What tax should a lessor of real property and personal property (cars) pay?

Select one:
a. Common carrier's tax
b. Percentage tax
c. Excise tax
d. Value-added tax
Clear my choice

Question 2
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT included as transactions considered "in the course of trade or business"
subject to the business taxes?

Select one:
a. Isolated services in the Philippines by non-resident foreign individuals
b. Isolated sale services of goods or services for a gross selling price or receipts of Php 800,
000
c. Regular conduct or pursuit of a commercial or an economic activity by a stock private
organization
d. Regular conduct or pursuit of a commercial or an economic activity by a non-stock, non-
profit private organization
Clear my choice

Question 3
Answer saved
Marked out of 1.00

Flag question

Question text
What business tax is due to the income from the business of Celso who is an operator of
parking lots?

Select one:
a. Broker's Tax
b. Common carrier's Tax
c. Caterer's Tax
d. Value added Tax
Clear my choice

Question 4
Answer saved
Marked out of 1.00

Flag question

Question text

Which is an exemption to the authority to suspend by the Commissioner of Internal

Revenue?

Select one:
a. Failure to add VAT to the total invoice price
b. Failure to issue receipts or invoices
c. Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales or
receipts for the taxable quarter
d. Failure to file a VAT return
Clear my choice

Question 5
Answer saved
Marked out of 1.00

Flag question

Question text
Mr. Soriano is a dealer of locally manufactured wines and liquors. What tax is due on his
sales?

Select one:
a. Excise tax-specific
b. Value added tax
c. Excise tax-ad valorem
d. Percentage tax
Clear my choice

Question 6
Answer saved
Marked out of 1.00

Flag question

Question text

An individual becomes subject to the value added tax for the first time can have an input tax
out of the inventory of goods, material and supplies on hand at the time he became
accountable. What do we call this tax?

Select one:
a. Value added tax deemed paid
b. Presumptive input tax
c. Prepaid input tax
d. Transitional input tax
Clear my choice

Question 7
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT considered as export sale under the Tax Code?

Select one:
a. Sale by Board of Investment (BOI)-registered export producer to an export trader not
actually exported by the latter
b. Sale of gold to the Bangko Sentral ng Pilipinas
c. Sale of packaging materials to an export-oriented enterprise whose export sales is over 70
% of the total annual production
d. Sale to diplomatic missions and other agencies and/or instrumentalities granted tax
immunities of locally manufactured, assembled, or repacked products whether paid in
foreign currency or not
Clear my choice

Question 8
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?

Select one:
a. Excise Tax
b. Income Tax
c. Value added Tax
d. Percentage Tax
Clear my choice

Question 9
Answer saved
Marked out of 1.00

Flag question

Question text

Which pays the gross receipts tax (GRT)?

Select one:
a. Insurance company
b. Bank
c. Hotel operator
d. Franchise holder
Clear my choice

Question 10
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?

Select one:
a. Value added tax
b. Income tax
c. Percentage tax
d. Excise tax

Fortune Finance Company presented the data for the first quarter of 2017:

 Interest, commissions, discounts from lending

Activities / financial leasing:

 On short-term maturity Php 47, 500

 On long term maturity (over 7 years) Php 107, 500
 On medium term maturity Php 87, 500
 Rental income on personal properties Php 22, 500
 Dividend income Php 12, 500
 Other ordinary income under the NIRC Php 180, 000

How much is the total percentage tax due?

Select one:

a. Php 8, 500
b. Php 15, 750

c. Php 17, 500

d. Php 9, 000

Clear my choice

Question 2
Answer saved

Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?
Select one:

a. Excise tax

b. Percentage tax

c. Income tax

d. Value added tax

Clear my choice

Question 3
Answer saved

Marked out of 1.00

Flag question

Question text
FNG Insurance Company provided the data for the final quarter of 2013 as follows:
Total Insurance Premiums collectible Php 1, 875, 000
The breakdown of the above premiums is as follows:

 Life insurance premiums 75 %

 Non-life insurance premiums 25 %

During the quarter, life insurance premium collected represents 62 %.

