1. The expression ‘relative in relation to an individual’ includes:
(A) Ancestor
(B) Employee
(C) Neighbor
(D) Tenant
2. A descendant of any of the grandparents is included in the definition of:
(A) Associate
(B) Relative
(C) Partner
(D) Director
3. An adopted child of the individual is considered a:
(A) Shareholder
(B) Customer
(C) Relative
(D) Contractor
4. The spouse of an individual is included in the meaning of:
(A) Relative
(B) Employee
(C) Commissioner
(D) Officer
5. “Association of persons” includes a:
(A) Firm
(B) Company only
(C) Province
(D) Court
6. Association of persons includes bodies formed under:
(A) Religious law only
(B) Local customs
(C) Banking law only
(D) Foreign law
7. Association of persons does not include a:
(A) Firm
(B) Juridical person
(C) Company
(D) Body of persons
8. “Authority” means the:
(A) Punjab Police
(B) Supreme Court
(C) State Bank
(D) Punjab Revenue Authority
9. Punjab Revenue Authority is established under which Act?
(A) Banking Companies Ordinance 1962
(B) Companies Act 2017
(C) Punjab Revenue Authority Act 2012
(D) Federal Board of Revenue Act 2007
10. “Authority” in the Act refers to the Punjab Revenue Authority established under:
(A) Punjab Revenue Authority Act 2012
(B) Any law
(C) Constitution of Pakistan
(D) Companies Ordinance
11. “Banking company” is defined under which Ordinance?
(A) Customs Ordinance 1969
(B) Income Tax Ordinance 2001
(C) Companies Ordinance 1984
(D) Banking Companies Ordinance 1962
12. Banking company includes any body corporate transacting banking business in:
(A) Sindh
(B) Pakistan
(C) Punjab
(D) Islamabad
13. “Commissioner” means a person appointed as Commissioner of the:
(A) Court
(B) Ministry
(C) Cabinet
(D) Authority
14. “Commissioner (Appeals)” means a person appointed as Commissioner (Appeals) of the:
(A) Police Department
(B) Senate
(C) Authority
(D) Assembly
15. “Commission” includes consideration received:
(A) Directly only
(B) Indirectly only
(C) Through bank only
(D) Directly or indirectly
16. Commission may be received in:
(A) Cash only
(B) Gold only
(C) Foreign currency only
(D) Any form
17. Commission excludes:
(A) Trading services
(B) Selling services
(C) Professional services
(D) Agency services
18. Commission relates to buying or selling of:
(A) Goods or services
(B) Vehicles only
(C) Land only
(D) Securities only
19. Commission does not include transactions relating to:
(A) Valuable articles
(B) Goods
(C) Services
(D) Securities
20. “Commission agent” acts on behalf of another person for:
(A) Donation
(B) Penalty
(C) Charity
(D) Consideration
21. A commission agent may act for sale or purchase of:
(A) Goods only
(B) Goods or services
(C) Services only
(D) Securities only
22. A commission agent may deal with:
(A) Judicial files only
(B) Weapons only
(C) Property tax only
(D) Goods or documents of title
23. A commission agent may collect payment in lieu of:
(A) Tax only
(B) Salaries
(C) Goods or services
(D) Loans
24. A commission agent may guarantee collection or payment for:
(A) Goods or services
(B) Court fees
(C) Customs duty
(D) Utility bills
25. Commission agent undertakes activities relating to sale or purchase of:
(A) Minerals only
(B) Agriculture only
(C) Land only
(D) Goods or services
26. “Common taxpayer identification number” means:
(A) Passport number
(B) Registration number or identification code
(C) CNIC only
(D) License number only
27. “Company” includes a company defined under:
(A) Banking Ordinance 1962
(B) Companies Act 2017
(C) Customs Act 1969
(D) PRA Act 2012
28. A body corporate formed under any law is considered a:
(A) Firm
(B) Association only
(C) Trust only
(D) Company
29. Modaraba is included in the definition of:
(A) Trust only
(B) Firm only
(C) Society only
(D) Company
30. A body incorporated outside Pakistan is treated as a:
(A) Company
(B) Firm
(C) Cooperative only
(D) Partnership only
31. A trust may be included in the definition of:
(A) Association only
(B) Authority
(C) Company
(D) Bank only
32. A co-operative society may be treated as a:
(A) Company
(B) Firm only
(C) Court
(D) Ministry
33. A foreign association may be declared a company by the:
(A) Government
(B) Authority
(C) Court
(D) Governor
34. “Computerized system” means a comprehensive:
(A) Legal system
(B) Banking system
(C) Information technology system
(D) Tax court system
35. Computerized system includes its:
(A) Sale only
(B) Development and upgradation
(C) Rental only
(D) Closure only
36. Computerized system may be used by the:
(A) Universities only
(B) Courts only
(C) Police only
(D) Authority
37. “Default surcharge” means surcharge levied under the:
(A) Act
(B) Rules only
(C) Constitution
(D) Companies Act
38. A “defaulter” means a person who fails to pay:
(A) Salary
(B) Rent
(C) Utility charges
(D) Arrears of tax
39. In case of a company, every director may be treated as a:
(A) Defaulter
(B) Witness
(C) Officer only
(D) Auditor
40. In case of a firm, every partner may be treated as a:
(A) Banker
(B) Judge
(C) Defaulter
(D) Commissioner
41. Defaulter includes:
(A) Guarantors
(B) Successors
(C) Both A and B
(D) Employees only
42. “Deputy Commissioner” means a person appointed as Deputy Commissioner of the:
(A) Authority
(B) Cabinet
(C) Police
(D) Assembly
43. “Document” includes:
(A) Electronic data
(B) Computer programs
(C) All of these
(D) Computer disks
44. Micro-films are included in the definition of:
(A) Records only
(B) Goods
(C) Document
(D) Tax return
45. Due date for furnishing return means the:
(A) 10th day
(B) Last day
(C) 20th day
(D) 15th day
46. The due date is counted after the end of the:
(A) Financial year
(B) Tax period
(C) Calendar year
(D) Quarter
47. Authority may specify another due date through:
(A) Official Gazette notification
(B) Newspaper
(C) Court decree
(D) Circular only
48. Different dates may be specified for furnishing different parts or annexures of the:
(A) Agreement
(B) Audit
(C) Budget
(D) Return
49. “Economic activity” shall have meaning given in:
(A) Section 5
(B) Section 6
(C) Section 7
(D) Section 8
50. “E-intermediary” means a person appointed under the:
(A) Constitution
(B) Act
(C) Banking Ordinance
(D) Customs Act
51. “Exempt service” means a service exempt under:
(A) Section 12
(B) Section 11
(C) Section 10
(D) Section 13
52. FBR stands for:
(A) Federal Board of Revenue
(B) Federal Banking Revenue
(C) Federal Budget Regulation
(D) Fiscal Board of Revenue
53. FBR is established under which Act?
(A) Companies Act 2017
(B) PRA Act 2012
(C) Banking Ordinance 1962
(D) Federal Board of Revenue Act 2007
54. Financial year means the period from:
(A) 1st July to 30th June
(B) 1st January to 31st December
(C) 1st April to 31st March
(D) 1st March to 28th February
55. “Firm” means relation between persons agreed to share:
(A) Loss only
(B) Assets only
(C) Profits of business
(D) Salaries
56. “Goods” include every kind of:
(A) Immovable property
(B) Agricultural land
(C) Movable property
(D) Securities only
57. Goods do not include:
(A) Products
(B) Movable property
(C) Articles
(D) Money
58. Goods do not include a:
(A) Service
(B) Vehicle
(C) Machine
(D) Furniture
59. “Government” means Government of the:
(A) Pakistan
(B) Punjab
(C) Sindh
(D) Federation
60. “Inter-bank rate” means Karachi inter-bank offered rate prevalent on the first day of each:
(A) Month
(B) Week
(C) Quarter of a financial year
(D) Calendar year