Types Of Tax 2 / 2

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MC Question 7

Which of the following statements is/are true?

(1) Corporation tax is a direct tax on the turnover of companies
(2) National insurance is a direct tax suffered by employees, employers and the self-employed on earnings
(3) Inheritance tax is a direct tax on transfers of income by individuals
(4) Value added tax is a direct tax on the supply of goods and services by businesses

A 1 and 3 only
B 2 only
C 1, 2, 3 and 4
D 1, 2 and 4 only

Sample
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MC Question 13

Taxes can be either capital taxes or revenue taxes, although some taxes are neither type of tax.

Which is the correct classification for the following three taxes?

Value added tax Inheritance tax National insurance contributions
A.Neither type Revenue tax Capital tax
B.Revenue tax Capital tax Neither type
C.Capital tax Neither type Revenue tax
D.Neither type Capital tax Revenue tax

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