Find the percentage tax due (rounded off to the nearest one peso) .
Select one:

a. Php 43, 594

b. Php 23, 407. 50

c. Php 72, 656. 50

d. Php 29, 062. 50

Clear my choice

Question 4
Answer saved

Marked out of 1.00

Flag question

Question text

Safer Inc., a local insurance company, provided the following data for the second quarter of
2015 as follows:
Total insurance premiums due and collectible Php 912, 500
The above premiums consisted of the following:

 Life and disability insurance premium Php 300, 000

 Marine insurance premium Php 212, 500
 Health & accident insurance premium Php 250, 000
 Property insurance premium Php 150, 000
Collections during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 %
respectively.
What is the percentage tax due?
Select one:

a. Php 9, 750

b. Php 16,000

c. Php 6, 250

d. Php 26, 031

Clear my choice

Question 5
Answer saved

Marked out of 1.00

Flag question

Question text

An individual provided the data on his transactions in marketable securities in the

2nd quarter of 2013:
Shares of stocks sold through the local stock exchange:

 Cost price Php 125 per share

 Sales price Php 262. 50 per share
 Number of shares sold Php 132. 50

Shares of stocks sold through initial public offerings:

Ratio of shares sold to outstanding share is over 33 1/3 % but not over 50 %, 3, 600 shares
were sold at Php 26. 25 per share.
What is the percentage tax due?
Select one:

a. Php 945.00
b. Php 1, 292.81

c. Php 347.81

d. Php 3, 750.00

Clear my choice

Question 6
Answer saved

Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?
Select one:

a. Percentage tax

b. Value added tax

c. Excise tax

d. Income tax

Clear my choice

Question 7
Answer saved

Marked out of 1.00

Flag question

Question text
Elite Financing Corp. presented the following data for the first quarter of 2016:

 Dividend income on stock investments Php 23, 250

 Interest on lending activities with 3 years maturity Php 286, 000
 Rental income on company equipment Php 48, 400
 Commission/discounts on financial leasing With 6 years maturity Php 372, 500
 Interest income on medium term maturity loan Php 82, 650

What is the percentage tax due?

Select one:

a. Php 17, 204. 50

b. Php 8, 580

c. Php 18, 367

d. Php 14, 642

Clear my choice

Question 8
Answer saved

Marked out of 1.00

Flag question

Question text

The North South Bank presented from the last quarter of 2016 the following interest from
lending activities:
Remaining maturities of instruments Interest earned

 Short term, not in excess of 2 years Php 62, 500

 Medium term, not in excess of 4 years 37, 500
 Long term, over 4 but not over 7 years 15, 000
 Long term, over 7 years 12, 500

What is the percentage tax due for the fourth quarter of 2016?
Select one:

a. Php 4, 400

b. Php 4, 525

c. Php 5, 750

d. Php 6, 375

Clear my choice

Question 9
Answer saved

Marked out of 1.00

Flag question

Question text

Agencia Cigurado, a domestic insurance corporation, posted the following data for the third
quarter of 2000:

 Total insurance premiums due and collectible Php 912, 500

 These premiums consist of the following:
o Life and Disability insurance premium Php 300, 000
o Marine insurance premium 212, 500
o Heal th & accident insurance premium 250, 000
o Property insurance premium 150, 000
 Collection during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70
% respectively.

How much is the percentage tax due?

Select one:

a. Php 16, 000

b. Php 6, 250

c. Php 26, 031

d. Php 9, 750

Clear my choice

Question 10
Answer saved

Marked out of 1.00

Flag question

Question text

Which is NOT considered a percentage tax?

Select one:

a. ½ of 1 % stock transaction tax on shares traded through the local stock exchange

b. 3 % tax on keepers of garage

c. 3 % tax on keepers of garage

d. 10 % - 20 % stock transaction tax on shares not traded through the local stock exchange

Clear my choice

Mr. Ang, an importer, requests to withdraw its importation from the Bureau of Customs. The
imported goods were subjected to a 12 % customs duty in the amount of Php 6, 250 and to
other changes amounting to Php 4, 750. How much is the VAT due?

