Question # 1

Total number of canons of taxation stated by different economists is

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Seven

Nine

Eleven

Twelve

The tax which is levied on the sale of goods is called

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Income tax

Property tax

Gift tax

Sales tax

"Public finance is that branch of economics which studies the revenue and expenditures of governments institutions, their inter-relationship and financial administration"
This definition is stated by

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Bastable

Armitage Smith

Marshall

Pigou

The tax whose burden can be shifted to the customers, is called

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Proportional tax

Progressive tax

Direct tax

Indirect tax

If the rate of tax increase with the increase of level of income, is called

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Progressive tax

Proportional tax

Regressive tax

Value added tax

Zakat can not be given

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to get slaves free

To the collection of zakat

For the construction of Mosque

The converts

Government estimates its income and expenditures

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Monthly

Three monthly

Six monthly

Annual

On which amount Zakat is payable

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Twenty thousand rupees

On the amount equal to the value of 7.5 tola gold or 52.5 tola silver

On fifty thousand rupees

On one lac rupees

Usher is levied on

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Cash amount

Goats and sheep

Trading goods

Agricultural production

Which one of the following is direct tax

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Sales tax

Import duty

Export duty

Income tax

Surplus budget for the government is considered

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Useful

Harmful

Useful & harmful

None of three

If the rate of tax does not change with decrease or increase in the level of income, is called

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Proportional tax

Progressive tax

Regressive tax

value added tax

"Public finance deals with governments revenue and expenditure and it studies how government maintains balance between its revenue and expenditures"
This definition is stead by

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Dalton

Armitage Smith

Bastable

pigou

Adam Smith presented the basic canons of taxation

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Two

Three

Four

Five

Number of beneficiaries of Zakat is stated in the holy Quran

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Five

Seven

Eight

Nine

Private individuals are not allowed to fullfil their needs

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To get loans from the friends

To get financial help from the relatives

To get loans from the domestic financial institutions

To print notes

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Principles of Economics Icom Part 1 English Medium Chapter 13 Online Test MCQs With Answers

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