Тесты СинергияАртём Хелп
Артём Help онлайнПолучить расчёт
Бесплатно оценим сроки и стоимостьОтправить задание в Telegram
Taxes and Taxation.d

Taxes and Taxation.d

Просмотрите все вопросы и варианты бесплатно. Правильные ответы скрыты и открываются только после получения доступа.

82 вопроса Вариант 1 Доступ 7 дней
Содержание теста

Вопросы и варианты

Без отметок и подсказок к правильным ответам

Вопрос 1

What is CGST?

  1. Centre Goods and Service Tax
  2. Capital Goods and Service Tax
  3. Capacity Goods and Service Tax
  4. Central Goods and Service Tax
Вопрос 2

The government has recently launched GST regime, effective from July 1, 2017. What is GST?

  1. Gods and Services Tax (GST)
  2. Goods and Services Total (GST)
  3. Goods and Services Tax (GST)
  4. Goods and Social Tax (GST)
Вопрос 3

In India, the GST Council has come out with a four-rate structure. They are?

  1. 5%, 12%, 18% and 24%
  2. 5%, 12%, 18% and 26%
  3. 5%, 12%, 18% and 28%
  4. 5%, 12%, 16% and 28%
Вопрос 4

France has implemented GST in which year?

  1. 1966
  2. 1956
  3. 1954
  4. 1964
Вопрос 5

In GST only three type of taxes will be charged in whole country. What are they?

  1. CGST, EGST & LGST
  2. CGST, SGST & IGST
  3. CGST, SGST & KGST
  4. RGST, SGST & IGST
Вопрос 6

India has chosen ____________ model of dual-GST?

  1. Canadian
  2. Cuba
  3. Belize
  4. Nicaragua
Вопрос 7

The main objective of GST is to ______________ excessive taxation.

  1. exempt
  2. exclude
  3. Eliminate
  4. Lift
Вопрос 8

Which of the following good will be covered under the GST bill?

  1. Cooking gas
  2. Liquor
  3. Petrol
  4. Rice
Вопрос 9

Who is the head of the GST council?

  1. Shashi Kant Das
  2. Amit Mitra
  3. Nirmala Sitharaman
  4. Hasmukh Adhia
Вопрос 10

What is SGST?

  1. State Goods and Service Tax
  2. S Goods and Service Tax
  3. South Goods and Service Tax
  4. State Good and Social Tax
Вопрос 11

The concept of Goods and Services Tax (GST) is originated in………..

  1. Canada
  2. USA
  3. Britain
  4. Germany
Вопрос 12

Which constitutional amendment is done to pass the GST bill?

  1. 101st
  2. 120th
  3. 122nd
  4. 115th
Вопрос 13

What kind of Tax is GST?

  1. Direct Tax
  2. Indirect Tax
  3. Depends on the type of goods and services
  4. Consumer Tax
Вопрос 14

Which Article of the Constitution as amended by 101st Constitutional Amendment Act, 2016 defines the Goods and Services tax (GST) as a tax on supply of goods or services or both?

  1. Article 366 (12A)
  2. Article 366 (1A)
  3. Article 356 (12A)
  4. Article 356 (1A)
Вопрос 15

What is IGST?

  1. Integrated Goods and Service Tax
  2. Indian Goods and Service Tax
  3. Initial Goods and Service Tax
  4. Integrated Goods and Social Tax
Вопрос 16

The number of structures in India’s GST model is?

  1. 6
  2. 4
  3. 3
  4. 5
Вопрос 17

The maximum rate for CGST is?

  1. 28
  2. 12
  3. 18
  4. 20
Вопрос 18

The maximum rate applicable for SGST/UTGST is?

  1. 28
  2. 14
  3. 20
  4. 30
Вопрос 19

GST rates applicable on goods and services are:

  1. 0% 5% 12% 18% 26%
  2. 0% 6% 12% 18% 28%
  3. 0% 5% 12% 18% 28%
  4. 0% 5% 12% 16% 28%
Вопрос 20

Taxes that are levied on any Intra-State purchase are?

