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 FIN623 QUIZ

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Age : 29
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PostSubject: 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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