Internal Trade Test

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Internal Trade Test - 17

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Weekly Quiz Competition

Question 1
1 / -0

NAFTA is____________________.

A
treaty signed between two companies of Europe

B
free trade between America and Europe

C
free trade agreement between US, CANADA and MEXICO.

D
free treaty between any two countries

Solution

The North American Free Trade Agreement, which eliminated most tariffs on trade between Mexico, Canada and the United States, went into effect on Jan. 1,1994. NAFTA's purpose is to encourage economic activity between North America's three major economic powers.
Question 2
1 / -0

The term business includes every lawful trade, occupation and profession.

A
True

B
False

C
Sometimes false

D
None of the above

Solution

The term business includes any lawful trade, commerce, manufacture or even any adventure or concern in the nature of trade, commerce or manufacture. The term includes every trade occupation or profession.
Question 3
1 / -0

Identify the interests and aims of Chambers of Commerce and Industry.

A
Transportation or inter-state movement of goods.

B
Octroi or other local levies.

C
Harmonisation of VAT structure.

D
All of the above

Solution

Interests and aims of chambers of commerce and industry:
(i) Transportation or inter state movement of goods: The Chambers of Commerce and Industry help in many activities concerning inter state movement of goods which includes registration of vehicles, surface transport policies, construction of highways and roads.
(ii) Octroi and other local levies: Octroi and local taxes are the important sources of revenue of the local government. These are collected on the goods and from people entering the state or the municipal limits.
(iii) Harmonisation of sales tax structure and Value Added Tax: The Chambers of Commerce and Industry play an important role in interacting with the government to harmonise the sales tax structure in different states.
Question 4
1 / -0

Which among the following is an indirect tax?

A
Income tax

B
Wealth tax

C
Custom duty

D
Gift tax

Solution

Custom duty is the example of an indirect tax and others income tax, wealth tax and gift tax are example of direct tax.
Question 5
1 / -0

_________ not only enable(s) the producers to reach large number of buyers spread over a wide geographical area.

A
Wholesaler

B
Retailer

C
Government

D
All of the above

Solution

Wholesaling, jobbing, or distributing is the sale of goods or merchandise to retailers; to industrial, commercial, institutional, or other professional business users; or to other wholesalers and related subordinated services. In general, it is the sale of goods to anyone other than a standard consumer.
Question 6
1 / -0

Among the following types of taxes, find the one which is Indirect.

A
Gift Tax

B
Corporate Income Tax

C
GST

D
Wealth Tax

Solution

An indirect tax is a tax which is imposed on one person and is paid partly or wholly by another party. This means that the effect or incidence of an indirect tax is not upon the party who pays the tax but on someone else. For example, sales tax is imposed on the sales of a business. This tax is collected by the seller from his customers and paid to the government. Here the seller does not bear the impact of the tax, rather he simply collects the tax and deposits the same with the sales tax department. The impact of the tax is borne by the customer who actually purchases the goods. Since this tax is paid not by the buyer himself, but by the seller, it is called indirect tax. Other examples of indirect taxes are value added tax, excise duty, service tax, GST etc
Question 7
1 / -0

In India tax evasion is high at:

A
20 %

B
15%

C
30%

D
18%

Solution

India's top tax rate is currently 30 per cent. But it is not just the rich evading their taxes. Less than 3 per cent of Indians file income-tax returns at all, and officials said only about 1.5 million taxpayers claim they earn more than one million rupees per year. In the current year, of the 76 lakh individual assesses who declared income of above Rs 5 lakh, 56 lakh are in the salaried class.
Question 8
1 / -0

Which international agency has Trade Review Mechanism and looks after Multilateral Trade Agreements?

A
IBRD

B
IMF

C
WTO

D
All of the above

Solution

The term multilateral trade negotiations initially applied to negotiations between General Agreement on Tariffs and Trade member nations conducted under the auspices of the GATT and aimed at reducing tariff and non tariff trade barriers. In 1995 the World Trade Organization replaced the GATT as the administrative body.
Question 9
1 / -0

Advising the manufacturers about various aspects including customers' tastes and preferences, market conditions, competitive activities and the features preferred by the buyers is one of the services given by the wholesaler. Identify the service.

A
Help in the marketing function

B
Financial assistance

C
Facilitating large scale production

D
Expert advice

Solution

The advice given by someone who has studied a subject thoroughly or who is very skilled at a particular job. You should seek expert advice before going into business. If you are travelling to a malarial area, get expert advice before you set off.
Question 10
1 / -0

MODVAT was introduced in the Union Budget of:

A
1986-87

B
1996-97

C
2006-07

D
None of the above

Solution

MODVAT was introduced in the Union Budget of 1986-87. MODVAT stands for Modified Value Added Tax.

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Re-Attempt Weekly Quiz Competition

Internal Trade Test - 17

Result

Internal Trade Test - 17

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SHARING IS CARING

Question 1

treaty signed between two companies of Europe

free trade between America and Europe

free trade agreement between US, CANADA and MEXICO.

free treaty between any two countries

Solution

Question 2

True

False

Sometimes false

None of the above

Solution

Question 3

Transportation or inter-state movement of goods.

Octroi or other local levies.

Harmonisation of VAT structure.

All of the above

Solution

Question 4

Income tax

Wealth tax

Custom duty

Gift tax

Solution

Question 5

Wholesaler

Retailer

Government

All of the above

Solution

Question 6

Gift Tax

Corporate Income Tax

GST

Wealth Tax

Solution

Question 7

20 %

15%

30%

18%

Solution

Question 8

IBRD

IMF

WTO

All of the above

Solution

Question 9

Help in the marketing function

Financial assistance

Facilitating large scale production

Expert advice

Solution

Question 10

1986-87

1996-97

2006-07

None of the above

Solution

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