1. ‘Behind their instruments’ is ___ phrase.
A. An adjectival
B. An Adverbial
C. A Noun
D. None of these
Answer
Correct Answer: B. An Adverbial
2. ‘Angrily across the stage’ is ___ phrase.
A. An Adjectival
B. An Adverbial
C. A Noun
D. None of these
Answer
Correct Answer: B. An Adverbial
3. ‘The shocked members of the group across the mad’ contains ____ number of phrases.
A. 1
B. 2
C. 3
D. None of these
Answer
Correct Answer: C. 3
4. An example of a relative subordinate clause is:
A. Because the cat was lazy
B. Which was normal
C. As the baby wanted breakfast
D. None of these
Answer
Correct Answer: B. Which was normal
5. What’s the name of the man ____ gave us a lift.
A. He
B. What
C. Who
D. None of these
Answer
Correct Answer: C. Who
6. What was that notice ____.
A. At that you were looking
B. You were looking
C. You were looking at
D. None of these
Answer
Correct Answer: B. You were looking
7. Susan is the woman ____ husband is in hospital.
A. Her
B. Hers the
C. Whose
D. None of these
Answer
Correct Answer: C. Whose
8. York, ____ last year, is a nice old city.
A. I visited
B. That I visited
C. Which I visited
D. None of these
Answer
Correct Answer: C. Which I visited
9. The accident was seen by some people ___ at a bus stop.
A. Waited
B. Waiting
C. Were waiting
D. None of these
Answer
Correct Answer: B. Waiting
10. I just had to take the dog out ____ of the awful weather.
A. Although
B. Despite
C. Inspite
D. None of these
Answer
Correct Answer: C. Inspite
11. Anna put the electric fire on ____ warm.
A. For getting
B. In order get
C. To get
D. None of these
Answer
Correct Answer: A. For getting
12. If ____ my passport, I’ll be in trouble.
A. I lose
B. I’ll lose
C. I lost
D. None of these
Answer
Correct Answer: A. I lose
13. I haven’t got a ticket, if ___ one, I could get in.
A. I’d have
B. I had
C. I have
D. None of these
Answer
Correct Answer: B. I had
14. If the bus to airport hadn’t been so late, we ___ the plane.
A. Caught
B. Had Caught
C. Would have caught
D. None of these
Answer
Correct Answer: C. Would have caught
15. The chemist’s store was open, so luckily I ___ buy some aspirin.
A. Can
B. Can’t
C. Was able to
D. None of these
Answer
Correct Answer: C. Was able to
16. We had a party last night. _____ spend all morning clearing up.
A. I must have
B. I’ve been to
C. I’ve had to
D. None of these
Answer
Correct Answer: C. I’ve had to
17. The house was ___ building.
A. A nice old stone
B. A nice stone old
C. A stone old nice
D. None of these
Answer
Correct Answer: A. A nice old stone
18. This detailed map is ___the atlas.
A. More useful as
B. More useful than
C. Use fuller as
D. None of these
Answer
Correct Answer: B. More useful than
19. I’ve read this paragraph three times, and I ____ understand it.
A. Can’t still
B. Can’t yet
C. Still can’t
D. None of these
Answer
Correct Answer: C. Still can’t
20. This place gets ____ crowded with tourists every summer.
A. Always more
B. Crowded and more
C. More and more
D. None of these
Answer
Correct Answer: C. More and more
21. The federal Consolidation fund constitutes:
A. Federal Government Revenues
B. Federal Government expenditures
C. Federal Government reserves
D. None of these
Answer
Correct Answer: A. Federal Government Revenues
22. The Divisible Pool consists of all major taxes of the Federal Government except:
A. Income tax and Federal Excise Duty
B. Custom duty and regulatory duty
C. Cess and levies
D. None of these
Answer
Correct Answer: C. Cess and levies
23. The President constitutes the National Finance Commission (NFC) after:
A. Every Two Years
B. Every three Years
C. Every Five Years
D. None of these
Answer
Correct Answer: C. Every Five Years
24. The role of the State Bank of Pakistan is to ensure all of the following except:
A. Reverse
B. Open market operations
C. Levying taxes
D. None of these
Answer
Correct Answer: C. Levying taxes
25. Fiscal Policy addresses:
A. Taxation
B. Government Spending
C. Both A & B
D. None of these
Answer
Correct Answer: C. Both A & B
26. ____ is the rate at which the price of goods and services increase.
