cecilia valente
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cecilia valente
Created by cecilia valente about 2 years ago
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Unit 8 - Taxes Part 1

Question 1 of 5

1

You have just been charged taxes on your wages. This is...

Select one of the following:

  • income tax

  • capital gain tax

  • a rip off

Explanation

Question 2 of 5

1

Everyone is liable to pay taxes

Select one of the following:

  • True
  • False

Explanation

Question 3 of 5

1

Who is exempt from paying taxes?

Select one of the following:

  • nobody

  • children

  • anyone who earns less than the tax allowance

  • only clever people

Explanation

Question 4 of 5

1

Any investor is charged taxes

Select one of the following:

  • True
  • False

Explanation

Question 5 of 5

1

You pay taxes on investments, not savings

Select one of the following:

  • True
  • False

Explanation

Question 6 of 5

1

You pay taxes on investments, not earnings

Select one of the following:

  • True
  • False

Explanation

Question 7 of 5

1

We pay taxes on on investments, and on earnings including

Select option below to complete the highlighted text

    profits
    losses
    dividends
    ROI
    wages and royalties
    wages and lottery winnings
    wages

Explanation

Question 8 of 5

1

Fill the blank spaces to complete the text.

Gain Taxes are applied on any posted on investments

Explanation

Question 9 of 5

1

You are charged taxes on earnings, investments and income accrued with savings.

Select one of the following:

  • True
  • False

Explanation

Question 10 of 5

1

Complete this sentence: You can plan your investments to qualify for

Select one of the following:

  • tax breaks

  • tax avoidance

  • tax ignorance

Explanation

Question 11 of 5

1

Dr Zana has just received his pay slip. What tax is he likely to see mentioned in that document?

Select one of the following:

  • Capital Gain Tax

  • Income Tax

  • Income Tax, unless he earns less than the statutory minimum

Explanation

Question 12 of 5

1

What does CGT stand for?

Select one of the following:

  • Capital Gain Tax

  • Capital Gross Tax

  • Cap the Gain Tax

Explanation

Question 13 of 5

1

CGT stands for Capital Gain Tax.

Select one of the following:

  • True
  • False

Explanation

Question 14 of 5

1

The minimum amount of money you need to earn before you are charged income tax is known as 'Personal Allowance'

Select one of the following:

  • True
  • False

Explanation

Question 15 of 5

1

In England and Wales there are ...

Select one of the following:

  • Four Tax Bands: 0%, 20%, 40% 45% of income

  • Three Tax Bands: 20%, 40%, 50%

Explanation

Question 16 of 5

1

THE THRESHOLDS OF INCOME THAT DETERMINE THE SIZE OF YOUR INCOME TAX ARE CALLED

Select one of the following:

  • TAX BANDS

  • TAX CONCERTS

  • TAX APPEAL

Explanation

Question 17 of 5

1

If you are paid dividends, you are going to be charged

Select one of the following:

  • CGT

  • INCOME TAX

  • DIVIDEND TAX

Explanation

Question 18 of 5

1

Capital Gain Tax is not levied on the amount of money you receive for the asset but the gain you make that is taxed

Select one of the following:

  • True
  • False

Explanation

Question 19 of 5

1

You bought shares for £5,000 and have sold them doe £8,000. Which amount is taxed?

Select one of the following:

  • £8,000; the whole sum

  • £3,000; the profit

  • £5,000; the capital invested

Explanation

Question 20 of 5

1

You may have to pay Capital Gains Tax on asset overseas.

Select one of the following:

  • True
  • False

Explanation

Question 21 of 5

1

If you make a gain after selling a property, you are charged 18% capital gains tax (CGT) as a basic-rate taxpayer, or 28% if you pay a higher rate of tax.

Select one of the following:

  • True
  • False

Explanation

Question 22 of 5

1

Gains from selling assets (except your first home) are charged at 10% for basic-rate taxpayers and 20% for higher-rate taxpayers.

Select one of the following:

  • True
  • False

Explanation

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