Interior Design - Qp11
10 Questions
| Attempts: 250
Questions and Answers
- 1.With regard to sole traders, drawings are not an allowable expense.
- A.
True
- B.
False
- 2.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
- 3.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
- 4.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
- 5.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
- 6.All the income of the business of a independent trader is regarded as personal income.
- A.
True
- B.
False
- 7.Employees of the company pay income tax under the PAYE scheme.
- A.
True
- B.
False
- 8.How many rates of VAT are there?
- A.
2
- B.
3
- C.
4
- D.
5
- 9.Employers should have a written health and safety policy if they have at least how four employees.
- A.
True
- B.
False
- 10.VAT stands for Value Added Tax.
- A.
True
- B.
False
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