Basics of Financial Mathematics Test 36

Result

Basics of Financial Mathematics Test 36

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

In $$2011-12$$ direct taxes are around ______% of GDP.

A
$$5.48$$

B
$$15.26$$

C
$$12.83$$

D
$$7.75$$

Solution

In 2011-12 direct taxes were around 5.48% of GDP where as for indirect taxes it was 4.4%
Question 2
1 / -0

Custom duties are levied on _______.

A
incomes of the individual

B
production of goods

C
export and import of goods

D
incomes of the corporate

Solution

Custom duties are levied on export and import of goods and excise duty levied on production of goods.
Question 3
1 / -0

$$NDP_{MP}$$ - Indirect Taxes+ Subsides =

A
$$NNP_{MP}$$

B
$$NDP_{FC}$$

C
$$NNP_{FC}$$

D
None of the above

Solution

NDPMP is defined as the market value of final goods and services produced in the domestic territory of a country by its residents and non residents in an accounting year less depreciation. NDPMP= GDPMP-Depreciation
NNPFC= NDPMP-Indirect taxes+Subsidies
NNPFC is defined by total factor incomes earned by the factors of production.
Question 4
1 / -0

If final good attracts an excise duty of Rs. 8000 and Rs. 1000 has already been paid on inputs then the firm will pay the Rs. 7,000 towards excise duty. It is paying tax according to________.

A
VAT

B
CENVAT

C
MODVAT

D
None of the above

Solution

Under CENVAT scheme the credit of the excise duty/additional duty of customs paid on inputs and capital goods and service tax paid on input services allowed to be utilized for the payment of the excise duty on the final products or service tax on output services in order to avoid cascading effect of the duty/tax.
Question 5
1 / -0

Which one of the following sources of Central revenue belongs to the category of Indirect taxes?

A
Corporation tax

B
Customs

C
Wealth tax

D
Interest Receipts

Solution

Custom Duty is a indirect tax for goods when import or export. The tax is collected by Central Board of Indirect Taxes and Customs.
Question 6
1 / -0

Which of the following statements is correct?

A
Income tax was abolished in India in $$1991$$.

B
Gift tax was abolished in India in $$1998$$, but income tax on gift (received) without adequate consideration was partially reintroduced in April $$2004$$.

C
No states have adopted VAT system of indirect taxation.

D
Estate duty was abolished in $$1995$$.
Question 7
1 / -0

Transfer payment includes:

A
Old age pensioin

B
Tax payments

C
Consumer's debt interest

D
All of the above

Solution

Transfer payments are those payments which are made without production. These payments are characterized with transfer of money in exchange for no direct receivables in terms of products or services.
Question 8
1 / -0

Income Tax in India was introduced in the year:

A
1860

B
1960

C
1880

D
1947

Solution

The history of Income-Tax in modern India dates back to 1860 when the first Income Tax Act was introduced by James Wilson who became (British) India's first finance member.
Question 9
1 / -0

The objectives of providing depreciation include:

A
To ascertain in true financial performannce

B
To Ascertain true financial position

C
To ascertain true cost of production

D
To comply with legal requirements

E
To accumulate funds for replacement of assets

Solution

The objectives of providing depreciation include:-
1) To ascertain in true financial performance.
2) To ascertain true financial position.
3) To ascertain true cost of production,
4) To comply with legal requirements.
5) To accumulate funds for replacement of assets.
Question 10
1 / -0

Depreciable assets which:

A
Are expected to be used during more than one accounting period

B
Have a limited useful life

C
Are held by an enterprise for use in the production or supply of goods and services, for rental to others, or administrative purposes and not for the purpose of sale in the ordinary course of business.

D
All of above

Solution

Depreciation means decline in book value of asset. The assets generally have useful life for more than one accounting period.Assets have limited useful life.Assets are used to earn income by way of rent, for production of goods or services or for office use.
If product is used for purpose of resale then it can not be called as asset as it is for trade.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Basics of Financial Mathematics Test 36

Result

Basics of Financial Mathematics Test 36

Score

-

Rank

-

SHARING IS CARING

Question 1

$$5.48$$

$$15.26$$

$$12.83$$

$$7.75$$

Solution

Question 2

incomes of the individual

production of goods

export and import of goods

incomes of the corporate

Solution

Question 3

$$NNP_{MP}$$

$$NDP_{FC}$$

$$NNP_{FC}$$

None of the above

Solution

Question 4

VAT

CENVAT

MODVAT

None of the above

Solution

Question 5

Corporation tax

Customs

Wealth tax

Interest Receipts

Solution

Question 6

Income tax was abolished in India in $$1991$$.

Gift tax was abolished in India in $$1998$$, but income tax on gift (received) without adequate consideration was partially reintroduced in April $$2004$$.

No states have adopted VAT system of indirect taxation.

Estate duty was abolished in $$1995$$.

Question 7

Old age pensioin

Tax payments

Consumer's debt interest

All of the above

Solution

Question 8

1860

1960

1880

1947

Solution

Question 9

To ascertain in true financial performannce

To Ascertain true financial position

To ascertain true cost of production

To comply with legal requirements

To accumulate funds for replacement of assets

Solution

Question 10

Are expected to be used during more than one accounting period

Have a limited useful life

Are held by an enterprise for use in the production or supply of goods and services, for rental to others, or administrative purposes and not for the purpose of sale in the ordinary course of business.

All of above

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.