1. Government finance is called
a. National Finance
b. Public finance
c. Private finance
d. Both a and b
2. A direct tax is that which:
a. Is heavy burden on the tax payer
b. Is paid by the person on whom it is levied
3. In Pakistan government budget is prepared by:
a. National Assembly
b. President of Pakistan
c. Ministry of Finance
4. If government increases taxes, private savings:
a. Increase
b. Decrease
c. Do not change
d. Will become zero
5. Taxes on commodities are :
a. Direct taxes
b. Indirect taxes
c. Progressive taxes
d. Proportional tax
6. Government Prepared its budget:
a. Weekly
b. Monthly
c. Annually
d. Quarterly
7. Which one of the following is a direct tax:
a. Excise tax
b. Sale tax
c. Income tax
d. Custom duty
8. Which tax is not shared between central and provincial governments?
a. Excise tax
b. Sales tax
c. Custom duty
d. Property tax
9. The budget estimate prepared by ministry of finance is finally approved by:
a. State Bank
b. President
c. Senate
d. National Assembly
10. Devaluation means
a. Change in the currency of a country
b. Decrease in the value of gold
c. Decrease in the value of money in terms of foreign currency
11. When the central Board of Revenue (CBR) was established?
a. 1st April, 1924
b. 7th April, 1924
c. 6th April, 1924
d. 9th April, 1924
12. What is the main function of money?
a. To buy eatables from the market
b. To serve as a medium of exchange
c. To earn interest from a bank
d. To buy luxurious goods
13. Special procedure under the title of Sales Tax special procedure (Withholding Tax) Rules 2007 was introduced on:
a. 20th June 2007
b. 10th June 2007
c. 30th June 2007
d. 25th June 2007
14. Pakistan’s fiscal year starts from:
a. 1st September
b. 1st January
c. 1st April
d. 1st July
15. Which of the following tax is under provincial control in Pakistan?
a. Excise tax
b. Sales Tax
c. Import Duty
d. Motors token tax
16. There is how many chapters included in Income Tax Ordinance?
a. 11 Chapters
b. 12 Chapters
c. 13 Chapters
d. 14 Chapters
17. There is how many schedules included in Income Tax Ordinance 2001?
a. 9 Schedules
b. 8 Schedules
c. 6 Schedules
d. 7 Schedules
18.There is how many sections included in Income Tax Ordinance 2001?
a. 235 sections
b. 240 sections
c. 250 sections
d. 260 sections
19. Corporate tax is levied on:
a. Landlords
b. Municipal corporation
c. Joint stock companies
20. Central Excise Act, 1944 was repealed by
a. The Federal Excise Act, 2002
b. The federal Excise Act, 2004
c. The Federal Excise Act, 2005
21. Name of Central Excise Duty has been changed as a Federal Excise Duty on
a. 1st July, 2003
b. 1st July, 2005
c. 1st July, 2007
d. 1st July, 2008
22. Inland Revenue Wing of the FBR was created, which is combination of ______domestic taxes.
a. 3
b. 4
c. 5
d. 6
23. If we deduct direct tax from personal income, we get:
a. Net national income
b. Personal saving
c. Disposable income
24. The largest part of national income is
a. Consumption
b. Investment
c. Transfer payments
d. Saving
25. We measure national income by this method:
a. Expenditure Method
b. Income Method
c. Product Method
d. All
26. The most important source of income for government is:
a. Foreign loans
b. Taxes
c. Printing of new money
d. Sale of government property
27. In Pakistan, taxes are levied by:
a. Prime minister of Pakistan
b. President of Pakistan
c. Federal Cabinet of ministers
d. National Assembly
28. Whom of the following propounded principles of taxation:
a. Keynes
b. Marshall
c. Adam Smith
d. Al Ghaali
29. There is how many schedules included in the Sales Tax Act, 1990?
a. 9 schedules
b. 6 schedules
c. 7 schedules
d. 8 schedules
30. There is how many sections included in the Sales Tax Act. 1990?
a. 75 Sections
b. 80 sections
c. 85 sections
d. 95 sections
31. Which section of sales tax act, 1990 deals with Special Audit by Chartered Accountants or Cost Accountants?
a. 29
b. 30
c. 31
d. 32-A
32. Which Section of the Sales Tax Act, 1990 deals with offences and penalties?
a. 33
b. 34
c. 35
d. 36
33. No person other than a ________ shall make any deduction or reclaim input tax in respect of taxable supplies made or to be made by him.
a. Unregistered person
b. registered person
c. Association
d. None of these
34. In Pakistan, income tax is collected by:
a. Local govt.
b. Provincial govt.
c. Federal govt.
d. All governments
35. Sales tax in Pakistan is:
a. Direct and progressive
b. Direct and proportional
c. Indirect and progressive
d. Indirect and proportional
36. Which one is easy and convenient to pay:
a. Direct tax
b. Indirect tax
c. Proportional tax
d. Progressive tax
37. It is difficult to evade:
a. Direct tax
b. Indirect
c. Proportional
d. Progressive tax
38. Which tax is not shared between central and provincial governments?
a. Excise tax
b. Sales tax
c. Custom duty
d. Property tax
39. What is benefit of tariffs?
a. Increased choice
b. increased government revenue
c. More competition
40. Pakistan public debt is:
a. Larger than GNP
b. Equal to GNP
c. Smaller than GNP
d. Smaller than our exports
41. As per law, each registered person must file a return by the _________ of each month regarding the sales made in last month.
a. 10th
b. 15th
c. 20th
d. 25th
42. There are ___ director generals in FBR?
a. 6
b. 7
c. 9
d. 10
43. There are ___ large taxpayer units for Inland Revenue collection:
a. 2
b. 5
c. 3
d. 6
44. Fiscal laws means a general reference to the laws relating to:
a. Budget matters
b. Finance matters
c. Tax matters
d. None of these
45. The federal budget is presented in the parliament by:
a. Prime Minister
b. President
c. Finance minister
d. Commerce minister
46. System of E-Tax in Pakistan was introduced in?
a. 2007
b. 2008
c. 2009
d. 2010
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