Select one:
a. Php 7, 350
b. Php 7, 570
c. Php 6, 682
d. Php 6, 250
Clear my choice

Question 2
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Abad is a dealer of locally manufactured wines and liquors. What tax is due on his sales?

Select one:
a. Excise tax-ad valorem
b. Percentage tax
c. Value added tax
d. Excise tax-specific
Clear my choice

Question 3
Answer saved
Marked out of 1.00

Flag question

Question text

Which receipts from the following entities are subject to VAT?

Select one:
a. Operators of hotels and motels
b. Brokers
c. Bookstores
d. All of the given choices
Clear my choice

Question 4
Answer saved
Marked out of 1.00
 Flag question

Question text

Malia, an agent of a foreign insurance firm, provided the following data for the final quarter
of 2015:

 Total receipts of non-life insurance premiums Php 225, 000

 Insurance premiums receipts (included above)

Deemed exempted from the percentage tax Php 12, 500

Rental income on business assets Php 7, 500
Compute for the percentage tax due.

Select one:
a. Php 11, 250
b. Php 10, 625
c. Php 6, 375
d. Php 6, 750
Clear my choice

Question 5
Answer saved
Marked out of 1.00

Flag question

Question text

ABC Financing, Corp. gathered these data on the third quarter of 2014 as follow:
Dividend income from various stock investments, Php 29, 800.
Only 85 % of such income was received by the company.
Rental income on personal property of the corp., Php 72, 500.
Only 65 % on said income was collected by the company.
Interest, discounts and commissions earned:

 Short term maturity Php 317, 500

 Medium term maturity Php 248, 350
 Long term maturity (over 7 years) Php 197, 950
 Long term maturity ( not over 7 years) Php 292, 700

Only the following percentage based on the above amounts were collected respectively: 75
%, 65 %, 40 % & 60 %.
Other gross income earned and collected Php 97, 500
What is the percentage tax due (rounded off)?

Select one:
a. Php 25, 000
b. Php 27, 500
c. Php 27, 013
d. Php 22, 138
Clear my choice

Question 6
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Soriano is a dealer of locally manufactured wines and liquors. What tax is due on his
sales?

Select one:
a. Value added tax
b. Excise tax-specific
c. Excise tax-ad valorem
d. Percentage tax
Clear my choice

Question 7
Answer saved
Marked out of 1.00
 Flag question

Question text

Which is an exemption to the authority to suspend by the Commissioner of Internal

Revenue?

Select one:
a. Failure to add VAT to the total invoice price
b. Failure to file a VAT return
c. Failure to issue receipts or invoices
d. Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales
or receipts for the taxable quarter
Clear my choice

Question 8
Answer saved
Marked out of 1.00

Flag question

Question text

Elite Financing Corp. presented the following data for the first quarter of 2016:

 Dividend income on stock

investments Php 23, 250
 Interest on lending activities with 3 years
maturity Php 286, 000
 Rental income on company
equipment Php 48, 400
 Commission/discounts on financial leasing With 6 years
maturity Php 372, 500
 Interest income on medium term maturity
loan Php 82, 650

What is the percentage tax due?

Select one:
a. Php 8, 580
b. Php 18, 367
c. Php 17, 204. 50
d. Php 14, 642
Clear my choice

Question 9
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Koh is an importer of cigarettes from China. He sold the cigarettes to the Philippines at
a later date. He is subject to the value-added tax. What other tax is he obliged to pay?

Select one:
a. Percentage tax
b. Income tax
c. Property tax
d. Excise tax
Clear my choice

Question 10
Answer saved
Marked out of 1.00

Flag question

Question text

Which is not replaced by VAT?

Select one:
a. Common carrier's tax
b. Contractor's tax
c. Sales tax on original sale
d. Compensating tax
Clear my choice

Question 11
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT considered as export sale under the Tax Code?

