Unit 8 - Taxes Part 1

Question 1

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

Accepted Answer

income tax

Answer

capital gain tax

Answer

a rip off

Question 2

Everyone is liable to pay taxes

Accepted Answer

false

Answer

true

Question 3

Who is exempt from paying taxes?

Accepted Answer

anyone who earns less than the tax allowance

Answer

nobody

Answer

children

Answer

only clever people

Question 4

Any investor is charged taxes

Accepted Answer

false

Answer

true

Question 5

You pay taxes on investments, not savings

Accepted Answer

false

Answer

true

Question 6

You pay taxes on investments, not earnings

Accepted Answer

false

Answer

true

Question 7

We pay taxes on [blank_start]profits[blank_end] on investments, [blank_start]dividends[blank_end] and on earnings including [blank_start]wages and royalties[blank_end]

Accepted Answer

profits

Accepted Answer

dividends

Accepted Answer

wages and royalties

Answer

losses

Answer

ROI

Answer

wages and lottery winnings

Answer

wages

Question 8

[blank_start]Capital[blank_end] Gain Taxes are applied on any [blank_start]profits[blank_end] posted on investments

Accepted Answer

Capital

Accepted Answer

profits

Question 9

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

Accepted Answer

true

Question 10

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

Accepted Answer

tax breaks

Answer

tax avoidance

Answer

tax ignorance

Question 11

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

Accepted Answer

Income Tax, unless he earns less than the statutory minimum

Answer

Capital Gain Tax

Answer

Income Tax

Question 12

What does CGT stand for?

Accepted Answer

Capital Gain Tax

Answer

Capital Gross Tax

Answer

Cap the Gain Tax

Question 13

CGT stands for Capital Gain Tax.

Accepted Answer

true

Question 14

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

Accepted Answer

true

Question 15

In England and Wales there are ...

Accepted Answer

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

Answer

Three Tax Bands: 20%, 40%, 50%

Question 16

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

Accepted Answer

TAX BANDS

Answer

TAX CONCERTS

Answer

TAX APPEAL

Question 17

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

Accepted Answer

DIVIDEND TAX

Answer

CGT

Answer

INCOME TAX

Question 18

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

Accepted Answer

true

Question 19

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

Accepted Answer

£3,000; the profit

Answer

£8,000; the whole sum

Answer

£5,000; the capital invested

Question 20

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

Accepted Answer

true

Question 21

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.

Accepted Answer

true

Question 22

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

Accepted Answer

true

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Unit 8 - Taxes Part 1

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