A. Inflation
B. Consumerism
C. Capitalism
D. None of these
Answer
Correct Answer: A. Inflation
27. Per capita income of Pakistan in 2020 was:
A. $1,194 (approx)
B. $1,025(approx)
C. %5995 (approx)
D. None of these
Answer
Correct Answer: A. $1,194 (approx)
28. What is a Capital Account?
A. The sum total of a country’s saving
B. The sum total of total expenditures
C. The sum total of a country’s income
D. None of these
Answer
Correct Answer: C. The sum total of a country’s income
29. In economic term’s ‘bull’ is:
A. The opposite of a bear
B. An investor who expects the price of a security to rise
C. Both A & B
D. None of these
Answer
Correct Answer: C. Both A & B
30. The long-run pattern of economic growth and recession is called:
A. A business cycle
B. An annual budget
C. A project cycle
D. None of these
Answer
Correct Answer: A. A business cycle
31. A budget deficit occurs:
A. When income is less than expenditures
B. When loans are less than grants
C. When earning is less than debt servicing
D. None of these
Answer
Correct Answer: C. When earning is less than debt servicing
32. When the value of currency appreciates it means that:
A. Cost of International trade has increased
B. Cost of international trade has decreased
C. Lesser goods can be purchased from the international market
D. None of these
Answer
Correct Answer: B. Cost of international trade has decreased
33. Which of the following is an example of Direct Taxation?
A. Levying taxes on salaries
B. Levying taxes on purchased
C. Levying taxes on supplies
D. None of these
Answer
Correct Answer: A. Levying taxes on salaries
34. “Assets-Liabilities”
A. Debt
B. Profit
C. Equity
D. None of these
Answer
Correct Answer: C. Equity
Tax Administrative / Reform in Pakistan:
35. Domestic revenue mobilization is key is key to realizing sustainable development and providing the fiscal space fund:
A. Trade deficit
B. Current account deficit
C. Public Expenditures
D. None of these
Answer
Correct Answer: C. Public Expenditures
36. Pakistan’s tax revenues heavily rely on:
A. Federal taxes
B. Provincial taxes
C. Local bodies taxes
D. None of these
Answer
Correct Answer: A. Federal taxes
37. FBR’s tax expenditures was at ___ of the GDP in FY 17-18.
A. 2%
B. 5%
C. 7%
D. None of these
Answer
Correct Answer: A. 2%
38. According to Doing Business Report 2018, it takes about ___ hours to make 47 annual tax payments.
A. 211
B. 311
C. 411
D. None of these
Answer
Correct Answer: B. 311
39. A tax system usually comprises:
A. Tax policy and audit
B. Tax reforms and automation
C. Tax policy and revenue administration
D. None of these
Answer
Correct Answer: C. Tax policy and revenue administration
40. Progressive taxation means:
A. The more you earn, the higher is the rate of tax
B. The more you earn, the lesser is the rate of tax
C. The rate of tax remain constant
D. None of these
Answer
Correct Answer: A. The more you earn, the higher is the rate of tax
41. Which one of these taxes is not levied on property?
A. Property tax
B. Withholding tax
C. Federal excise duty
D. None of these
Answer
Correct Answer: C. Federal excise duty
42. As on 28-2-2021, income tax returns for tax year 2020 reached 2.8 million compared to:
A. 2.5 million last year
B. 2.5 million last year
C. 2.6 million last year
D. None of these
Answer
Correct Answer: C. 2.6 million last year
43. IRIS-LMS is a Software of FBR:
A. For litigation management and reporting
B. For audit management and reporting
C. For enforcement management and reporting
D. None of these
Answer
Correct Answer: A. For litigation management and reporting
44. For verification of ATL status under income Tax Ordinance 2001, SMS your CNIC on:
A. 9955
B. 9966
C. 9977
D. None of these
Answer
Correct Answer: B. 9966
45. In compliance with directions of the ____, chairman holds regular e-kachehri at FBR HQ.
A. Prime Minister
B. President
C. Finance Minister
D. None of these
Answer
Correct Answer: A. Prime Minister
46. Under Pakistan Single Window (PSW) project, more than ___different departments would converge on one platform for facilitation of the business community.
A. 10
B. 30
C. 70
D. None of these
Answer
Correct Answer: C. 70
47. Harmonization of sales tax between federation and federating units is making headway under the umbrella of:
A. National Tax Commission
B. National Tax Committee
C. National Tax Council
D. None of these
Answer
Correct Answer: C. National Tax Council
48. The total tax collection of FBR during financial Year 17-18 was:
A. 3,644 billion
B. 3,744 billion
C. 3,844 billion
D. None of these
Answer
Correct Answer: C. 3,844 billion
49. The total tax collection of FBR during financial Year 18-19 stood at:
A. 3,644 billion
B. 3,729 billion
C. 3,829 billion
D. None of these
Answer
Correct Answer: C. 3,829 billion
Sales Tax Act 1990 as amended upto July, 2021:
50. “Schedule” means?
