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16
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
View Answer & Discuss (19)
JAMB 1978
17
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
View Answer & Discuss (37)
JAMB 1978
18
The largest liability appearing in the book of a commercial bank is
A.
cash
B.
deposits
C.
loans and advances
D.
capital and reserves
E.
treasury bills
View Answer & Discuss (11)
JAMB 1978
19
The Lagos clearing house is
A.
a commodity market
B.
an import licensing centre
C.
another name for the Lagos stock exchange
D.
an insurance and underwriting centre
E.
a cheque sorting centre
View Answer & Discuss (18)
JAMB 1978
20
The biggest source of government revenue in Nigeria is
A.
mining, rents and royalties
B.
company income tax
C.
import duties
D.
export duties
E.
petroleum profit tax
View Answer & Discuss (17)
JAMB 1978
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