Finance Unbox-ED (INR) - Grade 3-5 - Session 005 - Quiz 1

Select the statement that is true

• Tax is money collected by large companies to provide essential goods and services to people

• Tax is money collected by the government to provide essential goods and services to people

Select all the statements that are true

• Direct tax is tax levied on income earned

• Direct tax is tax paid to the government

• Indirect tax is tax paid to charitable organizations

• Indirect tax is tax levied on the consumption of goods and services

Select all the examples of direct tax

• Goods and Service Tax

• Income Tax

• Capital Gains Tax

• Custom Duties

Select all the examples of indirect tax

• Goods and Service Tax

• Income Tax

• Capital Gains Tax

• Custom Duties

Income tax is tax paid by individuals on salaries earned and tax paid by companies on profits made

• True

• False

Select the statement that is true

• Capital gains tax is tax paid on losses made from sale of assets

• Capital gains tax is tax paid on profits made from sale of assets

Select the statement that is true

• Custom duties are paid on exports

• Custom duties are paid on imports

In most countries the rich pay a higher tax rate and people below a certain income do not pay taxes 

• True

• False

Select the statement that is true

• Custom duties help increase imports

• Custom duties protect local companies against cheap imports

• Both of the above

• None of the above

Select the statement that is true

• Custom duties help tax the rich more

• Custom duties help tax the poor more