Test Your Tax Knowledge With This Quiz
(473).jpg "Test Your Tax Knowledge With This Quiz - Quiz")
How much do you know about taxes and their facts? Test your knowledge regarding tax regulations with this quiz and see for yourself. Taxes are mandatory contributions that are imposed on individuals or businesses by a government. Taxes are of two types, direct and indirect taxes. The quiz consists of questions mainly related to VAT. If you want to check how much do you know about taxes, play it now and evaluate. Best of luck, buddy!
- 1.The standard rate of VAT in the UK is 20%?
- A.
True
- B.
False
- 2.A company is a VAT taxable person
- A.
Because it independently and usually carries out an economic activity
- B.
Because it’s a legal person
- C.
Because it's a company.
- D.
Because it should give taxes
- 3.What is the largest source of government revenues?
- A.
Corporate taxes
- B.
VAT
- C.
Individual income tax
- D.
Option 4
- 4.Which among the following is a Progressive Tax?
- A.
Income-tax
- B.
Sales tax
- C.
Customs Duty
- 5.Anchor doesn't recover VAT on most of its purchases - why?
- A.
It doesn't pay VAT on most of its purchases
- B.
It's a charity
- C.
Most of its sales are not VATable
- D.
The tax team don't submit VAT returns on time
- 6.Does VAT apply to e-books in UK?
- A.
True
- B.
False
- 7.VAT is not payable on good purchased from outside the UK?
- A.
True
- B.
False
- 8.Anchor doesn't pay Corporation Tax because it's a charity?
- A.
True
- B.
False
- 9.Chocolate-chip cookies are a "luxury" item and therefore attract the standard rate of VAT.
- A.
True
- B.
False
- 10.Tax is boring.
- A.
True
- B.
False
Recent Quizzes
Back to top