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QUIZ NO.

1-MIDTERMS
ECONOMICS AND TAXATION
NAME:_____________________________________
I. Write TRUE if the statement is ABSOLUTELY correct and FALSE if not. If FALSE, explain in not more than two
sentences why it is wrong AND what should be the correct answer. (2 pts each)
1. LYCA GAIRANOD, the champion of the Voice Kids, is prohibited to work because she is a minor.
2. DARREN ESPANTO, a 13-year old versatile and world-class singer, is part of the Labor Force.
3. The problem of unemployment arises mainly from the fact that the jobs here in the Philippines are insufficient.
4. Ayala Company suffered P 10, 000, 000.00 losses for the first quarter of 2014. There is a recession.
5. Navarro-Alavarez Corporation owned by Ian and Louie increased its production by 20% for the first quarter. There is
an expansion.
6. Because of the lack of Chickenjoy, Jollibee foods suffered a loss of 10, 000 for two quarters from its annual sales of
100, 000, 000. There is thus, an evident recession.
7. Due to the typhoon, supply of palay decreased but the people want more rice. Deflation may set it on rice.
8. After 10 months of selling I Phone 5C, the price has increased from P 35, 000 to P 60, 000.
9. Gross National Product include the output of the foreigners working in the Philippines.
10. Gross Domestic Product include the output from the domestic workers in Hong Kong.
11. For the government to Tax the people, it still needs a law.
12. Taxation is the lifeblood of the nation because it does not sustain its operations.
13. There is only one classification of tax, and that is the National Tax imposed by the National Government.
14. In estate tax, the one taxed is the person and not the estate itself.
15. Donations are not taxable.
16. Hyperinflation is the sudden decrease in the prices of goods.
17. Gross National Product does not include the salary earned by Voltaire, a Filipino working in New York, U.S.A.
18. Gross Domestic Product is limited on a per region basis (e.g. ARMM, CAR)
19. There is no tax on school documents.
20. Cooperatives can lend money to non-members.