but does not exceed Rs. 750,000?
Select correct option:
3.50%
4.50%
6.00%
7.50%
Question # 15 of 15 ( Start time: 03:27:55 PM ) Total Marks: 1
Special tax year is adopted after seeking approval from the ____________ under section 74(3).
Select correct option:
Commissioner
Tax Officer
Appellate Tribunal
Supreme Court
Question # 1 of 15 ( Start time: 03:32:13 PM ) Total Marks: 1
Which of the following tax is paid in relation to how much you earn?
Select correct option:
Income Tax
Inheritance Tax
Value added Tax
Sales Tax
Question # 2 of 15 ( Start time: 03:32:32 PM ) Total Marks: 1
Which of the following section of Income Tax Ordinance 2001 deals with perquisites of Income from Salary and its treatment?
Select correct option:
Section 11
Section 12
Section 13
Section 14
Question # 3 of 15 ( Start time: 03:33:48 PM ) Total Marks: 1
An Individual will be termed as Short Term Resident under section 50 of the IT Ordinance 2001 provided:
Select correct option:
His period of stay equal to 183 days
The employee of Federal Government
The citizen of Pakistan
Resident solely by reason of the individual’s employment
Question # 4 of 15 ( Start time: 03:34:18 PM ) Total Marks: 1
A definition that includes the dictionary meanings of the word is termed as:
Select correct option:
Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition
Question # 5 of 15 ( Start time: 03:34:38 PM ) Total Marks: 1
Which one of the following is the general meaning of Tax?
Select correct option:
Relax
Lighten
Relieve
Fatigue
Question # 6 of 15 ( Start time: 03:35:13 PM ) Total Marks: 1
Which of the following is similar to the concept of clubbing of Incomes?
Select correct option:
Unification only two heads of Income
Association of two or more heads of Income
Splitting up of only two heads of Income
Division of two or more than two heads of Income
Question # 7 of 15 ( Start time: 03:35:35 PM ) Total Marks: 1
Non-Agricultural income includes which one of the following?
Select correct option:
Income from sale of wild grass
Income from fisheries
Royalty income of mines
All of the given options
Question # 9 of 15 ( Start time: 03:38:04 PM ) Total Marks: 1
Which of the following is the legal status of Al-Habib Bank Limited under section 80 of the ordinance?
Select correct option:
Individual
Firm
Banking Company
Hindu Undivided Family
Question # 10 of 15 ( Start time: 03:38:30 PM ) Total Marks: 1
A firm ABC maintaining its account in accrual basis, at June 27, 2008 it is entitled to receive Rs. 10,000 but actual payments made at 01 August 2008. In which year it is charged to tax?
Select correct option:
2006
2007
2008
2009
Question # 11 of 15 ( Start time: 03:38:53 PM ) Total Marks: 1
Which of the following is the important content for calculating tax on income?
Select correct option:
Taxable Income
Residential Status
Tax Year
All of the given options
Question # 12 of 15 ( Start time: 03:39:10 PM ) Total Marks: 1
_____________ is the payment to the holder for the right to use property such as a patent, copyrighted material, or natural resources.
Select correct option:
Permanent Establishment
Royalty
Dividend
Goodwill
Question # 13 of 15 ( Start time: 03:39:25 PM ) Total Marks: 1
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 4,550,000 but does not exceed Rs. 8,650,000?
Select correct option:
17.50%
18.50%
19.00%
20.00%
Question # 14 of 15 ( Start time: 03:39:57 PM ) Total Marks: 1
Utilities were exempted up to which of the following tax year?
Select correct option:
2004
2005
2006
2007
Question # 15 of 15 ( Start time: 03:40:32 PM ) Total Marks: 1
Which of the following is tax, where the tax rate decreases as the amount to which the rate is applied increases?
Select correct option:
Proportional tax
Progressive tax
Regressive tax
Corporate tax
Question # 1 of 15 ( Start time: 03:18:24 PM ) Total Marks: 1
Which one of the following is the main objective of Fiscal Policy?
Select correct option:
Economic Development
Price stability
Removal of deficit in Balance of Payment
All of the given options
Question # 2 of 15 ( Start time: 03:18:46 PM ) Total Marks: 1
Utilities were exempted up to which of the following tax year?
Select correct option:
2004
2005
2006
2007
Question # 3 of 15 ( Start time: 03:20:09 PM ) Total Marks: 1
Which of the following is the main tool of Fiscal Policy?
Select correct option:
Taxes
Deficit Financing
Subsidies
Transfer Payments
Question # 4 of 15 ( Start time: 03:20:33 PM ) Total Marks: 1
Which of the following is the general formula for calculating tax credits?
Select correct option:
(A + B) x C
(A - B) x C
(A / B) x C
(A / B) + C
Question # 5 of 15 ( Start time: 03:21:11 PM ) Total Marks: 1
Which of the following is tax, where the tax rate decreases as the amount to which the rate is applied increases?
Select correct option:
Proportional tax
Progressive tax
Regressive tax
Corporate tax
Question # 6 of 15 ( Start time: 03:21:27 PM ) Total Marks: 1
Which one of the following is the general definition of tax?
Select correct option:
Compulsory contribution of wealth by persons
Optional contribution of wealth by persons
Compulsory contribution of wealth by state
Optional contribution of wealth by state
Question # 7 of 15 ( Start time: 03:21:46 PM ) Total Marks: 1
Payment of Zakat is entitled to a deductible allowance according to provisions of sec.60.
Select correct option:
True 000
False
Question # 8 of 15 ( Start time: 03:22:34 PM ) Total Marks: 1
Which of the following section deal with tax treatment of person who is a cultivator or receiver of agricultural produce as rent-in-kind in the business of cultivator?
