1. : Which body is responsible for collecting federal taxes in Pakistan?
(A) State Bank of Pakistan
(B) Federal Board of Revenue
(C) Ministry of Finance
(D) Securities and Exchange Commission
2. : What is the fiscal year period in Pakistan?
(A) January to December
(B) July to June
(C) April to March
(D) June to May
3. : What is the main source of revenue for the government of Pakistan?
(A) Non-tax revenue
(B) Foreign aid
(C) Direct and indirect taxes
(D) Loans from IMF
4. : Which of the following is a direct tax in Pakistan?
(A) Sales Tax
(B) Customs Duty
(C) Income Tax
(D) Excise Duty
5. : The annual federal budget of Pakistan is presented by which ministry?
(A) Ministry of Commerce
(B) Ministry of Interior
(C) Ministry of Finance
(D) Ministry of Planning and Development
6. : Who prepares the annual budget in Pakistan?
(A) Federal Cabinet
(B) National Assembly
(C) Finance Division
(D) Planning Commission
7. : What is the purpose of the budget?
(A) Increase imports
(B) Plan yearly expenditures and revenues
(C) Control inflation
(D) Monitor elections
8. : Which type of budget shows equal income and expenditure?
(A) Surplus Budget
(B) Deficit Budget
(C) Balanced Budget
(D) Development Budget
9. : What is a budget deficit?
(A) When income exceeds expenditure
(B) When expenditure exceeds income
(C) When loans are zero
(D) When exports increase
10. : Which tax is levied on the purchase of goods and services?
(A) Property Tax
(B) Capital Gains Tax
(C) Sales Tax
(D) Income Tax
11. : Which government institution audits government expenditures?
(A) State Bank of Pakistan
(B) FBR
(C) Auditor General of Pakistan
(D) SECP
12. : What percentage of GST (General Sales Tax) is typically charged in Pakistan?
(A) 5%
(B) 10%
(C) 17%
(D) 25%
13. : Which is an example of indirect tax?
(A) Capital Gains Tax
(B) Sales Tax
(C) Corporate Tax
(D) Personal Income Tax
14. : Which is not a part of the federal budget?
(A) Current expenditure
(B) Capital receipts
(C) State Bank profits
(D) Provincial tax collection
15. : Who presents the federal budget in the National Assembly?
(A) Prime Minister
(B) President
(C) Finance Minister
(D) Governor State Bank
16. : When is the federal budget typically presented?
(A) January
(B) June
(C) October
(D) March
17. : What is meant by “tax evasion”?
(A) Legal tax planning
(B) Failure to pay taxes legally due
(C) Paying extra taxes
(D) Paying foreign taxes
18. : Which tax is charged on income earned by companies?
(A) Income Tax
(B) Corporate Tax
(C) Excise Duty
(D) Sales Tax
19. : What is the function of the FBR?
(A) Monetary policy
(B) Public relations
(C) Tax collection and enforcement
(D) Industrial promotion
20. : What does PSDP stand for in the budget?
(A) Pakistan Strategic Development Program
(B) Public Sector Development Programme
(C) Provincial Support & Development Policy
(D) Public Sector Debt Projection
21. : Which document gives detailed data on Pakistan’s economy before the budget?
(A) Economic Outlook
(B) Pakistan Economic Survey
(C) Budget Speech
(D) Finance Bill
22. : Which house of Parliament approves the federal budget?
(A) Senate
(B) National Assembly
(C) Both houses
(D) Cabinet only
23. : Which of the following is not a federal tax in Pakistan?
(A) Sales Tax
(B) Property Tax
(C) Income Tax
(D) Customs Duty
24. : What is the term for reducing or eliminating taxes on certain items?
(A) Exemption
(B) Rebate
(C) Relief
(D) Surcharge
25. : A progressive tax system means:
(A) Lower income = higher tax
(B) All incomes = same tax
(C) Higher income = higher tax rate
(D) No tax
26. : What does “Zero-rated” mean in taxation?
(A) No tax charged
(B) Higher tax charged
(C) Temporary tax
(D) Tax is paid twice
27. : How often is income tax paid in Pakistan?
(A) Monthly
(B) Annually
(C) Weekly
(D) Quarterly
28. : What is a Finance Bill?
(A) A trade agreement
(B) An act for the judiciary
(C) A proposal to authorize taxes and expenditures
(D) A provincial loan
29. : What is the role of the State Bank during budget-making?
(A) Manage taxes
(B) Provide loans and monetary policy input
(C) Decide education budget
(D) Collect local taxes
30. : What is the effect of deficit financing?
(A) Reduces inflation
(B) Reduces debt
(C) May lead to inflation
(D) Increases exports
31. : Which tax applies to import and export goods?
(A) Income Tax
(B) Customs Duty
(C) Sales Tax
(D) Zakat
32. : The budgetary deficit is usually financed by:
(A) Foreign remittances
(B) Printing money or loans
(C) Gold reserves
(D) Education tax
33. : What is a surplus budget?
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34. : What type of tax is zakat in Pakistan?
(A) Indirect tax
(B) Wealth tax
(C) Income tax
(D) Professional tax
35. : Which is a non-tax revenue source for the government?
(A) GST
(B) Customs Duty
(C) State-owned enterprise profits
(D) Income Tax
36. : What is included in development expenditure?
(A) Salaries
(B) Defense budget
(C) Infrastructure projects
(D) Pension payments
37. : Tax holidays are granted to:
(A) Reduce exports
(B) Promote investment
(C) Increase food imports
(D) Reduce education budget
38. : Which is a goal of taxation?
(A) Increase imports
(B) Redistribute wealth
(C) Create inflation
(D) Reduce foreign aid
39. : The Senate can:
(A) Approve or reject the budget
(B) Only give recommendations
(C) Sign international treaties
(D) Collect taxes
40. : The largest allocation in Pakistan’s budget is usually for:
(A) Defense
(B) Education
(C) Agriculture
(D) Tourism
41. : Who monitors tax evasion in Pakistan?
(A) Provincial Police
(B) Ministry of Law
(C) Federal Board of Revenue
(D) Election Commission
42. : Withholding tax is:
(A) Refundable
(B) Non-refundable
(C) Charged on luxury imports only
(D) Paid by only exporters
43. : The Constitution of Pakistan requires that budget be passed by:
(A) Senate
(B) National Assembly
(C) Prime Minister
(D) President
44. : Which document contains tax changes proposed in the budget?
(A) Economic Survey
(B) PSDP
(C) Finance Bill
(D) Export Policy
45. : Surcharge is an additional charge on:
(A) Imports
(B) Regular tax
(C) Export rebates
(D) Loans
46. : Value Added Tax (VAT) is a type of:
(A) Income tax
(B) Indirect tax
(C) Corporate tax
(D) Wealth tax
47. : A tax on luxury goods is known as:
(A) Luxury tax
(B) Excise duty
(C) Custom duty
(D) Road tax
48. : Budget estimates are prepared by:
(A) President
(B) Finance Division
(C) Prime Minister
(D) Cabinet Secretariat
49. : What is the purpose of a supplementary budget?
(A) Increase taxes
(B) Reduce debt
(C) Meet additional expenditure
(D) Fund political campaigns
50. : The GST system in Pakistan is administered by:
(A) Ministry of Commerce
(B) SECP
(C) Federal Board of Revenue
(D) State Bank