
Foundations in Tax Quiz 1

Quiz
•
Business
•
University
•
Medium
Lena Lalsee-Gaspard
Used 4+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Corporation tax is a direct tax on the turnover of companies.
False
True
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
National insurance is a direct tax suffered by employees, employers and the self-employed on earnings.
False
True
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Inheritance tax is a direct tax on transfers of income by individuals.
False
True
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Value added tax is a direct tax on the supply of good and services by businesses.
False
True
5.
MULTIPLE SELECT QUESTION
5 mins • 1 pt
You are a trainee Chartered Certified Accountant and your firm has a client who has refused to disclose a chargeable gain to HM Revenue and Customs (HMRC). From an ethical viewpoint, which TWO of the following actions could be expected of your firm?
Reporting under the money laundering regulations
Advising the client to make disclosure
Informing HMRC of the non-disclosure
Warning the client that your firm will be reporting the non-disclosure
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is the correct definition of an extra-statutory concession?
A provision for the relaxation of the strict application of the law where it would lead to anomalies or cause hardship
Supplementary information providing additional detail in relation to the general principles set out in legislation
HM Revenue and Customs' interpretation of tax legislation
Guidance provided to HM Revenue and Customs' staff in interpreting and applying tax legislation
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following statements correctly explains the difference between tax evasion and tax avoidance?
Both tax evasion and tax avoidance are illegal, but tax evasion involves providing HM Revenue and Customs with deliberately false information
Tax evasion is illegal, whereas tax avoidance involves the minimisation of tax liabilities by the use of any lawful means
Both tax evasion and tax avoidance are illegal, but tax avoidance involves providing HM Revenue and Customs with deliberately false information
Tax avoidance is illegal, whereas tax evasion involves the minimisation of tax liabilities by the use of any lawful means
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