Select one:
a. Sale of gold to the Bangko Sentral ng Pilipinas
b. Sale by Board of Investment (BOI)-registered export producer to an export trader not
actually exported by the latter
c. Sale of packaging materials to an export-oriented enterprise whose export sales is over 70
% of the total annual production
d. Sale to diplomatic missions and other agencies and/or instrumentalities granted tax
immunities of locally manufactured, assembled, or repacked products whether paid in
foreign currency or not
Clear my choice

Question 12
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT VAT-Exempted?

Select one or more:

a. Sale of nonfood agricultural products in their original state
b. Export sales by individuals who are VAT- registered
c. Services of agricultural contract growers and milling for others of palay into rice, corn into
grits and sugar cane into raw sugar
d. Sales by agricultural cooperatives duly registered with Cooperative Development
Authority to their members as well as sale of their produce, whether in its original state or
processed form, to non-members.

Question 13
Answer saved
Marked out of 1.00

Flag question

Question text

The lease of property, real or personal, by a bank is subject to:

Select one:
a. 12% VAT.
b. 7% gross receipts tax.
c. 5% gross receipts tax.
d. None of the choices.
Clear my choice

Question 14
Answer saved
Marked out of 1.00

Flag question

Question text

Paco imported a car from Japan for his personal use. Total landed cost is Php 125, 000
including custom duties of Php 25, 000. How much is the VAT payable?

Select one:
a. Php 15, 000
b. Php 5, 000
c. None, because the importation is for personal use.
d. Php 2, 500
Clear my choice

Question 15
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a situation in which a VAT-registered individual may apply for cancellation of
registration?

Select one:
a. A change of ownership, in the case of a single proprietorship
b. An individual who has retired from business
c. An individual who has registered prior to planned business operation, fails to actually start
his business
d. An individual who voluntarily registered under the VAT system can only revert to exempt
status after the lapse of 12 months from the date of registration
Clear my choice

Question 16
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Arellano pays the occupation tax as an architect. He is also a building contractor. What
tax is due on his business?

Select one:
a. Percentage tax
b. Value added tax
c. Excise tax-ad valorem
d. Excise tax-specific
Clear my choice

Question 17
Answer saved
Marked out of 1.00

Flag question

Question text

Safer Inc., a local insurance company, provided the following data for the second quarter of
2015 as follows:
Total insurance premiums due and collectible Php 912, 500
The above premiums consisted of the following:

 Life and disability insurance premium Php 300, 000

 Marine insurance premium Php 212, 500
 Health & accident insurance premium Php 250,
000
 Property insurance premium Php 150, 000

Collections during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 %

respectively.
What is the percentage tax due?

Select one:
a. Php 9, 750
b. Php 6, 250
c. Php 26, 031
d. Php 16,000
Clear my choice

Question 18
Answer saved
Marked out of 1.00
 Flag question

Question text

Unfortune Insurance Corp. provided the data for the final quarter of 2013 as follows:

 Total Insurance Premiums collectible Php 1,

875, 000
 The breakdown of the above premiums is as follows:
 Life insurance
premiums 75 %
 Non-life insurance
premiums 25 %
 During the quarter, life insurance premium collected
represents 62 %.

Find the percentage tax due (rounded off to the nearest one peso) .

Select one:
a. Php 23, 407. 50
b. Php 29, 062. 50
c. Php 72, 656. 50
d. Php 43, 594
Clear my choice

Question 19
Answer saved
Marked out of 1.00

Flag question

Question text

The BIR Commissioner has the power to suspend the business operations of a taxpayer
given certain circumstances. Which is an exception?

Select one:
a. Understatement of taxable sales or receipts by 30 % or more of his actual taxable sales or
receipts for the taxable quarter
b. Failure to issue receipts
c. Failure to add VAT to the total invoice price
d. Failure to file a VAT return as required
Clear my choice

Question 20
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?

Select one:
a. Value added tax
b. Percentage tax
c. Excise tax
d. Income tax
Clear my choice

Question 21
Answer saved
Marked out of 1.00

Flag question

Question text

What tax should a lessor of real property and personal property (cars) pay?

