FIN333 Ch3 Planning Tax Strategy

FIN333 Ch3 Planning Tax Strategy

University

30 Qs

quiz-placeholder

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ACCOUNTING EXAM CH. 10

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FIN333 Ch3 Planning Tax Strategy

FIN333 Ch3 Planning Tax Strategy

Assessment

Quiz

Financial Education

University

Medium

Created by

Kelas Ferri

Used 1+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of taxes according to the text?

To fund public services and goods

To reduce government spending

To increase personal wealth

To fund private businesses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do taxes affect disposable income?

They only affect businesses

They reduce disposable income

They have no effect on disposable income

They increase disposable income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of income is taxed at progressive rates?

Self-employment income

Investment income

Other income

Employment income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the tax rate for self-employment income for resident individuals?

30%

15%

10%

20%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the maximum amount of medical relief you can claim for medical expenses?

RM4,000

RM6,000

RM2,000

RM8,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered taxable income?

Scholarships for education

Dividends from foreign companies

Pensions from approved funds

Gifts from relatives

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the penalty for failing to file tax returns by the due date?

Both a fine and imprisonment

Imprisonment for six months

A fine of RM20,000

A fine of RM200

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