1. “Person” includes all of the following EXCEPT
(A) Partnership firm
(B) Company
(C) Federal Government
(D) Individual
2. “Association of persons” includes
(A) Firm only
(B) Only company
(C) Artificial or juridical person
(D) Only government
3. “Authority” means
(A) FBR
(B) SECP
(C) Punjab Revenue Authority
(D) State Bank of Pakistan
4. “Financial year” means
(A) July–June
(B) April–March
(C) Jan–Dec
(D) June–July
5. “Goods” include
(A) Shares and securities
(B) Movable property
(C) Money only
(D) Immovable property only
6. “Taxable service” is defined in
(A) Section 31
(B) Section 10
(C) Section 25
(D) Section 3
7. Standard rate of tax is
(A) 15%
(B) 18%
(C) 17%
(D) 16%
8. Economic activity includes
(A) Hobby
(B) Business activity
(C) Private recreation
(D) Family event
9. Economic activity does NOT include
(A) Trade
(B) Profession
(C) Business
(D) Employee service
10. Open market price means
(A) Government fixed price
(B) Export price
(C) Free market price
(D) Import price
11. Taxable services over time are treated as
(A) Separate services
(B) Single service
(C) Free service
(D) Donation
12. Tax is charged on
(A) Quantity
(B) Value of service
(C) Weight
(D) Profit
13. Liability to pay tax is normally on
(A) Buyer
(B) Service provider
(C) Government
(D) Court
14. Reverse charge applies to
(A) Supplier
(B) Auditor
(C) Bank
(D) Recipient
15. Exemption is granted by
(A) Court
(B) Parliament only
(C) Police
(D) Authority with approval
16. Change in tax rate applies at
(A) Invoice date
(B) Return filing
(C) Payment time
(D) Service provision time
17. Withholding tax is deducted by
(A) Specified persons
(B) Any person
(C) Employees
(D) Students
18. Excess tax collected must be
(A) Kept by seller
(B) Refunded by bank
(C) Ignored
(D) Paid to Government
19. Tax payment is made at
(A) Daily basis
(B) Return filing time
(C) Weekly basis
(D) Random basis
20. Tax invoice must include
(A) Tax amount
(B) Salary details
(C) Bank balance
(D) Profit margin
21. Records must be maintained in
(A) Any language
(B) Arabic only
(C) Urdu or English
(D) Chinese only
22. Records retention period is
(A) 5 years
(B) 8 years
(C) 6 years
(D) 10 years
23. Audit is conducted by
(A) Police officer
(B) Judge
(C) Bank manager
(D) Authority officer
24. Audit begins with
(A) Notice
(B) Arrest
(C) Punishment
(D) Suspension
25. Registration is required for
(A) Employees
(B) Visitors
(C) Students
(D) Service providers
26. Voluntary registration applies to
(A) Mandatory persons
(B) Courts
(C) Government only
(D) Non-mandatory persons
27. Compulsory registration is done by
(A) Court
(B) Police
(C) Bank
(D) Commissioner
28. Suspension of registration means
(A) Permanent cancellation
(B) Temporary inactivation
(C) Tax exemption
(D) Refund
29. Registration can be cancelled after
(A) Complaint only
(B) Inquiry
(C) Gift
(D) Request only
30. Tax invoice is
(A) Optional document
(B) Bank slip
(C) Mandatory document
(D) Court order