Worksheets[A251] Individual Practice 2 (Quiz 2) Personal Finance Group C
Total questions: 20
Worksheet time: 10mins
Which of the following best describes tax planning?
Legally arranging financial affairs to minimise tax
Hiding income from tax authorities
Fabricating expense records
Avoiding tax filing
Which of the following actions is considered tax evasion?
Claiming education fee relief
Timing income to a later year
Maximising lifestyle relief
Under-reporting business income
Which income source is taxable under Malaysian income tax?
Government pension
Scholarship from MARA
Employer EPF contribution (≤19%)
Employment salary
What is chargeable income?
Income after tax rebates
Total income minus exemptions and reliefs
Total income before deductions
Income subject to zakat only
Which of the following is classified as tax-exempt income?
Rental income
Business profit
Employer EPF contribution up to 19%
Overtime pay
What is the amount of personal relief for an individual resident taxpayer?
RM4,000
RM7,000
RM10,000
RM9,000
Which relief encourages retirement savings beyond EPF?
Lifestyle relief
Private Retirement Scheme (PRS) relief
Child relief
Education fee relief
How does a tax rebate differ from a tax relief?
Rebate directly reduces tax payable
Rebate reduces chargeable income
Rebate applies before relief
Rebate is only for businesses
Zakat paid during the basis year is treated as:
Tax exemption
Tax relief
Tax deduction
Tax rebate
Which holding period gives 0% RPGT for Malaysian individuals?
4th year
5th year
Within 3 years
6th year and beyond
In financial planning, risk refers to:
Guaranteed financial loss
Opportunity for profit
Investment volatility only
Uncertainty about possible loss
A loss exposure refers to:
The loss already suffered
A situation that may cause loss in the future
Insurance compensation
Premium paid
Which of the following is a peril?
Faulty wiring
Driving while tired
Leaving doors unlocked
Fire destroying a house
Deliberately committing arson to claim insurance is an example of:
Moral hazard
Physical hazard
Morale hazard
Speculative risk
Which type of risk affects large groups simultaneously and is often uninsurable?
Individual risk
Fundamental risk
Pure risk
Static risk
Which risk involves only loss or no loss, with no chance of gain?
Speculative risk
Dynamic risk
Pure risk
Investment risk
Purchasing life insurance mainly represents which risk management technique?
Avoid risk
Reduce risk
Retain risk
Transfer risk
Which risk behaviour prefers certainty and is willing to pay to transfer risk?
Risk-averse
Risk-neutral
Risk-seeking
Risk-tolerant
Which type of insurance compensates for non-life losses?
Life insurance
Family takaful
Education takaful
General insurance
Which principle distinguishes takaful from conventional insurance?
Guaranteed investment return
Interest-based investment
Risk transfer to insurer
Risk sharing and mutual cooperation
