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AAFM CTEP Sample Question Answers
Question # 1
_________ means the amount of _________or its equivalent value in money payableunder the Muslim law annually by a Muslim during the month of Ramadan to be used forreligious or charitable purposes recognized by the Muslim law.
A. Fitrah, Rice B. Emas kahwin, Rice C. Fitrah, Wheat D. Emas kahwin, Wheat
Answer: A
Question # 2
In US for year 2013, Dependent parent’s relief for each parent living with the tax payer inthe same household is ___________ and the same is______________ for each parent ifthey are not living with the tax payer in the same household.
A. $7,000; $4,500 B. $4,500; $7,000 C. $3,500; $2,250 D. $2,250; $3,500
Answer: A
Question # 3
Tax rate on foreign sourced income in Singapore is ____ to _______ subject to conditions.
A. 0%,17% B. 5%,20% C. 5%,17% D. 0%,20%
Answer: A
Question # 4
The property of a female Hindu dying intestate shall devolve according to the rules set outin _________ of the Hindu Succession Act, 1956.
A. Section 15 B. Section 16 C. Section 17 D. Section 18
Answer: B
Question # 5
Under the provisions of Section 6 of the Hindu Succession Act, 1956, where a Hindu maledies intestate on or after ______________, having at the time of his death an interest in aMitakshara coparcenary property leaving behind a female heir of the class I category, thenhis interest in the coparcenary property shall devolve by succession under that Act and notby survivorship?
A. 27th June 1956 B. 17th June 1965 C. 27th June 1965 D. 17th June 1956
Answer: D
Question # 6
Two persons are said to be __________ when they are descended from a commonancestress but by different husbands.
A. Related by Half blood B. Agnate of each other C. Related by Uterine blood D. Cognate of each other
Answer: C
Question # 7
Goods and Services Tax (GST) was introduced in Singapore in ____________
A. 2002 B. 2012 C. 1992 D. 1994
Answer: D
Question # 8
For 2013, the maximum EITC is __________ for tax payers with one qualifying child.
A. $6,044 B. $5,372 C. $3,250 D. $487
Answer: C
Question # 9
Under ___________ of Income Tax Act,1961, partial partitions will not be recognized fortax purposes.
A. Section 171 (1) B. Section 174 (1) C. Section 171 (9) D. Section 174 (9)
Answer: C
Question # 10
What is the full form of PET?
A. Potential Exempt Transfer B. Potentially Exempt Transfers C. Potential Exemption Transfer D. Potentially Exempt Transfers
Answer: B
Question # 11
Individuals who receive employment income in Singapore and who are tax residents ofcountries that have concluded double tax treaties with Singapore may be exempt fromSingapore income tax if their period of employment in Singapore does not exceed a certainnumber of days, usually _______ in a calendar year or within __________ and if theysatisfy certain additional criteria specified in the treaties.
A. 183; 12 month period B. 165; 6 month period C. 230; 12 month period D. 265; 6 month period
Answer: A
Question # 12
Which of the following cannot give a Power of Attorney?
A. Married women even if she is a Minor B. Muslim boy who is 15 years of age C. Partnership firm D. None of the above
Answer: D
Question # 13
____________ lease is typical for business institutions and organizations whose operationsrely on a seasonal schedule. ______________ is an option often taken by new businesseswhich have no credit history.
A. Financial Lease, Sub- lease B. Operating Lease,Financial Lease C. Skip Lease, Tax Lease D. Skip Lease, Pre-paid Purchase Lease
Answer: D
Question # 14
In Singapore, If an individual does not agree with the assessment raised, he she have tolodge an objection in writing within ________from the date of issue of notice ofassessment; otherwisethe assessment will automatically become final.Singapore hasentered into tax treaties with _____________.
A. 15 days; 52 countries B. 15 days; 72 countries C. 30 days; 52 countries D. 30 days; 72 countries
Answer: D
Question # 15
In order that a claim for partition has to be recognized under the Income Tax Act, the claimfor partition must fulfill the condition as laid down in ____________ of Hindu SuccessionAct,1956.
A. Section 171 B. Section 181 C. Section 174 D. Section 184
Answer: A
Question # 16
In Singapore, if the dependent (aged parent) is not less than 55 years of age living with hisson in the same household and whose income was not more than $4,000 in that year,deduction of ___________ is allowed in such a case.
A. $2,000 B. $11,000 C. $8,000 D. $7,000
Answer: D
Question # 17
What is the full form of QTIP as in “QTIP Trust”?
A. Qualifier Terminable Interest Property B. Qualified Terminable Interest Property C. Qualified Terminable Interest Partition D. Qualifier Terminable Interest Partition
Answer: B
Question # 18
Singapore personal tax rates are capped at _________ for residents and a flat rate of________ for non-residents.
A. 15%, 20% B. 18%, 20% C. 15%,18% D. 20%,15%
Answer: D
Question # 19
For 2012-2013 the annual exclusion amount sheltered from estate tax in US is____________.
A. $5,000,000 B. $5,250,000 C. $5,500,000 D. $5,750,000
Answer: B
Question # 20
In UK, savings interest is taxed at _____________. But if you’re on a low income, you maybe able to get the interest tax-free or get_______ of the tax repaid.
A. 10%; Half B. 20%; Half C. 10%; One third D. 20%; One third
Answer: B
Question # 21
There is no overall limit on how much a person can have invested in ISA accounts, butadditional investments are currently limited to ________per person per year: a maximum of_________ in cash funds, with the balance being allocated either to mutual funds (UnitsTrusts and OEICs) or individual self-selected shares.
A. £11,320; £57,605 B. £11,520; £56,705 C. £11,520; £57,605 D. £11,250; £57,650
Answer: C
Question # 22
In Singapore,ifthe tax is not paid by the due date, a ________penalty and_________additional penalty per month. In addition, IRAS may take recovery action.
A. 3%, 1% B. 10%,2% C. 5%, 1% D. 8%,2%
Answer: C
Question # 23
A non-resident in Singapore will be treated as a tax resident for a particular Year ofAssessment if you are foreigner who stayed/worked in Singapore for _________or more inprevious year (excludes director of a company)
A. 181 days B. 182 days C. 183 days D. 191 days
Answer: C
Question # 24
With respect to the Income Tax Structure in Singapore, if the income of an individual isbelow______________ the tax rate is 0%.
A. $5,000 B. $10,000 C. $15,000 D. $20,000
Answer: D
Question # 25
______________ of the Hindu Succession Act,1956 groups the heirs of a male intestateinto four groups and lays down that the property first devolves upon the heirs of Class I ofthe Schedule.
A. Section 1 B. Section 8 C. Section 12 D. Section 9
Answer: B
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