971. This is principle of taxation
A. Principle of honesty
B. Principle of morality
C. Principle of secrecy
D. Principle of economy

972. In Pakistan, the authority to levy taxes lies with:
A. Prime minister of Pakistan
B. President of Pakistan
C. Federal cabinet of ministers
D. National assembly

973. This tax is a good example of ability to pay principle of taxes:
A. Excise tax on cigarettes
B. Highway toll tax
C. Proportional sales tax
D. Personal income tax

974. Exemption limit for income tax in Pakistan is:
A. 10 lakh
B. 5 lakh
C. 3 lakh
D. 1 lakh

975. Rate of General Sales Tax (GST) is:
A. Less than 10%
B. More than 10% but less than 20%
C. More than 20% but less than 30%
D. More than 30% but less than 40%

976. 40% of income of federal government is obtained from:
A. Income tax
B. Excise tax
C. Import tax
D. Property tax

977. Pakistan’s expenditure on defence is:
A. 10% of federal budget
B. More than 10% but less than 25%
C. More than 25% but less than 35%
D. More than 35% but less than 45%

978. Pakistan’s fiscal year starts from:
A. 1st September
B. 1st January
C. 1st April
D. 1st July

979. The Federal budget is presented in the parliament by:
A. Prime minister
B. President
C. Finance minister
D. Commerce minister

980. Pakistan’s Budget has parts:
A. Current and development
B. Revenue and expenditure
C. Development and non-development
D. Both (a) and (b)

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