Select one:
a. Value-added tax
b. Excise tax
c. Percentage tax
d. Common carrier's tax
Clear my choice

Question 22
Answer saved
Marked out of 1.00

Flag question

Question text

Mrs. Lizardo owns a restaurant. What business tax is due on her income from the business?

Select one:
a. Caterer's tax
b. Common carrier's tax
c. Broker's tax
d. Value-added tax
Clear my choice

Question 23
Answer saved
Marked out of 1.00

Flag question

Question text

Which is/are TRUE?

I. An individual subject to exercise tax is also subject to value-added tax.
II. An individual subject to value-added tax is also subject percentage tax.

Select one:
a. I only
b. II only
c. I and II
d. Both statements are incorrect
Clear my choice

Question 24
Answer saved
Marked out of 1.00

Flag question

Question text

Banks and non-bank financial intermediaries performing quasi-banking functions are

subject to:

Select one:
a. Gross receipts tax.
b. Value-added tax.
c. Amusement tax.
d. Franchise tax.
Clear my choice

Question 25
Answer saved
Marked out of 1.00

Flag question

Question text

An individual provided the data on his transactions in marketable securities in the

2nd quarter of 2013:
Shares of stocks sold through the local stock exchange:

 Cost price Php 125 per share

 Sales price Php 262. 50 per share
 Number of shares sold Php 132. 50

Shares of stocks sold through initial public offerings:

Ratio of shares sold to outstanding share is over 33 1/3 % but not over 50 %, 3, 600 shares
were sold at Php 26. 25 per share.
What is the percentage tax due?

Select one:
a. Php 3, 750.00
b. Php 1, 292.81
c. Php 945.00
d. Php 347.81
Clear my choice

Question 26
Answer saved
Marked out of 1.00

Flag question

Question text

Which CANNOT be found in the books of a VAT taxpayer?

Select one:
a. Excess input tax carry-over
b. VAT payable
c. Output taxes
d. Input taxes
Clear my choice

Question 27
Answer saved
Marked out of 1.00

Flag question

Question text

FNG Insurance Company provided the data for the final quarter of 2013 as follows:
Total Insurance Premiums collectible Php 1, 875, 000
The breakdown of the above premiums is as follows:

 Life insurance premiums 75 %

 Non-life insurance premiums 25 %

During the quarter, life insurance premium collected represents 62 %.

Find the percentage tax due (rounded off to the nearest one peso) .

Select one:
a. Php 29, 062. 50
b. Php 43, 594
c. Php 23, 407. 50
d. Php 72, 656. 50
Clear my choice

Question 28
Answer saved
Marked out of 1.00

Flag question

Question text

Malia, an agent of a foreign insurance firm, provided the following data for the final quarter
of 2015:

 Total receipts of non-life insurance premiums Php 225,

000
 Insurance premiums receipts (included above)

Deemed exempted from the percentage tax Php 12, 500

Rental income on business assets Php 7, 500
Compute for the percentage tax due.

Select one:
a. Php 6, 750
b. Php 6, 375
c. Php 10, 625
d. Php 11, 250
Clear my choice

Question 29
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT considered a percentage tax?

Select one:
a. 10 % - 20 % stock transaction tax on shares not traded through the local stock exchange
b. 3 % tax on keepers of garage
c. 3 % tax on keepers of garage
d. ½ of 1 % stock transaction tax on shares traded through the local stock exchange
Clear my choice

Question 30
Answer saved
Marked out of 1.00

Flag question

Question text

What should an invoice contain in order for it tax? I. The VAT registration numberII. The
total amount which the purchaser pays or obliged to pay to the seller

Select one:
a. Only II
b. Only I
c. Neither I nor II
d. Both I and II
Mr. Ang, an importer, requests to withdraw its importation from the Bureau of Customs. The
imported goods were subjected to a 12 % customs duty in the amount of Php 6, 250 and to
other changes amounting to Php 4, 750. How much is the VAT due?

