MCQs of Federal Excise Act, 2005

31.   A person who purchases goods from manufacturer and sell it to wholesaler is_______?

a.       Retailer

b.      Wholesaler

c.       Distributor

d.      NOT

32.   Establishment means __________________?

a.       An undertaking

b.      Company

c.       Firm

d.      Association

e.      AOT

33.   ________ means a franchiser allow to produce or manufacture then sell or trade further?

a.       Establishment

b.      Factory

c.       Franchise

d.      NOT

34.   KIBOR is the rate which is offered at ______?

a.       First day of each month

b.      First day of each year

c.       First day of each quarter

d.      NOT

35.   A manufacturer may comprised of ______?

a.       Remaking

b.      Remanufacturing

c.       Reconditioning

d.      AOT

36.   All non interest based services are called as ________?

a.       Exempted services

b.      KIBOR services

c.       Non fund banking services

d.      AOT

37.   Non fund banking services are provided by _________?

a.       Banking company

b.      Financial institution

c.       Both a and b

d.      NOT

38.   Non fund banking services are non interest based so these services will be based on______?

a.       Fee

b.      Commission

c.       Charges

d.      AOT

39.   Duty imposed on the imported goods would be according to the act_________?

a.       Federal Excise Act

b.      Income Tax Ordinance

c.       Custom Act

d.      Sales Tax Act

40.   The services provided out of Pakistan then the duty would be levied on________?

a.       Provider

b.      Recipient

c.       Both a and b

d.      NOT