Lecturer Commerce Part 06 (Taxation in Pakistan)

 

Taxes are levied to:

A. Penalise people B. Provide direct benefits to tax payers C. Provide general benefits for the people D. To accumulate funds

Whom of the following propounded principles of taxation:

A. Keynes B. Marshall C. Adam Smith D. Al Ghazali

Taxes on commodities are:

A. Direct taxes B. Indirect taxes C. Progressive taxes D. Proportional taxes

Govt. prepares its budget:

A. Weekly B. Monthly C. Quarterly D. Annually

One of the following is NOT a feature of private finance:

A. Balancing of income and expenditure B. Secrecy C. Saving some part of income D. Publicity

One of the following is NOT a feature of private finance:

A. Publicity B. Secrecy C. Efforts to balance income and expenditure D. Taking steps to increase income

It is direct tax:

A. Excise tax B. Sales tax C. Income tax D. Custom duty

These are heads of expenditure of the government EXCEPT?

A. Provide social services B. Defense C. Improve transport and communication D. Provide cosmetics

The most important source of income of a government is:

A. Foreign loans B. Taxes C. Printing of new money D. Sale of government property

Progressive taxes:

A. Increase government revenue B. Bring equality in distribution of incomes C. Act as penalty for rich people D. Both (a) & (b)

These are principles of taxation:

A. Principle of equality B. Principle of certainty C. Principle of secrecy D. Both (a) & (b)

In Pakistan, taxes are levied by:

A. Prime minister of Pakistan B. President of Pakistan C. Federal cabinet of ministers D. National assembly

Which of the following tax is best example of ability to pay principle of taxes:

A. Excise tax on cigarettes B. Highway toll tax C. Proportional sales tax D. Personal income tax

Govt. taxing and spending policies are called:

A. Monetary policy B. Fiscal policy C. Commercial policy D. Finance policy

Govt. budget is balanced when:

A. Govt. expenditure outstrips tax receipts B. Govt. tax receipts outstrips expenditure C. Government expenditure equals tax revenue D. None of the above

Government finance is called:

A. National finance B. Public finance C. Private finance D. (a) and (b) of above

How the government can meet its expenditure:

A. By taxing people B. By borrowing from banks and other governments C. By printing new money D. By all the three methods

The government can collect funds from:

A. Taxes B. Fees C. Prices of public goods D. All the three

A direct tax is that which:

A. Is heavy burden on the tax payers B. Can be directly deposited in the banks C. Can not be evaded D. Is paid by the person on whom it is levied

In Pakistan government budget is prepared by:

A. National Assembly B. President of Pakistan C. Ministry of Finance D. State Bank of Pakistan

In Pakistan Income tax is:

A. Progressive tax B. Proportional C. Direct D. (a) and (b) of above

Which tax better conforms to the principle of equality in taxation

A. Progressive tax B. Regressive tax C. Proportional tax D. Fixed tax

Which one is not a principle of taxation:

A. Principle of equality B. Principle of certainty C. Principle of morality D. Principle of diversity

Which source a private company cannot use? A. A bank loan B. A bank overdraft C. Selling new shares in stock exchange D. Deficit finance (new money)   A country has proportional system of taxation. A person pays Rs 500 tax when his income is 5000, how much tax he will pay if his earning rises to 8000:

A. 200 B. 400 C. 600 D. 800

Net taxes are:

A. Domestic taxes minus foreign taxes B. Business taxes minus personal taxes C. Total taxes minus govt. transfer payments D. Total taxes minus govt. purchases

Which is not counted as public expenditure?

A. Subsidy given to local city bus service B. Defence expenditure C. Investment spending by public companies D. Interest payment on national debt.

If Income tax is assessed as Rs. 100 on an income of Rs. 1000. Compared to this, which one of the following indictes that the income tax rate is progressive?

A. Rs. 150 tax on Rs. 2000 income B. Rs. 350 tax on Rs. 3000 income C. Rs. 400 tax on Rs. 4000 income D. Rs. 450 tax on Rs. 5000 income

Progressive taxes:

A. Increase government revenue B. Bring equality in distribution of incomes C. Compel rich people to be honest D. (a) & (b) of above

This is principle of taxation

A. Principle of honesty B. Principle of morality C. Principle of secrecy D. Principle of economy

In Pakistan, the authority to levy taxes lies with:

A. Prime minister of Pakistan B. President of Pakistan C. Federal cabinet of ministers D. National assembly

Mansoor Software Co imported computers and paid import tax. Burden of tax will be on:

A. Importer B. Wholesaler C. Last buyer D. Retailer

If a person who is tax-payer can shift the burden of tax to someone else, the tax is called:

