Which of the following is not an indirect tax?

1. 1. Sales tax
   2. Entertainment tax
   3. Customs duties
   4. Land revenue

Which of the following is not a direct tax?

1. 1. Tax on entertainment
   2. Tax on expenditure
   3. Tax on wealth
   4. Tax on income

Which of the following is an indirect tax?

1. 1. Corporation Tax
   2. Excise Duty
   3. Wealth Tax
   4. Capital Gains Tax

A Balance Sheet is usually prepared at the end of a _____.

1. 1. period
   2. month
   3. year
   4. half year

Contingent liability appears as a footnote in the Balance Sheet. This involves an accounting principle named as _____.

1. 1. Conservatism
   2. Materiality
   3. Consistency
   4. Disclosure

The theory of purchasing power party holds that the exchange rate between two currencies tends to be in the ratio of their respective _____.

1. 1. domestic purchasing
   2. values of exports
   3. values of imports
   4. national incomes

An economy is in equilibrium when _____.

1. 1. planned consumption exceeds planned investment
   2. planned consumption exceeds planned saving
   3. intended investment equals intended saving
   4. intended investment exceeds intended saving

Capital output ratio of a commodity measures _____.

1. 1. its per unit cost of production
   2. the amount of capital invested per unit of output
   3. the ratio of working capital employed to quantity of output
   4. the ratio of capital depreciation to quantity of output

Gross National Product is the sum total of _____.

1. 1. market values of all goods minus the value of inventory
   2. payments to factors for the production of finished goods
   3. the money value of all finished goods and services
   4. the money value of all goods produced

“Portfolio Management” means an effort to _____.

1. 1. minimize tax liability
   2. maximize yield with safety of financial investments
   3. raise loans in accordance with needs of the borrowing company
   4. raising loans at least possible interest cost