Select one:
a. Php 7, 350
b. Php 7, 570
c. Php 6, 682
d. Php 6, 250
Clear my choice

Question 2
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Abad is a dealer of locally manufactured wines and liquors. What tax is due on his sales?

Select one:
a. Excise tax-ad valorem
b. Percentage tax
c. Value added tax
d. Excise tax-specific
Clear my choice

Question 3
Answer saved
Marked out of 1.00

Flag question

Question text

Which receipts from the following entities are subject to VAT?

Select one:
a. Operators of hotels and motels
b. Brokers
c. Bookstores
d. All of the given choices
Clear my choice

Question 4
Answer saved
Marked out of 1.00

Flag question

Question text

Malia, an agent of a foreign insurance firm, provided the following data for the final quarter
of 2015:

 Total receipts of non-life insurance premiums Php 225, 000

 Insurance premiums receipts (included above)

Deemed exempted from the percentage tax Php 12, 500

Rental income on business assets Php 7, 500
Compute for the percentage tax due.

Select one:
a. Php 11, 250
b. Php 10, 625
c. Php 6, 375
d. Php 6, 750
Clear my choice

Question 5
Answer saved
Marked out of 1.00
 Flag question

Question text

ABC Financing, Corp. gathered these data on the third quarter of 2014 as follow:
Dividend income from various stock investments, Php 29, 800.
Only 85 % of such income was received by the company.
Rental income on personal property of the corp., Php 72, 500.
Only 65 % on said income was collected by the company.
Interest, discounts and commissions earned:

 Short term maturity Php 317, 500

 Medium term maturity Php 248, 350
 Long term maturity (over 7 years) Php 197, 950
 Long term maturity ( not over 7 years) Php 292, 700

Only the following percentage based on the above amounts were collected respectively: 75
%, 65 %, 40 % & 60 %.
Other gross income earned and collected Php 97, 500
What is the percentage tax due (rounded off)?

Select one:
a. Php 25, 000
b. Php 27, 500
c. Php 27, 013
d. Php 22, 138
Clear my choice

Question 6
Answer saved
Marked out of 1.00

Flag question
Question text

Mr. Soriano is a dealer of locally manufactured wines and liquors. What tax is due on his
sales?

Select one:
a. Value added tax
b. Excise tax-specific
c. Excise tax-ad valorem
d. Percentage tax
Clear my choice

Question 7
Answer saved
Marked out of 1.00

Flag question

Question text

Which is an exemption to the authority to suspend by the Commissioner of Internal

Revenue?

Select one:
a. Failure to add VAT to the total invoice price
b. Failure to file a VAT return
c. Failure to issue receipts or invoices
d. Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales
or receipts for the taxable quarter
Clear my choice

Question 8
Answer saved
Marked out of 1.00

Flag question

Question text
Elite Financing Corp. presented the following data for the first quarter of 2016:

 Dividend income on stock

investments Php 23, 250
 Interest on lending activities with 3 years
maturity Php 286, 000
 Rental income on company
equipment Php 48, 400
 Commission/discounts on financial leasing With 6 years
maturity Php 372, 500
 Interest income on medium term maturity
loan Php 82, 650

What is the percentage tax due?

Select one:
a. Php 8, 580
b. Php 18, 367
c. Php 17, 204. 50
d. Php 14, 642
Clear my choice

Question 9
Answer saved
Marked out of 1.00

Flag question

Question text

Mr. Koh is an importer of cigarettes from China. He sold the cigarettes to the Philippines at
a later date. He is subject to the value-added tax. What other tax is he obliged to pay?

Select one:
a. Percentage tax
b. Income tax
c. Property tax
d. Excise tax
Clear my choice
Question 10
Answer saved
Marked out of 1.00

Flag question

Question text

Which is not replaced by VAT?

Select one:
a. Common carrier's tax
b. Contractor's tax
c. Sales tax on original sale
d. Compensating tax
Clear my choice

Question 11
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT considered as export sale under the Tax Code?

