Interior Design - Qp11

10 Questions | Total Attempts: 36

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Interior Design Quizzes & Trivia

Questions and Answers
  • 1. 
    All the income of the business of a independent trader is regarded as personal income.
    • A. 

      True

    • B. 

      False

  • 2. 
    Employees of the company pay income tax under the PAYE scheme.
    • A. 

      True

    • B. 

      False

  • 3. 
    With regard to sole traders, drawings are not an allowable expense.
    • A. 

      True

    • B. 

      False

  • 4. 
    How many rates of VAT are there?
    • A. 

      2

    • B. 

      3

    • C. 

      4

    • D. 

      5

  • 5. 
    Which of the following will sole traders have to pay if their profits are above a certain limit? (Select 2)
    • A. 

      Class 4 National Insurance Contributions

    • B. 

      Corporation tax

    • C. 

      VAT

    • D. 

      Class 2 National Insurance Contributions

  • 6. 
    Which of the following are used to cover stock, equipment and the like while it is in the process of being delivered?
    • A. 

      Motor insurance

    • B. 

      Employer's liability insurance

    • C. 

      Goods in transit insurance

  • 7. 
    Employers should have a written health and safety policy if they have at least how four employees.
    • A. 

      True

    • B. 

      False

  • 8. 
    VAT stands for Value Added Tax.
    • A. 

      True

    • B. 

      False

  • 9. 
    When you start trading, which of the following are you obliged by law to inform?
    • A. 

      The Inland Revenue

    • B. 

      The local police station

    • C. 

      Your local MP

  • 10. 
    Professionals such as solicitors and architects mainly require which of the following types of insurance?
    • A. 

      Professional indemnity insurance

    • B. 

      Goods in transit insurance

    • C. 

      Motor insurance

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