Mr. A earned a basic salary of Rs. 800,000 and an overtime payment of Rs. 150,000 during the year. Which of the following is the tax liability of Mr. A for the tax year 2026? (Tax Slab: 1% of the amount exceeding Rs. 600,000)

• A) Rs. 3,500
• B) Rs. 20,000
• C) Rs. 52,500
• D) Rs. 10,000

Mr. Shahzad, earning a basic salary of Rs. 600,000, has been provided with a house rent allowance of Rs. 450,000 for the tax year 2026. What will be his taxable income?

• A) Rs. 450,000
• B) Rs. 1,050,000
• C) Rs. 180,000
• D) Rs. 600,000

Which of the following is the rate of tax for salaried individuals for the tax year 2026, where the taxable income exceeds Rs. 3,200,000 but does not exceed Rs. 4,100,000?

• A) Rs. 346,000 plus 30% of the amount exceeding Rs. 3,200,000
• B) Rs. 50,000 plus 20% of the amount exceeding Rs. 3,600,000
• C) Rs. 10,000 plus 2% of the amount exceeding Rs. 6,000,000
• D) Rs. 650,000 plus 40% of the amount exceeding Rs. 3,200,000

Which of the following deduction is allowed in computing income chargeable under the head "Income from Business"?

• A) Any personal expenditure
• B) Expenditure incurred by an amalgamated company
• C) Any entertainment expenditure
• D) Brokerage expenditure

Which one of the following sections defines minimum tax on resident companies?

• A) Section 113
• B) Section 110
• C) Section 111
• D) Section 115

For the tax year 2026, the income earned by a textbook Board is:

• A) Not discussed in the Ordinance
• B) Partially exempt
• C) Not treated as income
• D) Taxable

Depreciation rate applied on all types of buildings under section 22 is:

• A) 3.5%
• B) 10%
• C) 0.5%
• D) 5%

Musharaka is less risky than Mudarabah because it offers:

• A) More obligation to each and every partner
• B) Fewer rights to each and every partner
• C) More rights to each and every partner
• D) No rights to each and every partner

Which of the following mode of Islamic finance is used in construction projects?

• A) Tijarah
• B) Salam
• C) Ijarah
• D) Istisna

In which of the following transaction there is a delay between the bank buying the assets from the vendor and selling it to the customer?

• A) Mudarabaha
• B) Arbun
• C) Murabaha
• D) Musharakha

Which of the following does Islam encourage?

• A) Trading in risk via sale and purchase of risk
• B) Risk-management through risk coding
• C) Risk-management through risk sharing
• D) Risk-management through risk pricing

Which of the following contract is also regarded as an imbalance of management and control?

• A) Mudarabah
• B) Musharakah
• C) Istisna
• D) Salam

In Salam the risk of delivery of commodity on the due date is not of a much concern.

• A) False
• B) True
• C)
• D)

Risk is the possibility of ______________.

• A) Profit and loss
• B) Profit
• C) Loss
• D) Theft

Broadly there are ________ types of options.

• A) Five
• B) Three
• C) Two
• D) Four

How many notable ethical bodies are there for providing guidelines on code on ethical business conduct related to Islamic finance?

• A) Three
• B) Two
• C) Four
• D) Five

In which of the following schools of thought does a minority prohibit Arbun?

• A) Shafi
• B) Maliki
• C) Hanbali
• D) Hanafi

Which of the following is also called a security deposit?

• A) Arbun
• B) Hamish Jiddiya
• C) Tijarah
• D) Hiba

Which of the following is a risk-sharing instrument in Islamic banking products?

• A) Salam
• B) Murabaha
• C) Musharakah
• D) Istisna

Which of the following is an example of managing the risk through avoidance?

• A) Prohibition of gambling
• B) Murabaha
• C) Mudarabah
• D) Takaful