Select one:
a. Sale of gold to the Bangko Sentral ng Pilipinas
b. Sale by Board of Investment (BOI)-registered export producer to an export trader not
actually exported by the latter
c. Sale of packaging materials to an export-oriented enterprise whose export sales is over 70
% of the total annual production
d. Sale to diplomatic missions and other agencies and/or instrumentalities granted tax
immunities of locally manufactured, assembled, or repacked products whether paid in
foreign currency or not
Clear my choice
Question 12
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT VAT-Exempted?

Select one or more:

a. Sale of nonfood agricultural products in their original state
b. Export sales by individuals who are VAT- registered
c. Services of agricultural contract growers and milling for others of palay into rice, corn into
grits and sugar cane into raw sugar
d. Sales by agricultural cooperatives duly registered with Cooperative Development
Authority to their members as well as sale of their produce, whether in its original state or
processed form, to non-members.

Question 13
Answer saved
Marked out of 1.00

Flag question

Question text

The lease of property, real or personal, by a bank is subject to:

Select one:
a. 12% VAT.
b. 7% gross receipts tax.
c. 5% gross receipts tax.
d. None of the choices.
Clear my choice

Question 14
Answer saved
Marked out of 1.00
 Flag question

Question text

Paco imported a car from Japan for his personal use. Total landed cost is Php 125, 000
including custom duties of Php 25, 000. How much is the VAT payable?

Select one:
a. Php 15, 000
b. Php 5, 000
c. None, because the importation is for personal use.
d. Php 2, 500
Clear my choice

Question 15
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a situation in which a VAT-registered individual may apply for cancellation of
registration?

Select one:
a. A change of ownership, in the case of a single proprietorship
b. An individual who has retired from business
c. An individual who has registered prior to planned business operation, fails to actually start
his business
d. An individual who voluntarily registered under the VAT system can only revert to exempt
status after the lapse of 12 months from the date of registration
Clear my choice

Question 16
Answer saved
Marked out of 1.00
 Flag question

Question text

Mr. Arellano pays the occupation tax as an architect. He is also a building contractor. What
tax is due on his business?

Select one:
a. Percentage tax
b. Value added tax
c. Excise tax-ad valorem
d. Excise tax-specific
Clear my choice

Question 17
Answer saved
Marked out of 1.00

Flag question

Question text

Safer Inc., a local insurance company, provided the following data for the second quarter of
2015 as follows:
Total insurance premiums due and collectible Php 912, 500
The above premiums consisted of the following:

 Life and disability insurance premium Php 300, 000

 Marine insurance premium Php 212, 500
 Health & accident insurance premium Php 250,
000
 Property insurance premium Php 150, 000

Collections during the quarter on the above premiums were 65 %, 45 %, 50 %, and 70 %

respectively.
What is the percentage tax due?
Select one:
a. Php 9, 750
b. Php 6, 250
c. Php 26, 031
d. Php 16,000
Clear my choice

Question 18
Answer saved
Marked out of 1.00

Flag question

Question text

Unfortune Insurance Corp. provided the data for the final quarter of 2013 as follows:

 Total Insurance Premiums collectible Php 1,

875, 000
 The breakdown of the above premiums is as follows:
 Life insurance
premiums 75 %
 Non-life insurance
premiums 25 %
 During the quarter, life insurance premium collected
represents 62 %.

Find the percentage tax due (rounded off to the nearest one peso) .

Select one:
a. Php 23, 407. 50
b. Php 29, 062. 50
c. Php 72, 656. 50
d. Php 43, 594
Clear my choice

Question 19
Answer saved
Marked out of 1.00
 Flag question

Question text

The BIR Commissioner has the power to suspend the business operations of a taxpayer
given certain circumstances. Which is an exception?

Select one:
a. Understatement of taxable sales or receipts by 30 % or more of his actual taxable sales or
receipts for the taxable quarter
b. Failure to issue receipts
c. Failure to add VAT to the total invoice price
d. Failure to file a VAT return as required
Clear my choice

Question 20
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT a major business internal revenue tax in the Tax Code?