  1. IGST
  2. CGST and SGST
  3. SGST
Вопрос 21

What does “I” in IGST stands stand for?

  1. Internal
  2. Integrated
  3. Internal
  4. Intra
Вопрос 22

What does the acronym V. A. T. stand for?

  1. Value And Tax
  2. Variety Added Tax
  3. Value Added Tax
  4. Value Added To
Вопрос 23

In Mathematics, V.A.T. is calculated as ...

  1. 5%
  2. 15%
  3. 20%
  4. 10%
Вопрос 24

What is the V.A.T. on an item that costs $100 if V.A.T. is calculated at 15%?

  1. $115
  2. $10
  3. $5
  4. $15
Вопрос 25

How much money would I have to pay for an item with original price of $50, after 15% VAT is added?

  1. $57.50
  2. $55.00
  3. $7.50
  4. $52.50
Вопрос 26

Calculate the amount of VAT at 15% which is charged on an item with an original price of $10.00

  1. $11.50
  2. $1.50
  3. $2.00
  4. $1.75
Вопрос 27

When VAT of 15% is charged on a table, the customer paid $575. What was the cost of the table before VAT was charged?

  1. $525.00
  2. $$661.25
  3. $560.00
  4. $500.00
Вопрос 28

The most common VAT computation method is

  1. income-based
  2. accounts-based
  3. revenue-based
  4. invoice-based
Вопрос 29

Which country does not have a reduced rate?

  1. Hungary
  2. Denmark
  3. France
  4. Poland
Вопрос 30

Which territory is included in EU VAT area?

  1. Lichtenstein
  2. Canary Island
  3. Monaco
  4. Switzerland
Вопрос 31

How is the integrated system for VAT return in EU called?

  1. DOSS
  2. MOSS
  3. VOES
  4. VAT AREA
Вопрос 32

True statement about reverse charge

  1. Purchaser can only claim the right to deduction
  2. Supplier invoices the price with tax
  3. Supplier has the obligation to charge VAT
  4. Supplier invoices without VAT, the responsibility for charging and paying the tax and claiming the deduction is on purchaser
Вопрос 33

Which of the following "tax" is levied at every stage of production?

  1. VAT
  2. Income tax
  3. Custom duty
  4. GST
Вопрос 34

Which of the following is a form of indirect tax?

  1. Income tax
  2. Wealth tax
  3. Corporation tax
  4. Sales tax
Вопрос 35

Which of the following taxes are abolished by the Goods and Services Tax in India.

  1. Property tax
  2. Corporation tax
  3. VAT
  4. Income Tax
Вопрос 36

If 'Tata' imports a product from abroad, then which kind of tax would be levied on it?

  1. VAT
  2. Custom duty
  3. Income tax
  4. Corporation tax
Вопрос 37

Which of the following tax is imposed by the Central Government but the state government in India collects it?

  1. VAT
  2. Income tax
  3. Corporation tax
  4. Stamp Duty
Вопрос 38

What is meant by Tax haven?

  1. A country which gives tax exemptions to the foreign citizens that there will be no tax  on investing the money in their country.
  2. Subsidy given by the government in taxes
  3. Tax evasion in the domestic country
  4. To impose equal taxes on domestic producers and foreign producers
Вопрос 39

What kind of tax system is found in India?

  1. Progressive
  2. Degressive
  3. Proportional
  4. Pure
Вопрос 40

Under this system of taxation, the tax rate diminishes as the taxable amount increases. Which system are we talking about?

  1. Progressive Taxation
  2. Regressive Taxation
  3. Degressive Taxation
  4. Proportional Taxation
Вопрос 41

Which model of GST has been chosen by India?

  1. USA
  2. Canada
  3. UK
  4. China
Вопрос 42

Which of the following is not imposed by the Central Government in India?

