TEST DAM 3113

The budget has been defined as..

• Illegal practice of not paying taxes, by not reporting income, reporting expenses not legally allowed

• An estimate of proposed expenditures for a given period or purpose and the proposed means of financing them

• An administrative system that creates a division of power between Central & State Government

• A risky action or decision that you take in the hope of gaining money, success, or an advantage over other people.

Which of the following is NOT a Tax?

• Toll

• Tribute

• Duty

• Fees

Which of the following is NOT a Tax?

• Tallage

• Donation

• Gabel

• Aid

Taxes may be paid in money or as____________

• Tuition

• Slavery

• Corvée labor

• Sacrifice life

Which of the following is NOT a Types of Taxes

• Progressive Tax

• Regressive Tax

• Proportional Tax

• Corporate Tax

Progressive Tax means...

• The more a person earns, the higher his average rate of tax will be

• The more a person earns, the lower his average rate of tax will be

• The less a person earns, the higher his average rate of tax will be

• As income increases, the proportion of your income paid in tax falls

Regressive Tax means

• The more a person earns, the higher his average rate of tax will be

• As income increases, the proportion of your income paid in tax falls

• As income increases, the proportion of your income paid in tax get high

• As income decreases, the proportion of your income paid in tax falls

Which of following is NOT a characteristics of Good Tax System

• Principles of benefit and ability to pay

• Tax burden ought to fall more on richer people than poor

• Flexible, the rate imposed is not rigid

• Demotivating, become a burden to the public

Which of the following is Example of Direct Tax

• Excise duty

• Custom duty

• Land Revenue Tax

• Value Added Tax

Which of the following is Example of Indirect Tax

• Income Tax

• Value Added Tax

• Corporate Tax

• Land Revenue Tax