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GST - Part 1
1
of
25
💡
Hints:
3
Q1. Taxes paid on purchasing goods
A. income tax
B. sales tax
C. tariff
D. profit
Q2. Under GST law, tax rates are determined by
A. Central Government
B. State Government
C. GST Council
D. Central Government in consultation with state governments
Q3. the total amount of things that a group of people can produce
A. productive capacity
B. good
C. service
D. consumer
Q4. The government uses tax money to provide private goods and services.
A. true
B. false
Q5. Anitems price is $10. GST is 10%, what is the dollar value of GST?
A. $10
B. $1
C. $0.10
D. $0.01
Q6. Earnings paid to an employee based on an hourly rate.
A. Commission
B. Wages
C. Salary
D. Deductions
Q7. The tax which was not merged into GST
A. Counterveiling Duty
B. Excise duty
C. Basic Customs Duty
D. Purchase tax
Q8. The percent increase in GDP from one year to the next.
A. GDPper capita
B. GDPgrowth rate
C. Gross Domestic Product
D. Literacy rate
Q9. If a country does invest in capital goods, how can it affect the country’s gross domestic product (GDP)?
A. GDPmayincrease because the workers are able to more efficiently produce goods.
B. Investment in capital goods has little effect on a country’s GDP.
C. GDPisonly affected if workers pay for the investment out of their own pockets.
D. Most workers want to keep their jobs and do not care about GDP.
Q10. If you make a mistake on your tax return and include some income twice, you can’t do anything about it.
A. TRUE
B. FALSE
Q11. Find the sales tax only. $199.95 ipod; 9%tax
A. $17.99
B. $217.95
C. $18.00
D. $179.90
Q12. Purpose: To hurt a country’s economy
A. Quota
B. Tariff
C. Embargo
Q13. Which basis of accounting violates GAAP?
A. cash basis of accounting
B. accrual basis of accounting
C. both of the above
D. none of the above
Q14. India’s GST structure are based on how many structures?
A. 6
B. 4
C. 3
D. 5
Q15. When is a supply of goods to take place inter state?
A. Transfer of goodsfromonetoanother state
B. Import of goods
C. Export of goods
D. All of above
Q16. GST is a matter of jurisdiction of
A. Union Government
B. State Government
C. Both centre and state government
D. None of these
Q17. The economic system where the people carry out their economic activities without government control.
A. communism
B. free enterprise
C. socialism
D. dictatorship
Q18. What type of account is-Drawings
A. Asset
B. Liability
C. Income
D. Owners Equity
Q19. A unique identification number of a stock item to which a manufacturer can attach the manufacturing and expiry dates is known as
A. Batch Number
B. Tracking number
C. Order number
D. Cost tracking number
Q20. A person, other than the taxpayer or spouse, who entitles the taxpayer to claim an exemption.
A. dependent
B. child
C. employer
D. student
Q21. Thefourstages an economythrough over a period of time, as an economy does not grow at a steady rate.
A. Inflation
B. Business Cycle
C. Exchange rate
D. Economic growth
Q22. What is full form of DTAA?
A. Double Taxation Avoidance Agreement
B. Double Taxation Acceptance Agreement
Q23. An economy that has characteristics of both market and command economic systems
A. traditional economy
B. command economy
C. market economy
D. mixed economy
Q24. Thetime limit beyond which if goods are not returned, the inputs sent for job work shall be treated as supply
A. One year
B. Six months
C. Five years
D. Seven years
Q25. Tax is paid by
A. Individuals only
B. Businesses only
C. Individuals and businesses
D. Individuals, businesses, and the government
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