Principles of taxation - Jamb Economics Past Questions and Answers

Question 6:

• JAMB 2015

The curve labeled II illustrates a system of taxation

A. Proportional tax
B. Regressive tax
C. Value added
D. Progressive tax

Question 7:

• JAMB 2015

Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is

A. Direct
B. Progressive
C. Regressive
D. Proportional

Question 8:

• JAMB 2015

All the following are the canons of taxation given by Adam Smith except

A. Objective
B. Economy
C. Convenience
D. Certainty

Question 9:

• JAMB 1978

A Tax which takes a higher percentage from higher incomes is called?

A. A regressive tax
B. A progressive tax
C. A proportional tax
D. An indirect tax
E. A direct tax

Question 10:

• JAMB 1978

Which of the following statements is true?

A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
B. Taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
C. The sole proprietor is a legal entity
D. The influence of demand on price will be smallest on the short run
E. The cost of production is the most important determining factor of supply in the long run