  1. Agricultural tax
  2. Corporation tax
  3. Custom duty
  4. Sales tax
Вопрос 43

A corporate tax is not called as

  1. direct tax
  2. company tax
  3. corporation tax
  4. pure tax
Вопрос 44

The form of tax which have to pay by the buyer on manufactured items at the time of purchase is known as

  1. direct tax
  2. excise duty
  3. sales tax
  4. Indirect tax
Вопрос 45

A tax imposed upon a person or property as distinct from a tax imposed upon a transaction is called

  1. indirect tax
  2. corporate tax
  3. payroll tax
  4. direct tax
Вопрос 46

The annual income of a person is $530,000 and the exempted amount is $280,000. The income tax payable at the rate of 0.75% would be

  1. 3975
  2. 1875
  3. 1585
  4. 3185
Вопрос 47

The tax which is charged on property, income and profits in the form of income tax, property tax etc is known as

  1. Indirect tax
  2. direct tax
  3. excise duty
  4. sales tax
Вопрос 48

A tax that takes a larger percentage from high-income earners than it does from low-income earners is called

  1. proportional tax
  2. progressive tax
  3. regressive tax
  4. suppressive tax
Вопрос 49

Which from the following is NOT an indirect type of tax?

  1. Income Tax
  2. Sales Tax
  3. Custom Tax
  4. Federal Excise Duty
Вопрос 50

Income tax is levied generally on the

  1. net income
  2. gross income
  3. gross income − net income
  4. any from the above
Вопрос 51

Which is NOT an example of a commonly used proportional tax?

  1. a sales tax on coats
  2. a state income tax
  3. a tax on a person's house and land
  4. a sales tax on sneakers
Вопрос 52

A proportional tax would take a percentage of income from all groups except which?

  1. middle income
  2. low income
  3. high income
  4. people with no income
Вопрос 53

Two taxpayers married on November 30. That same year, the husband enrolled in an accredited college to further his career and subsequently received a Form 1098-T, Tuition Statement. The wife was employed with an income of $45,000 and paid for the husband's education expenses. The taxpayers did not receive any other income for the year. Based on their circumstances, what is the correct method to report the education credit?

  1. Taxpayers must file a joint return to claim an education credit
  2. Based on the wife's AGI, they do not qualify to claim an education credit
  3. Husband is ineligible to claim an education credit because the wife paid his education expenses
  4. Wife should report nonqualified education expenses on Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits)
Вопрос 54

The taxpayer has a child under the age of 24 who is a full-time student in their second year of college. The student will be claimed as a dependent on the taxpayer's return. The student's educational expenses included $8,000 for tuition and $4,000 for room and board. The student received a $5,000 scholarship for tuition use only, as well as an additional $2,500 scholarship to pay any of the student's college expenses. The taxpayer paid the remaining $4,500. Which of the following statements is correct, based on the information above?

  1. The student can claim the American Opportunity credit on the student's return for tuition expenses of $3,000 and should report the additional $2,500 scholarship as income
  2. The taxpayer can claim the American Opportunity credit on the taxpayer's return for tuition expenses of $2,250, and the student should report the additional $2,500 scholarship as income
  3. The taxpayer can claim the American Opportunity credit on the taxpayer's return for tuition expenses of $3,000, and neither the taxpayer nor the student should report any of the additional $2,500 scholarship as income
  4. The taxpayer can claim the American Opportunity credit on the taxpayer's return for tuition expenses of $3,000 and should report the additional $2,500 scholarship as income
Вопрос 55

Which of the following statements is correct regarding Form 1095A, Health Insurance Marketplace Statement?

  1. Taxpayers do not need Form 1095-A to complete Form 8962, Premium Tax Credit, to reconcile advance payments of the premium tax credit or claim the premium tax credit on their tax return
  2. Taxpayers will receive Form 1095-A to complete Form 8962, Premium Tax Credit, if they have been covered by an employer insurance plan for the entire year
  3. Taxpayers will use Form 1095-A to complete Form 8962, Premium Tax Credit, to reconcile advance payments of the premium tax credit or claim the premium tax credit on their tax return
  4. Taxpayers will attach a Form 1095-A to their tax return to reconcile advance payments of the premium tax credit or claim the premium tax credit on their return
Вопрос 56

Which of the following statements is correct regarding Form 8995 Qualified Business Income (QBI) Deduction Simplified Computation?

