SOUTHERN BAPTIST COLLEGE

COLLEGE OF BUSINESS EDUCATION

BACHELOR OF SCIENCE IN BUSINESS
ADMINISTRATION
FINAL EXAMINATION

NAME: __________________________________

Score:_______________

TEST I. TRUE OR FALSE. Write TRUE if the
statement is correct and FALSE if otherwise.
______________1. The Donee must be
capacitated to make a valid donation.
______________2. Donation of Real Property with
a value of P 3, 000.00 can be made orally.
______________3. Donation inter vivos takes
effect upon the death of the donor.
______________4. A gratuitous transfer is always
subject to estate tax or donors tax.
______________5. The transfer tax accrues at the
time of transfer of the decedents property or rights
to the heir.
______________6. Donation inter vivos is a
completed donation.
______________7. Non-resident alien is not
allowed of the Dowry as deduction to donation.
______________8. Donations made between the
husband and wife during the marriage is void.
______________9. The first P 50, 000.00 of the net
gift for every year is no subject to donors tax.
______________10. Donation of Real Property
with a value of P 3, 000.00 cannot be made orally.
______________11. A non-vat person is generally
subject to percentage tax.
______________12. The registration threshold for
vat business is 1, 919, 500.00 of its sales or gross
receipts.
______________13. A value added tax is a form of
consumption tax.
______________14. A value added tax is an
indirect tax.
______________15. A zero-rated vat transaction is
subject to 0% vat.
______________16. All sales of goods and
services are subject to VAT.
______________17. Vat-exempt transactions are
subject to 0% VAT.
______________18. In all cases, the buyer could
not be legally liable for the payment of VAT.
______________19. A VAT registered person is
subject to percentage tax.
______________20. A non-vat person who is
required to pay vat is allowed to deduct input vat.

TEST II. Multiple Choice. Select the best answer.
1. Which of the following VAT rates can be
used as rate for output and input VAT.
a. 12%
b. 7%
c. 5%
d. 2%
2. Which of the following is not a
characteristics of VAT?
a. Tax on gross sales
b. Tax on consumption
c. Tax on sellers
d. Tax on buyers
3. The taxpayer in estate taxation is the
a. Decedent person
b. Estate
c. Administrator
d. Heir
4. The subject matter of succession
a. Estate
b. Decedent
c. Will
d. Escheat
5. A testator to whom a personal property is
given by virtue of the will.
a. Testator
b. Devisee
c. Legatee
d. Executor
6. Donors tax is not a (an)
a. Transfer tax
b. Excise tax
c. Gift tax
d. Business tax
7. One of the following is not a donors
deduction.
a. Dowries
b. Encumbrances
c. Diminution
d. Judicial expense
8. The donation to this person is valid.
a. Unborn child
b. Spouse
c. Donor
d. All of the above
9. How much is the dowry deduction?
a. 10, 000 only
b. 10, 000 each donor
c. 10, 000 each donor per child
d. 10, 000 each donor per child on account
of marriage
10. How much is the threshold of VAT?
a. 1, 500, 000
b. 1, 919, 000
c. 1, 919, 500
d. 2, 000, 000

TEST III. Matching type. Match the problem to its
corresponding answer.

_____1. Alias, the father of the Groom donated to
his son an amount of 100, 000.00 on account of his
marriage. How much is the net gift/donation?
_____2. Benita died leaving an account receivable
from Conchita who became bankrupt leaving an
asset of 100, 000 and liabilities of 200, 000, 150,
000. How much is the deductible from an insolvent
person?
_____3. Donita, donated a total of 8, 000, 000.
had been granted to Philippine Government and
the remaining has been donated to Republic of
Korea. How much is the Taxable donation?
_____4. Total Gross estate 2, 500, 000
Actual Funeral Expense 200, 100
How much is the deductible funeral
expense?
_____5. Felly died leaving an exclusive house of 2,
000, 000 and a conjugal lot of 5, 000, 000. How
much is the deductible Family home?

How much is the Value Added Tax Payable?

_____6. Sales 1, gross of VAT 1, 120, 000
Sales 2, Net of VAT 1, 200, 000
Sales 3, Inclusive of VAT 1, 680, 000

Purchases 1, gross of VAT 560, 000
Purchases 2, Net of VAT 500, 000
Purchases 3, VAT Exclusive780, 000

_____7. Purchases, gross of VAT 1, 000, 000

_____8. Gross Receipts 100, 000
Gross Receipts, net of VAT 50,
000
Gross Receipts, exclusive of VAT 130,
000

Purchases, before VAT 40, 000
Purchases, net of VAT 50, 000
Purchases, VAT Exclusive 70, 000

_____9. Total Vat Gross Receipts 112, 000
Sales, Inclusive of VAT 448, 000
Sales, Gross of VAT 560, 000

Purchase Invoice Amount 56, 000
Purchases, Gross of VAT 112, 000
Purchases, Inclusive of VAT 78, 400

_____10. Total Gross Invoice Amount 1, 680,
000


a. 93, 600
b. 1, 000, 000
c. 125, 000
d. 14, 400
e. 180, 000
f. 2, 000, 000
g. 75, 000
h. 90, 000
i. -0-
j. 230, 400
k. 100, 000
l. 6, 000, 000






*******************GODBLESS************************
Congratulations in advance for those who will
graduate this School Year 2013-2014.


Prepared by:
NOEL A. BUENAFE JR, CPA
PROFESSOR