Friday Quiz - 1/2/19 - Quiz, Flashcards & Trivia

1. You buy a hot cup of coffee from a local coffee shop, but they don't charge any VAT. Why?

Coffee is zero rated for VAT, it's an essential item, not a luxury!

Coffee is exempt from VAT.

They're running a promotion, not charging VAT, to try and drum up business.

For VAT registered suppliers, a hot cup of coffee is always a taxable supply, subject to 20% VAT. It would be illegal to just decide not to charge VAT for a promotion, so the only reasonable explanation is that the shop isn't registered for VAT, and as such don't have to charge it.

Explanation

For VAT registered suppliers, a hot cup of coffee is always a taxable supply, subject to 20% VAT. It would be illegal to just decide not to charge VAT for a promotion, so the only reasonable explanation is that the shop isn't registered for VAT, and as such don't have to charge it.

2. In the acronym NASA, the second A stands for Administration. For what does the first A stand?

Aerospace

Astronauts

Aeronautics

Acrobatics

NASA is the National Aeronautics and Space Administration in the USA.

Explanation

NASA is the National Aeronautics and Space Administration in the USA.

3. Which weapon would you associate with Damocles?

Dagger

Sword

Gun

Axe

The sword of Damocles was essentially a story used to warn people that with great power comes great responsibility that was famously told by the Roman storyteller Cicero.

Explanation

The sword of Damocles was essentially a story used to warn people that with great power comes great responsibility that was famously told by the Roman storyteller Cicero.