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

FIN333 Ch3 Planning Tax Strategy

Quiz
•
Financial Education
•
University
•
Medium
Kelas Ferri
Used 1+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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