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GST - Part 2
1
of
25
💡
Hints:
3
Q1. The main source of revenue for the Federal Government is
A. Income tax and property tax
B. Sales tax and property tax
C. Income tax
D. Sales tax
Q2. TDS
A. Tax Deducted at Source
B. Total Deducted at Source
C. Tax Deducted at Sample
D. Tax Due at Source
Q3. Given the GST Clearing Ledger account shown, calculate the amount paid for Electricity excluding GST.
×
A. $50
B. $500
C. $550
D. $555
Q4. North Korea employs which kind of economy:
A. Free Enterprise
B. Traditional
C. Command
D. Capitalism
Q5. A trade barrier is meant to
A. encourage the flow of goods & services between countries
B. slow or block the flow of goods & services between countries
C. make people obey the government
D. require the flow of goods & services between countries
Q6. What is the full form of SAC in GST?
A. Services Accounting Code
B. Supple Accounting Code
C. State Accounting Code
D. None of these
Q7. Which of the following is not one of the category of Indirect tax rates under GST?
A. 0.2
B. 0.12
D. 0.05
Q8. Which of the following is an example of public goods or services paid for by taxes?
A. Shopping Malls
B. Resturaunts
C. Churches
D. Roads and Highways
Q9. Which Utility is this?
×
A. Possession
B. Place
C. Form
Q10. The people who do the labor. Anyone who works.
A. Human Resource
B. Renewable Resource
C. Supply
D. Demand
Q11. Factories, machinery, and technology
A. Capital goods
B. Entrepreneurship
C. Human capital
D. Natural resources
Q12. Ralph buys a computer for $675. The sales tax rate is 6%. How much did Ralph pay for the computer?
A. 40.50
B. 715.50
C. 6.00
D. 634.50
Q13. A "free rider" is defined as a
A. person who sneaks onto trains without paying taxes.
B. person who benefits from services without paying for them.
C. person who pays extra tax so someone else does not have to pay.
D. voucher that poor people receive to help them with transportation costs.
Q14. Interim budget is also known as.
A. Mini budget
B. Vote on Account
C. Mini budget and Vote on Account
Q15. What is the full form of ASEAN?
A. Association of South East Asian Nations
B. Administration of Southern East Asian Nations
C. Organisation of South East Asian Nations
D. Administration of South East Asian Nations
Q16. A "free rider" is defined as a
A. voucher that poor people receive to help them with transportation costs
B. person who pays extra tax so someone else does not have to pay
C. person who benefits from services without paying for them
D. person who sneaks onto trains without paying taxes
Q17. A business paid for a printer $77 including GST. How do you calculate the GST
A. multiply 10%
B. divide 10
C. divide 11
D. divide 10%
Q18. What is the source document that a customer would receive if they purchased goods on credit?
A. receipt
B. credit note
C. tax invoice
D. EFPTOSreceipt
Q19. India has chosen ___ model ofdual- GST
A. USA
B. UK
C. Canadian
D. China
Q20. When there is very little left of a product or service it is called
A. Trade-offs
B. Opportunity Cost
C. Scarcity
Q21. GST council consists of
A. Union finance minister
B. Union minister of state in charge of revenue
C. Minister in charge of finance and taxation
D. All of above
Q22. Receipt Voucher is issued on
A. Payment Received
B. Goods Returned
C. Advanced Payment Received
D. All
Q23. Supply and demand affect goods and services in an economy. If people decide to buy more of a product, producers will MOSTlikely decide to
×
A. make more of the product
B. change the name of the product
C. make less of the product
D. lower the cost of the product
Q24. What is Gross Domestic Product?
A. The value of all goods and services imported into a country in a year.
B. Thevalue of all the services provided within a country in a year.
C. The value of all goods produced in a country in a year.
D. The value of all goods and services produced in a country in a year
Q25. IGST is paid to
A. State Government
B. Central Government
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