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Posts : 638 Points : 2155 Reputation : 19 Join date : 2010-05-15 Age : 36 Location : islamabad
| Subject: FIN623 QUIZ Thu Jul 22, 2010 9:02 pm | |
| - Quote :
Question # 1 of 15 ( Start time: 06:37:44 PM ) Total Marks: 1 Valuation of stock is computes by the formula: Select correct option: A+B-C A-B-C A-B+C A+B+C Question # 2 of 15 ( Start time: 06:39:13 PM ) Total Marks: 1 Formula to compute the tax rate applies on gratuity received, “B” stands for; Select correct option: The total tax paid or payable by the employee for the three preceding tax years The employee’s total taxable income for the three preceding tax years The gratuity received by the employee None of the given options Question # 3 of 15 ( Start time: 06:40:07 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 # 4 of 15 ( Start time: 06:40:45 PM ) Total Marks: 1 Profit earned on debts is chargeable under Select correct option: Income from salary Income from other sources Income from business Income from capital gains Question # 5 of 15 ( Start time: 06:41:22 PM ) Total Marks: 1 If a business carried on by Non-resident person in Pakistan through permanent establishment what will be the tax treatment of the traveling expenditures born by the non-resident for spending his holidays in his home land? Select correct option: Wholly taxable due to PE Wholly taxable as no concerned with PE in Pakistan Not permissible as deduction from the income of Non-resident None of the given options Question # 6 of 15 ( Start time: 06:42:21 PM ) Total Marks: 1 MTS stands for which of the following? Select correct option: Minimum time scale Minimum transfer Salary Maximum time scale Maximum transfer Salary Which one of the following sections defines minimum tax on resident companies? Select correct option: Section 110 Section 111 Section 113 Section 115 Question # 8 of 15 ( Start time: 06:43:42 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 # 9 of 15 ( Start time: 06:44:16 PM ) Total Marks: 1 The Fiscal year is a period of ____ months arbitrarily chosen for tax purposes. Select correct option: 3 6 12 18 Question # 10 of 15 ( Start time: 06:44:47 PM ) Total Marks: 1 If a depreciable asset disposes of with in a tax year than: Select correct option: Total depreciation deductions allowed No depreciation deductions allowed 25% of depreciation deduction allowed None of the given options Which of the following is the Tax Treatment of utilities for the year 2009? Select correct option: Wholly taxable Wholly exempted Exempt up to 10% of MTS Exempt up to 45% of MTS Question # 12 of 15 ( Start time: 06:46:25 PM ) Total Marks: 1 In the normal circumstances on which of the following tax is charged? Select correct option: Gross Receipt Total Income Taxable Income All of the given options Question # 13 of 15 ( Start time: 06:47:17 PM ) Total Marks: 1 As per clause 13(iii) of the part 1 of second schedule, if gratuity fund is approved by CBR, the amount of fund exempted up to Rs. 200,000 and any amount exceeding it will be taxed in which of the following way? Select correct option: Salary Income Income from Business Capital gain Other Income Question # 14 of 15 ( Start time: 06:48:20 PM ) Total Marks: 1 Which of the following is the deductible allowance from the income of an individual? Select correct option: Zakat Worker’s Welfare Fund Work’s Participation Fund All of the given options Question # 15 of 15 ( Start time: 06:49:09 PM ) Total Marks: 1 Any gain arising on the disposal of shares in a resident company belongs to which of the following? Select correct option: Foreign source of income Pakistan source income Both Pakistan and foreign source of income None of the given option
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