Select correct option:
Rule 11 of the IT Rule 2002
Section 40 of the Income Tax Ordinance 2001
Section 41 of the Income Tax Ordinance 2001
Section 42 of the Income Tax Ordinance 2001
Question # 9 of 15 ( Start time: 03:23:33 PM ) Total Marks: 1
Agricultural income does NOT include which one of the following?
Select correct option:
Rent or Revenue derived by a person from land
Income derived from land situated in Pakistan
The land is used for agricultural purposes
Income from spontaneous forest
Question # 10 of 15 ( Start time: 03:24:04 PM ) Total Marks: 1
Which part of income is charged to tax of non-resident person under the income tax ordinance 2001?
Select correct option:
Pakistani source of income
Foreign source of income
Both Pakistan and foreign source of income
None of the given option
Question # 11 of 15 ( Start time: 03:24:25 PM ) Total Marks: 1
Mr.John a non-resident received profit in Pakistan on a security issued by a resident person, how the profit will be treated under sec (46) of IT Ordinance 2001?
Select correct option:
Wholly Taxable
Wholly Exempt
Partly Exempt
None of the given options
Question # 12 of 15 ( Start time: 03:25:25 PM ) Total Marks: 1
Any dividend is Pakistan source income if it is paid by which of the following?
Select correct option:
By resident Company
By non resident Company
By resident Individual
By resident AOP
Question # 13 of 15 ( Start time: 03:26:42 PM ) Total Marks: 1
Which of the following tax is payable on merchandise imported or exported from one country to another?
Select correct option:
Custom duty
Income tax
Sales tax
Wealth tax
Question # 14 of 15 ( Start time: 03:27:03 PM ) Total Marks: 1
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 650,000 but does not exceed Rs. 750,000?
Select correct option:
3.50%
4.50%
6.00%
7.50%
Question # 15 of 15 ( Start time: 03:27:55 PM ) Total Marks: 1
Special tax year is adopted after seeking approval from the ____________ under section 74(3).
Select correct option:
Commissioner
Tax Officer
Appellate Tribunal
Supreme Court
Question # 1 of 15 ( Start time: 03:32:13 PM ) Total Marks: 1
Which of the following tax is paid in relation to how much you earn?
Select correct option:
Income Tax
Inheritance Tax
Value added Tax
Sales Tax
Question # 2 of 15 ( Start time: 03:32:32 PM ) Total Marks: 1
Which of the following section of Income Tax Ordinance 2001 deals with perquisites of Income from Salary and its treatment?
Select correct option:
Section 11
Section 12
Section 13
Section 14
Question # 3 of 15 ( Start time: 03:33:48 PM ) Total Marks: 1
An Individual will be termed as Short Term Resident under section 50 of the IT Ordinance 2001 provided:
Select correct option:
His period of stay equal to 183 days
The employee of Federal Government
The citizen of Pakistan
Resident solely by reason of the individual’s employment
Question # 4 of 15 ( Start time: 03:34:18 PM ) Total Marks: 1
A definition that includes the dictionary meanings of the word is termed as:
Select correct option:
Exclusive definition
Inclusive definition
Both Inclusive & Exclusive definitions
Statutory definition
Question # 5 of 15 ( Start time: 03:34:38 PM ) Total Marks: 1
Which one of the following is the general meaning of Tax?
Select correct option:
Relax
Lighten
Relieve
Fatigue
Question # 6 of 15 ( Start time: 03:35:13 PM ) Total Marks: 1
Which of the following is similar to the concept of clubbing of Incomes?
Select correct option:
Unification only two heads of Income
Association of two or more heads of Income
Splitting up of only two heads of Income
Division of two or more than two heads of Income
Question # 7 of 15 ( Start time: 03:35:35 PM ) Total Marks: 1
Non-Agricultural income includes which one of the following?
Select correct option:
Income from sale of wild grass
Income from fisheries
Royalty income of mines
All of the given options
Question # 9 of 15 ( Start time: 03:38:04 PM ) Total Marks: 1
Which of the following is the legal status of Al-Habib Bank Limited under section 80 of the ordinance?
Select correct option:
Individual
Firm
Banking Company
Hindu Undivided Family
Question # 10 of 15 ( Start time: 03:38:30 PM ) Total Marks: 1
A firm ABC maintaining its account in accrual basis, at June 27, 2008 it is entitled to receive Rs. 10,000 but actual payments made at 01 August 2008. In which year it is charged to tax?
Select correct option:
2006
2007
2008
2009
Question # 11 of 15 ( Start time: 03:38:53 PM ) Total Marks: 1
Which of the following is the important content for calculating tax on income?
Select correct option:
Taxable Income
Residential Status
Tax Year
All of the given options
Question # 12 of 15 ( Start time: 03:39:10 PM ) Total Marks: 1
_____________ is the payment to the holder for the right to use property such as a patent, copyrighted material, or natural resources.
Select correct option:
Permanent Establishment
Royalty
Dividend
Goodwill
Question # 13 of 15 ( Start time: 03:39:25 PM ) Total Marks: 1
Which of the following is the rate of tax for salaried Individuals for tax year 2009, where the taxable income exceeds Rs. 4,550,000 but does not exceed Rs. 8,650,000?
Select correct option:
17.50%
18.50%
19.00%
20.00%
Question # 14 of 15 ( Start time: 03:39:57 PM ) Total Marks: 1
Utilities were exempted up to which of the following tax year?
Select correct option:
2004
2005
2006
2007
Question # 15 of 15 ( Start time: 03:40:32 PM ) Total Marks: 1
Which of the following is tax, where the tax rate decreases as the amount to which the rate is applied increases?
Select correct option:
Proportional tax
Progressive tax
Regressive tax
Corporate tax
