Friday Quiz - 14/12/18 - Trivia , Flashcards & Questions

2.

What is "input tax"?

Any amount of tax that you input on a tax return
VAT that you charge on goods for sale
VAT that is paid by a VAT registered business on making taxable supplies
Tax on inputs in a manufacturing process

Correct Answer

A. VAT that is paid by a VAT registered business on making taxable supplies

Explanation

This is a term used specifically in the VAT sphere. ON a VAT return, you account for all VAT that you have charged on goods and services to customers, and that is output tax. You then account for all VAT that has been paid out when making purchases related to those goods and services, and this is input tax. The net of the two figures is the amount that is either paid to, or reclaimed from, HMRC.

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3.

SpaceX is an aerospace manufacturer founded by which entrepreneur?

Richard Branson
Alan Sugar
Bill Gates
Elon Musk

Correct Answer

A. Elon Musk

Explanation

Elon Musk founded the company in 2002 with the stated goals of reducing space transportation costs and enabling the colonisation of Mars.

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4.

Ben Nevis, the UK's highest peak, is found in which Scottish mountain range?

Cheviot Hills
Cairngorms
Monadhliath Mountains
Grampian Mountains

Correct Answer

A. Grampian Mountains

Explanation

The cheviot hills are right on the border of England and Scotland, the Cairngorms are right up in the "eastern highlands" and are part of the wider Cairngorms National Park, which includes Aviemore and also the Monadhliath Mountains, and the Grampian Mountains are near Fort William.

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Friday Quiz - 14/12/18

What is the surname of Juliet from Shakespeare’s Romeo & Juliet?

Quiz Preview

What is "input tax"?

SpaceX is an aerospace manufacturer founded by which entrepreneur?

Ben Nevis, the UK's highest peak, is found in which Scottish mountain range?