  1. Corporations should complete the Form 8995 in order to claim the QBI Deduction on their corporate returns
  2. Taxpayers will receive the Form 8995 from the IRS, if they are determined to be eligible for the QBI Deduction
  3. A single individual with QBI, whose taxable income doesn't exceed the threshold amount, should use the Form 8995 to claim the QBI Deduction
  4. A partnership is required to attach Form 8995 to their partnership tax return to claim the QBI Deduction
Вопрос 57

Which of the following is true regarding the premium tax credit (PTC)?

  1. Married individuals are required to file a joint return to qualify for the credit
  2. For at least 6 months during the year the individual was enrolled in a qualified health plan
  3. Form 1095-A, Health Insurance Marketplace Statement, is not needed to complete Form 8962, Premium Tax Credit (PTC)
  4. No PTC is allowed for any period during which an individual is not lawfully present in the United States
Вопрос 58

Which of the following situations is reported on Form 1099 MISC:

  1. Payment of non-employee compensation of $600 or more
  2. Payments of rent of $400
  3. Payments of $5 in royalty income
  4. Payments made to a physician or other supplier or provider of medical or healthcare services of $600 or more made in your trade of business
Вопрос 59

What is the total amount a sole proprietor is obligated to report on Forms 1099-NEC based on the following expenses claimed on schedule C? Attorneys' fees to incorporated law firm: $600 Sign painter: $800 ($600 labor and $200 materials) Incorporated janitorial company: $800 Consultant A: $1,000 ($400 paid in cash and $600 paid by check) Consultant B: $500 paid in cash Consultant C: $400 paid by check

  1. $1,400
  2. $1,600
  3. $2,000
  4. $2,400
Вопрос 60

The standard deduction is increased for individuals who are age 65 and older and/or:

  1. Blind
  2. Retired from the military
  3. A beneficiary of a trust
  4. Receiving unemployment compensation
Вопрос 61

A 62-year-old, married taxpayer files Married Filing Separately, and lives apart from the spouse for the entire taxable year. What is the taxpayer's base amount for computing taxable social security benefits for the taxable year?

  1. Zero
  2. $9,000
  3. $25,000
  4. $32,000
Вопрос 62

Which of the following is considered when calculating if any social security benefits are taxable:

  1. Interest that is tax-exempt
  2. The exclusion for foreign earned income
  3. Interest on education loans
  4. Employer-provided adoption benefits
Вопрос 63

If you have a dependent that you cannot claim for the child tax credit, the dependent may still qualify you for which $500 credit?

  1. The Alternative Minimum Tax Credit
  2. The State and Local Income Tax Credit
  3. The Credit for Other Dependents
  4. The Credit for Foreign Dependents
Вопрос 64

A child may be subject to kiddie tax in the current year if:

  1. Neither parent of the child is alive at the end of the year
  2. The child is under age 18 at the end of the tax year
  3. The child has only nontaxable income of more than $2,200
  4. The child is required to file a tax return and he or she files a joint return for the year
Вопрос 65

Which of the following is correct regarding a personal casualty loss?

  1. Property due to progressive deterioration is not deductible
  2. It is reduced by the amount of your standard deduction
  3. It must be less than 10% of your adjusted gross income
  4. It is deducted over a three-year consecutive period
Вопрос 66

The Net Investment Income Tax may apply to which of the following?

  1. Alimony
  2. Traditional IRA distribution
  3. Taxable mutual fund distribution
  4. Tax exempt municipal bond interest
Вопрос 67

A single taxpayer filed their 2008 return and claimed $7,500 for the first-time homebuyer credit. The home was used as a primary residence until it was foreclosed on in the current tax year. Which is correct regarding the first-time homebuyer credit?

