27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Started on Monday, 19 January 2026, 10:48 AM
State Finished
Completed on Monday, 19 January 2026, 10:51 AM
Time taken 2 mins 18 secs
Marks 21.00/21.00
Grade 100.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following taxpayers would be classified as a
Correct 'prescribed person' under Division 6AA?.
Mark 1.00 out of
1.00 Select one:
a. A 17 year old engaged in fulltime employment
b. None of the answers are correct
c. An 18 year old engaged in fulltime study
d. A 17 year old who has left school during May and is currently
unemployed
e. A 15 year old who is disabled and subject to a Carer's
allowance
Question 2
Which of the following transactions is excepted assessable income
Correct
in the hands of a prescribed person?
Mark 1.00 out of
1.00 Select one:
a. An income distribution from a discretionary trust
b. None of the answers are correct
c. An unearned share of income from a partnership
d. Dividends from shares given by the taxpayer's parents
e. Interest from a bank account comprising savings from part-
time wages
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,27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 3
Which of the following transactions is eligible assessable income in
Correct
the hands of a prescribed person?
Mark 1.00 out of
1.00 Select one:
a. Net business income from a small business venture
b. Wages from part-time employment
c. An income distribution from a deceased estate
d. Interest from the reinvestment of income from a deceased
estate
e. None of the answers are correct
Question 4
A prescribed person is in receipt of unearned investment income of
Correct $25,000. The income tax on this income is calculated at:
Mark 1.00 out of
1.00 Select one:
a. Flat rate of 10%
b. None of the answers are correct
c. Division 6AA rates
d. Ordinary marginal rates
e. Nil
Question 5
A prescribed person is in receipt of gross wages of $25,000 from
Correct part-time employment. Calculate their net tax payable (do not
Mark 1.00 out of include Medicare Levy or Low Income Tax Offset).
1.00
Select one:
a. $1,222
b. $11,180
c. $11,625
d. None of the answers are correct
e. $1,292 Well done! Tax on Excepted Assessable Income
(at Marginal Rates) = ($25,000-18200) x 19% = $1292.00
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,27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 6
Any person who is under 18 at the end of the year of income is a
Correct prescribed person
Mark 1.00 out of
1.00 Select one:
True
False
Question 7
An excepted person defined by s.102AC(2) ITAA 1936 includes a
Correct
minor who was engaged in a full-time occupation on the last day of
Mark 1.00 out of the year of income.
1.00
Select one:
True
False
Question 8
All income derived by an excepted person is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Division 6AA tax rates
b. 30%
c. 47%
d. Marginal tax rates
Question 9
A minor’s unearned income is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Division 6AA tax rates
b. 30%
c. Marginal tax rates
d. 47%
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 3/7
, 27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 10
Which of the following income is not unearned income:
Correct
Select one:
Mark 1.00 out of
1.00 a. Interest derived on an account where wages are deposited
b. Family trust distributions
c. Dividends
d. Rent
Question 11
Which of the following income is not excepted assessable income of
Correct
a prescribed minor:
Mark 1.00 out of
1.00 Select one:
a. Payments from Centrelink
b. Income from a deceased estate
c. Salary
d. Wages
e. Dividends
Question 12
Excepted taxable income is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Marginal tax rates
b. Division 6AA tax rates
c. 47%
d. 30%
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 4/7
Started on Monday, 19 January 2026, 10:48 AM
State Finished
Completed on Monday, 19 January 2026, 10:51 AM
Time taken 2 mins 18 secs
Marks 21.00/21.00
Grade 100.00 out of 100.00
Feedback Sensational! - You have shown an indepth understanding of this
material, and have achieved an excellent result. Well done.
Question 1
Which of the following taxpayers would be classified as a
Correct 'prescribed person' under Division 6AA?.
Mark 1.00 out of
1.00 Select one:
a. A 17 year old engaged in fulltime employment
b. None of the answers are correct
c. An 18 year old engaged in fulltime study
d. A 17 year old who has left school during May and is currently
unemployed
e. A 15 year old who is disabled and subject to a Carer's
allowance
Question 2
Which of the following transactions is excepted assessable income
Correct
in the hands of a prescribed person?
Mark 1.00 out of
1.00 Select one:
a. An income distribution from a discretionary trust
b. None of the answers are correct
c. An unearned share of income from a partnership
d. Dividends from shares given by the taxpayer's parents
e. Interest from a bank account comprising savings from part-
time wages
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 1/7
,27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 3
Which of the following transactions is eligible assessable income in
Correct
the hands of a prescribed person?
Mark 1.00 out of
1.00 Select one:
a. Net business income from a small business venture
b. Wages from part-time employment
c. An income distribution from a deceased estate
d. Interest from the reinvestment of income from a deceased
estate
e. None of the answers are correct
Question 4
A prescribed person is in receipt of unearned investment income of
Correct $25,000. The income tax on this income is calculated at:
Mark 1.00 out of
1.00 Select one:
a. Flat rate of 10%
b. None of the answers are correct
c. Division 6AA rates
d. Ordinary marginal rates
e. Nil
Question 5
A prescribed person is in receipt of gross wages of $25,000 from
Correct part-time employment. Calculate their net tax payable (do not
Mark 1.00 out of include Medicare Levy or Low Income Tax Offset).
1.00
Select one:
a. $1,222
b. $11,180
c. $11,625
d. None of the answers are correct
e. $1,292 Well done! Tax on Excepted Assessable Income
(at Marginal Rates) = ($25,000-18200) x 19% = $1292.00
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 2/7
,27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 6
Any person who is under 18 at the end of the year of income is a
Correct prescribed person
Mark 1.00 out of
1.00 Select one:
True
False
Question 7
An excepted person defined by s.102AC(2) ITAA 1936 includes a
Correct
minor who was engaged in a full-time occupation on the last day of
Mark 1.00 out of the year of income.
1.00
Select one:
True
False
Question 8
All income derived by an excepted person is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Division 6AA tax rates
b. 30%
c. 47%
d. Marginal tax rates
Question 9
A minor’s unearned income is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Division 6AA tax rates
b. 30%
c. Marginal tax rates
d. 47%
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 3/7
, 27/02/2026, 09:26 FNSACC601 Quiz 1 - review
Question 10
Which of the following income is not unearned income:
Correct
Select one:
Mark 1.00 out of
1.00 a. Interest derived on an account where wages are deposited
b. Family trust distributions
c. Dividends
d. Rent
Question 11
Which of the following income is not excepted assessable income of
Correct
a prescribed minor:
Mark 1.00 out of
1.00 Select one:
a. Payments from Centrelink
b. Income from a deceased estate
c. Salary
d. Wages
e. Dividends
Question 12
Excepted taxable income is taxed at:
Correct
Select one:
Mark 1.00 out of
1.00 a. Marginal tax rates
b. Division 6AA tax rates
c. 47%
d. 30%
https://training.monarch.edu.au/mod/quiz/review.php?attempt=1938787&cmid=29964 4/7