A. Movable tax B. Indirect tax C. Transfer tax D. Undesirable tax

The federal budget of Pakistan includes:

A. Direct taxes and indirect taxes B. Proportional and progressive taxes C. Simple and difficult taxes D. (a) & (b) of above

To bring equitable distribution of income in the country taxes should be

A. Direct B. Indirect C. Proportional D. Progressive

These are principles of taxation:

A. Equality and certainty B. Certainty and morality C. Flexibility and durability D. Durability and rigidity

It is better way to finance the govt. budget:

A. By taxing people B. By printing new money C. By borrowing from banks D. By fining people doing illegal activities

Income tax in Pakistan is:

A. Direct and progressive B. Direct and proportional C. Indirect and progressive D. Indirect and proportional

In Pakistan, income tax is collected by:

A. Local govt. B. Provincial govt. C. Federal govt. D. All governments

Sales tax in Pakistan is:

A. Direct and progressive B. Direct and proportional C. Indirect and progressive D. Indirect and proportional

It is easy and convenient to pay:

A. Direct tax B. Indirect tax C. Proportional tax D. Progressive tax

It is difficult to evade:

A. Direct tax B. Indirect C. Proportional D. Progressive tax

Zakat is not due on the gold owned by a person who has less than:

A. 60 tolas B. 30 tolas C. 15 tolas D. 7.5 tolas

Zakat can be spent for this purpose:

A. Payment of fee of a poor child B. Performing Hajj C. Help poor parents D. All of the above

It is a source of revenue for the Local overnment bodies:

A. Corporation tax B. Value added tax C. Excise tax D. Property tax

Federal government transfers to provinces as their share in tax collection:

A. Less than 40% B. More than 40% but less than 60% C. More than 60% D. More than 90%

Which tax is not shared between central and provincial governments?

A. Excise tax B. Sales tax C. Custom duty D. Property tax

Which is provincial tax in Pakistan:

A. Excise tax B. Sales tax C. Import duty D. Motors token tax

Tax is a payment:

A. Compulsory B. Voluntary C. Unnecessary D. Temporary

The main source of revenue of federal government is:

A. Property taxes B. Token tax C. Custom duties D. Sales tax

The budget estimate prepared by ministry of finance is finally approved by:

A. State Bank B. President C. Senate D. National Assembly

The non-Muslims pay Zakat:

A. At a higher rate than Muslims B. At a lower rate than Muslims C. At the same rate D. Do not pay Zakat

To control inflation the government should increase:

A. Budget deficit B. Consumer spending C. Income tax D. Pensions

In past decades Pakistan increased its GDP, yet living standard of majority has not risen. The most important cause of this situation is:

A. Increased govt. expenditure B. Increased imports C. Increased education D. Increased population

Which of the following should NOT be the aim of a government:

A. Economic growth B. Full employment C. Inequality of incomes D. Price stability

Which of the following would cause incomes to become more unequal:

A. Increased employment B. Increased unemployment allowance C. More progressive taxes D. More regressive taxes

What is the benefit of tariffs:

A. Increased choice B. Increased government revenue C. More competition D. More trade

Pakistan's public debt is:

A. Larger than GNP B. Approximately equal to GNP C. Smaller than GNP D. Smaller than our exports

Pakistan's fiscal year starts from:

A. 1st September B. 1st January C. 1st April D. 1st July

The Federal budget is presented in the parliament by:

A. Prime minister B. President C. Finance minister D. Commerce minister

Pakistan's Budget has parts:

A. Current and development B. Revenue and expenditure C. Development and non-development D. Both (a) and (b)

Federal government tax revenue collection includes:

A. Divisible taxes with provinces B. Divisible taxes with district govt. C. Non-tax revenue D. All of the above

Which is true:

A. Federal govt. collects taxes and shares with provinces B. Provincial govt. collects taxes and shares with federal govt. C. Federal govt. collects taxes and shares with local govts. D. Local govts. Collects, taxes and shares with federal govt.

Which is true?

A. Federal govt. has the right to collect taxes B. Provincial govt. has the right to collect taxes C. Local govt. has the right to collect taxes D. All of the above is true

The most important body to collect taxes in Pakistan is:

A. District govts. B. State Bank C. Ministry of finance D. FBR

According to total amount collected the taxes fall in this order:

A. Custom, excise, sales B. Sales, custom, excise C. Custom, sales, excise D. Excise, sales, custom

Which is true about amount of taxes collected in Pakistan:

A. Direct taxes are more than indirect taxes B. Indirect taxes are more than direct taxes C. Provincial taxes are more than federal D. Provincial govts. Share taxes with federal govt.

40% of income of federal government is obtained from:

A. Income tax B. Excise tax C. Import tax D. Property tax