  1. The balance of the credit must be repaid and is reported on the tax return for the tax year which the foreclosure is completed
  2. The unpaid credit received is pro-rated over 15 years
  3. Since the home was purchased in 2008, there is no longer a requirement to repay the balance of the credit
  4. There is no requirement to repay the credit when the home is used as a primary residence for at least 5 years
Вопрос 68

For a medical expense to be deductible as an itemized deduction in the current year, the expense must exceed what percentage of adjusted gross income?

  1. 2.0%
  2. 7.5%
  3. 10%
  4. Medical expenses are no longer deductible
Вопрос 69

Tax preparation fees for individuals are generally deductible for the current year as:

  1. They are not deductible
  2. A tax credit on Schedule 1
  3. An investment expense on Schedule A
  4. A miscellaneous itemized deduction subject to the 2% limit
Вопрос 70

Which of the following is true regarding the Report of Foreign Bank and Financial Accounts (FBAR) requirements:

  1. The FinCEN Form 114 (FBAR) is filed online with the Financial Crimes Enforcement Network
  2. The due date for the FBAR filing is generally July 15 of the current tax year for individuals
  3. The FinCEN Form 114 (FBAR) is filed with the current tax year individual income tax return
  4. FinCEN will grant an automatic extension to October 15 if unable to meet the FBAR annual due date
Вопрос 71

The interest on qualified U.S. savings bonds may not be taxable if you pay:

  1. A reduced rent that is government subsidized
  2. Mortgage interest for a rental property
  3. Household employee wages more than $1,000
  4. Qualified higher educational expenses in the same year
Вопрос 72

Which of the below is a correct statement regarding Form 8938, Statement of Specified Foreign Financial Assets?

  1. Form 8938 is attached to your annual return and filed by the due date, including extensions
  2. If an income tax return is not required to be filed for the tax year, you are still required to file Form 8938 when specified foreign financial assets is more than the appropriate reporting threshold
  3. If you are required to file Form 8938, you must report the specified foreign financial assets in which you have an interest only if the assets affect your tax liability for the year
  4. Filing Form 8938 relieves you of the requirement to file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) if you are otherwise required to file the FBAR
Вопрос 73

An indirect tax is charged on __________:

  1. Profits
  2. Gains
  3. Income
  4. Spending
Вопрос 74

Who is the administrator of the UK tax system?

  1. HM Customs and Excise
  2. The Chancellor of the Exchequer
  3. HM Revenue and Customs
  4. HM Inland Revenue
Вопрос 75

__________ is an indirect tax:

  1. Inheritance tax
  2. Value-added tax
  3. Income tax
  4. Corporation tax
Вопрос 76

Which is not a source of UK tax law?

  1. Statute law
  2. Case law
  3. HMRC Statements of Practice
Вопрос 77

The tax year for individuals runs from _________________:

  1. 1 April to the following 31 March
  2. 6 April to the following 5 April
  3. 5 April to the following 6 April
  4. 1 January to the following 31 December
Вопрос 78

An individual self-assessment tax return which is filed on paper must normally be filed by _______________________:

  1. 31 October following the tax year to which the return relates
  2. 31 December following the tax year to which the return relates
  3. 31 January following the tax year to which the return relates
  4. 31 March following the tax year to which the return relates
Вопрос 79

What is The “filing date” for the tax year 2017-18?

  1. 5 April 2019
  2. 31 October 2018
  3. 31 January 2019
  4. 31 January 2018
Вопрос 80

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

  1. Seven
  2. Five
  3. Two
  4. Nine
Вопрос 81

An appeal against an HMRC decision must be made in writing within ___________:

  1. 50 days
  2. 35 days
  3. 33 days
  4. 30 days
Вопрос 82

The first payment on account for the tax year 2017-18 falls due on:

  1. 31 January 2018
  2. 30 July 2017
  3. 22 July 2018
  4. 25 January 2019