WorksheetsTaxation and Finance Quiz
Total questions: 30
Worksheet time: 15mins
What is the main purpose of taxation?
To reduce imports
To raise revenue for the government
To increase inflation
To reduce competition
What is PAYE?
Tax on company profits
Tax on savings
Income tax deducted from wages by employers
Tax on imports
What is VAT?
Tax on profits
Value Added Tax on goods and services
Vehicle Access Tax
Tax on property
What is PRSI?
Pension fund contribution
Pay Related Social Insurance
Public Revenue Sales Income
Property-related tax
What is Corporation Tax?
Tax on individual income
Tax on company profits
Tax on imports
Tax on wages
What is Excise Duty?
Tax on imports
Tax on specific goods like alcohol and petrol
Tax on property
Tax on savings
Which tax is a direct tax?
VAT
Excise duty
PAYE
Customs duty
What does the term “Tax Evasion” mean?
Legally reducing tax liability
Illegally avoiding paying tax
Overpaying tax
Tax refund from Revenue
What is the Revenue Commissioners’ main role?
To make budgets
To collect taxes and ensure compliance
To print money
To set interest rates
Which of the following is not a function of taxation?
Redistribute income
Encourage enterprise
Increase inequality
Discourage harmful goods
What is insurance?
A form of investment
A way to share risk
A type of loan
A form of tax
What is the principle of Utmost Good Faith?
The insurer must pay quickly
All parties must tell the truth
The insured must pay all claims
Both sides can lie
What is Indemnity?
Profit from insurance
Returning the insured to the financial position before the loss
Paying extra compensation
Insuring for more than the item’s value
What is Subrogation?
Giving up rights to the insurer after a claim
Sharing risk with another company
Double insurance
Paying a premium
What is Contribution in insurance?
Sharing the cost between insurers if double insured
Paying your first premium
Getting a refund
Extra bonus payment
What is a Premium?
Compensation for loss
Regular payment for insurance cover
Loan from an insurer
Claim form
What is Insurable Interest?
You must benefit financially from the item insured
You must be over 18
You must have a licence
You must own more than one item
What is an Actuary?
A person who calculates insurance risk and premiums
A person who sells policies
A lawyer
A claims officer
What is Underinsurance?
Insurance for too many risks
When the item is insured for less than its value
Insurance for a company only
Excess coverage
Which document is issued before the insurance policy?
Policy schedule
Cover note
Renewal notice
Certificate of insurance
What are Sources of Finance?
Ways to make profit
Ways to obtain money for business use
Ways to pay tax
Ways to reduce costs
Which of the following is a short-term source of finance?
Bank loan
Trade credit
Retained earnings
Share capital
Which is a medium-term source of finance?
Bank overdraft
Hire purchase
Debentures
Trade credit
Which is a long-term source of finance?
Bank overdraft
Retained earnings
Credit card
Trade credit
What is Equity Capital?
Money borrowed from banks
Money invested by owners/shareholders
Short-term credit
Lease finance
What is Debt Capital?
Finance that must be repaid with interest
Investment by owners
Profit
Savings
What is Leasing?
Renting an asset over time without owning it
Buying equipment with cash
Sharing an asset
Selling a business asset
What is Trade Credit?
When suppliers allow businesses to pay later
When you borrow from a bank
A government grant
Paying cash in advance
What is Retained Earnings?
Profits kept in the business for reinvestment
Money borrowed from the bank
Income from shares
Tax refund
What is a Grant?
Money given by the government that does not have to be repaid
A long-term loan
A short-term credit
A type of insurance