Select one:
a. Value added tax
b. Percentage tax
c. Excise tax
d. Income tax
Clear my choice

Question 21
Answer saved
Marked out of 1.00
 Flag question

Question text

What tax should a lessor of real property and personal property (cars) pay?

Select one:
a. Value-added tax
b. Excise tax
c. Percentage tax
d. Common carrier's tax
Clear my choice

Question 22
Answer saved
Marked out of 1.00

Flag question

Question text

Mrs. Lizardo owns a restaurant. What business tax is due on her income from the business?

Select one:
a. Caterer's tax
b. Common carrier's tax
c. Broker's tax
d. Value-added tax
Clear my choice

Question 23
Answer saved
Marked out of 1.00
 Flag question

Question text

Which is/are TRUE?

I. An individual subject to exercise tax is also subject to value-added tax.
II. An individual subject to value-added tax is also subject percentage tax.

Select one:
a. I only
b. II only
c. I and II
d. Both statements are incorrect
Clear my choice

Question 24
Answer saved
Marked out of 1.00

Flag question

Question text

Banks and non-bank financial intermediaries performing quasi-banking functions are

subject to:

Select one:
a. Gross receipts tax.
b. Value-added tax.
c. Amusement tax.
d. Franchise tax.
Clear my choice

Question 25
Answer saved
Marked out of 1.00
 Flag question

Question text

An individual provided the data on his transactions in marketable securities in the

2nd quarter of 2013:
Shares of stocks sold through the local stock exchange:

 Cost price Php 125 per share

 Sales price Php 262. 50 per share
 Number of shares sold Php 132. 50

Shares of stocks sold through initial public offerings:

Ratio of shares sold to outstanding share is over 33 1/3 % but not over 50 %, 3, 600 shares
were sold at Php 26. 25 per share.
What is the percentage tax due?

Select one:
a. Php 3, 750.00
b. Php 1, 292.81
c. Php 945.00
d. Php 347.81
Clear my choice

Question 26
Answer saved
Marked out of 1.00

Flag question

Question text

Which CANNOT be found in the books of a VAT taxpayer?

Select one:
a. Excess input tax carry-over
b. VAT payable
c. Output taxes
d. Input taxes
Clear my choice

Question 27
Answer saved
Marked out of 1.00

Flag question

Question text

FNG Insurance Company provided the data for the final quarter of 2013 as follows:
Total Insurance Premiums collectible Php 1, 875, 000
The breakdown of the above premiums is as follows:

 Life insurance premiums 75 %

 Non-life insurance premiums 25 %

During the quarter, life insurance premium collected represents 62 %.

Find the percentage tax due (rounded off to the nearest one peso) .

Select one:
a. Php 29, 062. 50
b. Php 43, 594
c. Php 23, 407. 50
d. Php 72, 656. 50
Clear my choice

Question 28
Answer saved
Marked out of 1.00

Flag question

Question text
Malia, an agent of a foreign insurance firm, provided the following data for the final quarter
of 2015:

 Total receipts of non-life insurance premiums Php 225,

000
 Insurance premiums receipts (included above)

Deemed exempted from the percentage tax Php 12, 500

Rental income on business assets Php 7, 500
Compute for the percentage tax due.

Select one:
a. Php 6, 750
b. Php 6, 375
c. Php 10, 625
d. Php 11, 250
Clear my choice

Question 29
Answer saved
Marked out of 1.00

Flag question

Question text

Which is NOT considered a percentage tax?

Select one:
a. 10 % - 20 % stock transaction tax on shares not traded through the local stock exchange
b. 3 % tax on keepers of garage
c. 3 % tax on keepers of garage
d. ½ of 1 % stock transaction tax on shares traded through the local stock exchange
Clear my choice

Question 30
Answer saved
Marked out of 1.00
 Flag question

Question text

What should an invoice contain in order for it tax? I. The VAT registration numberII. The
total amount which the purchaser pays or obliged to pay to the seller

Select one:
a. Only II
b. Only I
c. Neither I nor II
d. Both I and II