WorksheetsVAT in context (TXA201)
Total questions: 12
Worksheet time: 4mins
VAT is a tax on:
Wealth
Income
Profits
Consumption
Which of the following item/s represent taxable supplies:
Standard rated supplies
Zero-rated supplies
Exempt supplies
None of the given options
Which of the following term/s imply that the amount includes VAT:
Open market value
Consideraton
Value of supply
None of the given options
Input tax is:
An amount claimed by a vendor
An amount raised / levied by a vendor
VAT charged on goods and services supplied by a vendor
The VAT incurred in respect of goods or services supplied to a vendor
If an amount includes VAT, to calculate the VAT amount you need to:
x 15%
x 15/115
x 100/115
/ 1.15
The amounts shown in the financial statements of a company:
Include VAT
Exclude VAT
What type of supply is the supply of electricity by a municipality?
Standard rated
Zero-rated
Exempt
Not a supply
What type of supply is the monthly rental charged on a 1-bedroomed flat?
Standard rated
Zero-rated
Exempt
Not a supply
What type of supply is interest earned on a bank account?
Standard rated
Zero-rated
Exempt
Not a supply
What type of supply is the sale of a bus ticket for the transport of passengers and their luggage between Durban and Pretoria?
Standard rated
Zero-rated
Exempt
Not a supply
What type of supply is the sale of a bus ticket for the transport of passengers and their luggage between Pretoria and Harare (Zimbabwe)?
Standard rated
Zero-rated
Exempt
Not a supply
Input tax on an ambulance purchased by a vendor:
Can be claimed
Will be denied
