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Tax Calculation
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What are the 2 menu options under which the options to create Tax Masters are available?
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10 points
Accounting and Finance
Admin and Finance
Sales and Finance
Sales and Operations
The User must have the Finance module to set the Tax Rules.
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10 points
True
False
Required
In the Tax Component Master, in the Sales tab there is only one option available for the Tax Rate Type.
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10 points
True
False
Required
While creating a Tax Component, a Control Account for the Tax Account can be selected.
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10 points
True
False
Required
It is mandatory to fill the 'Maximum line item amount' while creating a Tax Component.
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10 points
True
False
Required
In the Tax Component Master, the Tax Rate value for Sales can be Zero.
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10 points
True
False
Required
In the Tax Component Master, the Tax Rate value for Purchase can be Zero.
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10 points
True
False
Required
A Tax Code can have multiple Tax Components in it.
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10 points
True
False
Required
In the Tax Region Master, the Starting and Ending Tax Locator can be selected for all the Countries.
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10 points
True
False
Required
While creating a Tax Region, the Tax field cannot be empty.
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10 points
True
False
Required
In the Tax Rule Master, the Rule can be applied only to the specific Product.
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10 points
True
False
Required
In the Sales Transaction, in which Tab is the option for Tax Calculation Type available?
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10 points
Products
Details
Accounting
History
In the Sales Transactions, the Tax code field is filled automatically based on the Customer’s location.
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10 points
True
False
Required
In the Sales Transaction, the Tax Code field selection can be changed manually.
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10 points
True
False
Required
When a Special Tax rule is set for a Customer or a Product, it takes precedence over the Tax Rule set for that Region.
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10 points
True
False
Required
Can the Tax amount be included in the Product Price?
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10 points
Yes
No
Required
What is/are the Tax area type(s) available in the Tax Region Master?
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10 points
In
Out
Both In and Out
The Tax Rate calculation is the same on the Webstore as in the back office.
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10 points
True
False
Required
Tax Region can be modified to update Tax Codes
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10 points
Yes. Modify existing Tax Region and reselect Tax Code
No. Create New Tax Region and select the Tax Code
Tax Rule can be set to exempt specific Brand of Products.
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10 points
True
False
Required
Tax Rule can be setup to exempt Shipping.
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10 points
True
False
Tax Rule can be setup to exempt specific States for United States.
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10 points
True
False
Required
Tax Rule can be setup
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10 points
Only for Sales
Only for Purchase
Both Sales and Purchase
Tax is calculated based on the
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10 points
Billing Address
Contact Address
Shipping Address
All of the above
None of the above
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