A. A Schedule of payment of sales tax:
B. A list of taxpayers
C. Schedule appended to Sales Tax Act, 1990
D. None of these
Answer
Correct Answer: C. Schedule appended to Sales Tax Act, 1990
51. “Whistleblower” is a person who:
A. Is registered but not paying sales tax
B. Always deserves rewards
C. Is involved in tax-frauds
D. None of these
Answer
Correct Answer: D. None of these
Detail About MCQs
A whistleblower is a person who voluntarily provides information to the general public, or someone in a position of authority, about dishonest or illegal business activities occurring at an organization. This organization could include a government department, a public company or a private organization.
52. “Computerized system” means:
A. All the computers of a taxpayers
B. Computer on which a sale tax return is filed
C. Any information technology system used by the Board
D. None of these
Answer
Correct Answer: C. Any information technology system used by the Board
53. “Tier-I Retailer” means retailer:
A. Operating as a unit of chain of stores
B. Who is not a wholesaler
C. Whose shop measures one hundred square feet or more
D. None of these
Answer
Correct Answer: A. Operating as a unit of chain of stores
54. In case of change of rate of tax a taxable supply shall be charged to tax:
A. At such rate which is in Forcefor that month
B. At the rate of 71%
C. At the rate as decided by the commissioner I.R
D. None of these
Answer
Correct Answer: D. None of these
55. Where by a deliberate act, a tax has not been levied, the person liable to pay that tax shall be:
A. Served with a Notice under section 11 of the Act
B. Arrested and prosecuted
C. Warned in writing
D. None of these
Answer
Correct Answer: A. Served with a Notice under section 11 of the Act
56. The Board may appoint Special Audit Panels comprising of:
A. Inland Revenue Officers and a Chartered Accountant or a Cost & Management Accountant
B. An Economist and an Auditor
C. Any person the Board may like to choose
D. None of these
Answer
Correct Answer: A. Inland Revenue Officers and a Chartered Accountant or a Cost & Management Accountant
57. Any person who fails to issue any invoice shall pay a penalty of:
A. 10% of the amount of tax involved
B. 5% of the amount of tax involved
C. Rs.5000 or 3% of the tax involved, whichever is higher
D. None of these
Answer
Correct Answer: C. Rs.5000 or 3% of the tax involved, whichever is higher
58. “Arrears” of sale tax can be recovered by:
A. Sale of property of the defaulter
B. Sealing of his assets
C. Stopping of his vehicles
D. None of these
Answer
Correct Answer: A. Sale of property of the defaulter
59. For any amount due to be refunded to a tax payer, a claim should only be filed:
A. Electronically
B. Within one month
C. Within one year
D. None of these
Answer
Correct Answer: A. Electronically
60. If the value of supply of agriculture produce exceeds certain amount the same are chargeable to sales tax:
A. At 10%
B. Only when sold by the retailers
C. When sold in the supermarkets
D. None of these
Answer
Correct Answer: D. None of these
61. “Supply” in sales tax includes:
A. Any Intellectual activity
B. Sale of ideas and innovations
C. Songs
D. None of these
Answer
Correct Answer: B. Sale of ideas and innovations
62. “Cottage Industry” means an industry which:
A. Has no industrial gas connection
B. Is located in rural areas
C. Has labour force of less than 5 people
D. None of these
Answer
Correct Answer: A. Has no industrial gas connection
63. Sales tax on all the services is under the domain of:
A. Provinces of Pakistan
B. Federal Government
C. Both A & B
D. None of these
Answer
Correct Answer: D. None of these
64. Assessment of tax and determination of tax liability:
A. Are the same things
B. Different from each other
C. Done by the taxpayer
D. None of these
Answer
Correct Answer: B. Different from each other
Federal Excise Act 2005 as amended upto July 2021:
65. The word “Whole Sale” dealer is defined in:
A. Sub-section 26 of section 2 of the Act
B. Sub-section 25 of section 2 of the Act
C. Sub-section 19 of section 2 of the Act
D. None of these
Answer
Correct Answer: B. Sub-section 25 of section 2 of the Act
66. The Board is empowered to levy, feet and service charges for valuation:
A. With the approval of Federal Government
B. With the approval of Federal Minister Incharge
C. With the consultations of Chief Commissions
D. None of these
Answer
Correct Answer: B. With the approval of Federal Minister Incharge
67. Who is required to provide and make arrangement for providing real time access information to the Board?
A. NADRA
B. Pakistan Railways
C. Police
D. None of these
Answer
Correct Answer: A. National Database and Registration Authority (NADRA)
68. Who has the power to share data or information’s including real-time data, videos?
A. Chief Commissioner
B. Commissioner
C. The Board
D. None of these
Answer
Correct Answer: C. The Board
69. Which section of the Act provides mechanism for serving of notices and other documents?
A. Section 48
B. Section 47
C. Section 50
D. None of these
Answer
Correct Answer: B. Section 47
70. Who does constitute audit panels special for conducting audit of a registered person?
A. Chief Commissioner
B. Commissioner
C. The Board
D. None of these
Answer
Correct Answer: C. The Board
71. Who is required to obtain the brand license for each brand or stock keeping unit?
A. A registered person
B. The recipient of the goods
C. The manufactures of the specified goods
D. None of these
Answer
Correct Answer: C. The manufactures of the specified goods
72. Subject to the provisions of sub-clause (1) of section 45(A): who is empowered to prescribe the record electronically or other means in respect of which monitoring, or packing, of production, sales, clearances, stocks, etc. are monitored and implemented?
A. Chief Commissioner
B. The Federal Government
C. The Board
D. None of these
Answer
Correct Answer: C. The Board
73. Time limitation for allowing the refund of duty is:
A. Two years of its accrual
B. One year of its accrual
C. Three years of its accrual
D. None of these
Answer
Correct Answer: B. One year of its accrual
74. Who is empowered to post an officer of Inland Revenue to the premises of the registered person?
A. The Federal Government
B. Chief Commissioner
C. The Board
D. None of these
Answer
Correct Answer: C. The Board
75. Where recovery of tax has been stayed by the High Court by an order, the validity of the interim order shall be:
A. Till the decision of the case
B. For a period of six months unless the appeal is decided or such order is withdrawn
C. For a period of one year
D. None of these
Answer
Correct Answer: B. For a period of six months unless the appeal is decided or such order is withdrawn
76. Time limitation for deciding the dispute referred by the Board to alternate Dispute Resolution Committee is:
A. 180 days of its appointment
B. 120 days of its appointment
C. 90 days of its appointment
D. None of these
Answer
Correct Answer: B. 120 days of its appointment
77. The word “Sales Tax Mode” is defined in:
A. Sub-section 22 of section 2 of the Act
B. Sub-section 21(A) of section 2 of the Act
C. Section 11 of the Act
D. None of these
Answer
Correct Answer: B. Sub-section 21(A) of section 2 of the Act
78. “Non-tariff area” means:
A. Azad Jammu and Kashmir
B. Northern Areas
C. Azad Jammu and Kashmir, Northern Areas and such other territories or areas to which Federal Excise Act does not apply
D. None of these
Answer
Correct Answer: C. Azad Jammu and Kashmir, Northern Areas and such other territories or areas to which Federal Excise Act does not apply
79. Where the appellant is a company the prescribe fee for filling an appeal before the Commissioner (appeal) against any assessment order is:
A. Rs.10,000/-
B. 1,000/-
C. 5,000/-
D. None of these
Answer
Correct Answer: C. 5,000/-
80. The rate of amortization of pre-commencement expenditure is:
A. 25%
B. 15%
C. 20%
D. None of these
Answer
Correct Answer: D. None of these
81. “Off-shore evader” includes:
A. A person who owns or is a beneficial owner of an off-shore asset
B. A person conniving actively with local evader of income tax
C. A person who under-declares the assets to the commissioner
D. None of these
Answer
Correct Answer: A. A person who owns or is a beneficial owner of an off-shore asset
82. In case of any “Employee Share Scheme”;
A. The value of a right to acquire shares shall not be chargeable to tax
B. There is nominal tax depending on the volume of employees share
C. Tax is charged from the date of issuance of such a share
D. None of these
Answer
Correct Answer: A. The value of a right to acquire shares shall not be chargeable to tax
83. “Foreign source income” means:
A. Any income earned by a Pakistan citizen while working out of Pakistan
B. Any income of a foreigner
C. An income of last four years earned by any person in foreign exchange
D. None of these
Answer
Correct Answer: A. Any income earned by a Pakistan citizen while working out of Pakistan
84. “Alternate Corporate Tax” means:
A. The tax at a rate of 17% of the income
B. The tax which is an alternate substitute to the normal tax on any business
C. The tax payable by all corporate entities
D. None of these
Answer
Correct Answer: D. None of these
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