FIN623 Quiz # 1

On-Line Quiz (No.01) Announcement
Quiz will cover video lecture no. 1 to 9
Schedule

Opening Date and Time
April 26, 2010 At 12:01 AM (Mid-Night)

Closing Date and Time
April 28, 2010 At 11:59 PM (Mid-Night)
 

Question # 1 of 15 ( Start time: 12:53:30 PM )  Total Marks: 1

If the accounting year of firm manufacturing shawls is started from

1st April 2002 and ending on 31st March 2003. What will be its tax

year?

Select correct option:

Tax year 2002

Tax year 2003

Tax year 2004

Tax year 2005

Question # 2 of 15 ( Start time: 12:53:57 PM )  Total Marks: 1

Expenses entitled to be paid by a Company, then entry of such expenses

will be made in the books of accounts if:

Select correct option:

Company maintaining its books of account on Cash basis

Company maintaining its books of account on Accrual basis

Company maintaining its books of account on Both Accrual and Cash basis

None of the given options

Question # 3 of 15 ( Start time: 12:54:21 PM )  Total Marks: 1

Federal government has been empowered vide section 53 (2) and (3) to

make amendments in the second schedule by:

Select correct option:

Adding any clause or condition therein

Omitting any clause or condition therein

Making any change in any clause or condition therein

All of the given options

Question # 4 of 15 ( Start time: 12:55:11 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 # 5 of 15 ( Start time: 12:55:35 PM )  Total Marks: 1

Which of the following is the Special Accounting Year of Companies

exporting rice?

Select correct option:

1st January to 31st December

1st July to 30th June

1st October to 30th September

1st September to 31st August

Question # 6 of 15 ( Start time: 12:56:01 PM )  Total Marks: 1

A definition that excludes the dictionary meanings of the word is termed as:

Select correct option:

Exclusive definition

Inclusive definition

Both Inclusive definitions

Statutory definition

Question # 7 of 15 ( Start time: 12:56:11 PM )  Total Marks: 1

Which one of the following principle of tax emphasized, that the

taxation policy should be designed in such a way that boosts business

atmosphere and the investment environment in the country?

Select correct option:

Convenience

Judicious

Capacity to Pay

Business friendly

Question # 8 of 15 ( Start time: 12:56:35 PM )  Total Marks: 1

Which of the following is a general compulsory contribution of wealth

by the state, to meet the expenses incurred in providing common

benefits upon the residents?

Select correct option:

Fee

Taxes

Charges

Penalties

Question # 9 of 15 ( Start time: 12:57:28 PM )  Total Marks: 1

Achieving full employment level is one of the objectives of which of

the following policy?

Select correct option:

Monetary policy

Fiscal policy

Trade Policy

Economic Policy

Question # 10 of 15 ( Start time: 12:57:49 PM )  Total Marks: 1

Total income of a person for a tax year shall be the sum of the

person’s income under which of the following head?

Select correct option:

Only Income from salary

Only Income from Business

Only Income from Property

All of the given options

Question # 11 of 15 ( Start time: 12:58:08 PM )  Total Marks: 1

Which of the following person fulfilled the criteria of a Taxpayer?

Select correct option:

Any representative of a person who derives an amount chargeable to tax

Any person who is required to deduct or collect tax

Any person required to furnish a return of income

All of the given options

Question # 12 of 15 ( Start time: 12:58:23 PM )  Total Marks: 1

Which of the following is included in the Scheme of the Income Tax

Ordinance 2001?

Select correct option:

Chapters

Sections

Schedules

All of the given options

Question # 13 of 15 ( Start time: 12:58:36 PM )  Total Marks: 1

Which one of the following the canons of taxation suggests easiness in

time of payment and mode of collection of tax?

Select correct option:

Simplicity

Convenience

Certainty

Capacity to Pay

Question # 14 of 15 ( Start time: 12:59:12 PM )  Total Marks: 1

Which of the following is a literal meaning of tax?

Select correct option:

Burden

Endurance

Patience

Fortitude

Question # 15 of 15 ( Start time: 12:59:32 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