cecilia valente
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cecilia valente
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Unit 8 - Taxes Part 1

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

Drag and drop to complete the 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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