Post Utme Caleb University 2023 Commerce Question 38

Practice objective / multiple choice question 38 from the 2023 Post Utme Caleb University Commerce examination.

Post Utme Caleb University 2023 Commerce Objective / Multiple Choice
Question 38 POST_UTME_CALEB_UNIVERSITY • 2023 • COMMERCE • objective

A sole trader has been operating a business for several years. The business has been profitable, but the sole trader has not been paying taxes on the profits. What is the likely consequence of the sole trader's actions?

Answer Options

A. The sole trader will be required to pay a penalty of ₦100,000
Correct Answer B. The sole trader will be required to pay back taxes and interest
C. The sole trader will be required to pay a fine of ₦500,000
D. The sole trader will be required to pay a fine of ₦1,000,000
Correct Answer
B
Correct Option:
The sole trader will be required to pay back taxes and interest

About This Question

This is Post Utme Caleb University 2023 Commerce Question 38. It is one of the objective questions from the 2023 Post Utme Caleb University Commerce examination.

View More Post Utme Caleb University 2023 Commerce Questions More Post Utme Caleb University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support