UTME ECONOMIC TEST ON TAXATION

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

Proportional tax

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Progressive tax

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Competitive tax

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Excise tax

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Regressive tax

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Which of the taxes appear generally progressive in nature?

Sales taxes

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. The personal income tax

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Property taxes

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Corporation taxes

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None of the above

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Which is the dominant form of tax in Nigeria

Direct tax

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Indirect tax

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Inheritance tax

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. Personal income tax

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Value added tax

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If the government is interested in raising the highest revenue from a tax system, then for any two commodities

It is better to tax one whose demand is more elastic

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. It is better to tax one whose demand is more inelastic

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Revenue will be the same from both commodities

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It is not possible to say which will yield higher revenue

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Government cannot make much revenue from taxing commodities

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Indirect taxes are taxes?

Which are levied on the incomes and profits of individuals and firms

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Whose incidence always falls on the consumer

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Which are based on the progressive principle

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On casinos, airports and capitals gains

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5.Which are levied on people and economic units through the goods and services they purchase

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Progressive income tax can be expressed as

Tax that falls as income rises

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Tax that rises as income falls

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Tax that is independent of income

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Tax that rises as income rises

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6.Tax that is neutral to income

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Taxes which are levied on a person’s expenditures are known as?

Purchase tax

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Sales tax

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Direct tax

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Poll tax

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Income tax

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The PAYE (Pay As You Earn) in Nigeria is an example of?

Indirect tax

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Progressive tax

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Regressive tax

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Community tax

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Flat rate tax

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A greater burden of the taxes on essential goods is borne by the?

Middle income group

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Higher income group

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Lower income group

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People falling between the middle and higher income groups

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Top few richest people of the country

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In taxation, the benefit principle requires that?

Everybody must draw benefit from taxation

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All those who earn more income must pay more taxes

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Only those who derive benefit from services provided from public revenue should be taxed

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Taxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities

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Everybody pays an equal amount

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UTME ECONOMIC TEST ON TAXATION

UTME ECONOMIC TEST ON TAXATION

Thomas Bamidele January 26, 2024

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