MCQ short

What is corporation tax and who does it apply to?

• Corporation tax is paid by businesses in the UK and is calculated on their yearly profits, the current rate is 19% and is valid until 2023

• Corporation tax is a personal income tax paid by individuals in the UK, and it is determined by their annual salary, with a fixed rate of 19% until 2023

• Corporation tax is a global tax imposed on all companies worldwide, and the current rate is 25% until 2023

• Corporation tax is a local tax applicable only to small businesses in the UK, and it is based on the number of employees rather than yearly profits, with a fixed rate of 15% until 2023

What does CMA mean?

• Corporate Management Advisory

• Creative Marketing Alliance

• Consumer Management Association

• Competition and Markets authority

What does KRI mean?

• Key register institution

• Key register indicator

• Key risk institution

• Key risk indicator

What is crowd funding?

• Crowd funding refers to the personal savings individuals use to finance their creative projects without external support

• Crowd funding is a term used to describe the traditional method of obtaining bank loans for entrepreneurial ventures

• Crowd funding is the process of securing funds exclusively from large corporations for business projects

• Crowd funding is the practice of funding a project or venture by raising money from a large number of people, you sometimes see this on the internet

What is Net profit?

• Is the financial loss incurred by a business when subtracting all revenue from total costs

• Is the gross income of a business, calculated before taxes but excluding operational costs

• Is the total revenue generated by a business before deducting any expenses

• Is the amount of money a business earns after deducting all its costs

What is crowd funding?

• Crowd funding is a term used to describe the process of securing a loan from a traditional financial institution for a creative endeavor

• Crowd funding is the practice of obtaining funds exclusively from a single wealthy investor for a business venture

• Crowd funding is a government-funded initiative for small-scale projects

• Crowd funding is the practice of raising money for a project from a large number of people

What is an employment tribunal?

• Is a legislative body focused on promoting employer interests and ensuring compliance with company policies

• Is a voluntary organization where workers and employers come together for casual discussions about workplace issues

• Is a committee formed by employers to handle workplace conflicts and employee disputes

• Is a judicial body with responsibility for dealing with workplace justice

Who pays corporation tax?

• Corporation tax is solely the responsibility of the business owners and not applicable to the company itself.

• Only multinational corporations with global operations are required to pay corporation tax.

• Sole traders and partnerships pay corporation tax at 19%, while limited companies are exempt.

• If a business is a limited company then it must pay corporation tax at 19%

What are the DSE screen time recommendation?

• Recommends a 30-minute break every hour is recommended for prolonged screen use.

• Recommends taking breaks after three hours of continuous screen time.

• Recommends continuous screen use without breaks for optimal productivity.

• Recommends a 5/10 minute break every hour if using a screen continuously.

What is Prince 2?

• A team-building approach for streamlined business operations

• A software application designed for seamless project collaboration

• A strategic framework for optimizing supply chain logistics

• A processed based method for effective project management