What is the primary source of tax revenue for the government of Pakistan?
A) Income tax
B) Sales tax
C) Customs duty
D) Corporate tax
Which authority is responsible for tax collection in Pakistan?
A) State Bank of Pakistan
B) Securities and Exchange Commission of Pakistan
C) Federal Board of Revenue
D) Ministry of Finance
What type of tax is levied directly on income and profits?
A) Sales tax
B) Excise duty
C) Income tax
D) Customs duty
Which tax is imposed on goods and services at the point of sale?
A) Income tax
B) Sales tax
C) Corporate tax
D) Property tax
What is the current standard General Sales Tax (GST) rate in Pakistan?
A) 12%
B) 15%
C) 17%
D) 20%
Which tax is charged on imported and exported goods?
A) Income tax
B) Customs duty
C) Sales tax
D) Capital gains tax
What is the purpose of withholding tax?
A) To reduce import costs
B) To ensure tax collection at the source
C) To increase corporate profits
D) To support foreign investment
Which organization prepares Pakistan’s federal budget?
A) Federal Board of Revenue
B) Ministry of Finance
C) State Bank of Pakistan
D) National Assembly
Which financial year does Pakistan follow for its budget?
A) January to December
B) July to June
C) April to March
D) October to September
What is the term for government spending exceeding revenue?
A) Trade deficit
B) Fiscal surplus
C) Budget deficit
D) Capital expenditure
Which tax is NOT considered an indirect tax?
A) Excise duty
B) Income tax
C) Sales tax
D) Customs duty
Which body approves Pakistan’s federal budget?
A) President of Pakistan
B) Senate of Pakistan
C) National Assembly
D) Supreme Court
Which tax is levied on property ownership?
A) Capital gains tax
B) Property tax
C) Income tax
D) Excise duty
What is the major component of Pakistan’s federal budget?
A) Defense expenditure
B) Development expenditure
C) Debt servicing
D) Education spending
Which tax is imposed on the profit from selling assets like property or shares?
A) Sales tax
B) Capital gains tax
C) Corporate tax
D) Excise duty
Which sector receives the largest share of Pakistan’s federal budget?
A) Health
B) Education
C) Defense
D) Agriculture
What does “PSDP” stand for in Pakistan’s budget?
A) Public Service Development Program
B) Pakistan Sustainable Development Plan
C) Public Sector Development Program
D) Provincial Subsidy and Development Plan
Which tax is charged on luxury goods like cigarettes and beverages?
A) Income tax
B) Excise duty
C) Sales tax
D) Customs duty
Which of the following is an example of direct taxation?
A) Excise duty
B) Income tax
C) Sales tax
D) Customs duty
What is the main objective of a progressive tax system?
A) To tax all citizens equally
B) To reduce the burden on the rich
C) To ensure the wealthy pay a higher percentage
D) To increase indirect taxes
Which economic factor affects tax collection in Pakistan?
A) Inflation
B) Unemployment
C) Corruption
D) All of the above
Which is a common method for reducing budget deficits?
A) Increasing taxes
B) Reducing government spending
C) Borrowing from international institutions
D) All of the above
What is the purpose of tax exemptions?
A) To reduce government revenue
B) To encourage investment and economic growth
C) To eliminate corruption
D) To increase the budget deficit
Which of the following is NOT a component of Pakistan’s federal budget?
A) Revenue receipts
B) Capital expenditure
C) Monetary policy
D) Defense spending
Which type of tax is mainly used to control inflation?
A) Direct tax
B) Indirect tax
C) Import duties
D) None of the above
Which sector contributes the most to tax revenue in Pakistan?
A) Agriculture
B) Manufacturing
C) Services
D) Real estate
What does “fiscal policy” refer to?
A) Government control of money supply
B) Regulation of trade
C) Government taxation and spending decisions
D) Exchange rate policy
Which tax is collected at the time of salary payment?
A) Excise duty
B) Income tax
C) Sales tax
D) Customs duty
What happens when a country has a budget surplus?
A) Government revenue exceeds expenditure
B) Government expenditure exceeds revenue
C) Government borrows money
D) Inflation rises
Which financial institution assists Pakistan in managing its fiscal deficit?
A) IMF
B) World Bank
C) Asian Development Bank
D) All of the above
