Quiz 3
September 15, 2022 | Author: Anonymous | Category: N/A
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The tax refund or tax credit on exported products shall not be allowed on a. All mineral products, coal and coke. b. All mineral products CORRECT c. All metallic products d. Coal and coke
Who is the taxpayer on locally-produced excisable goods? a. Producer CORRECT b. Wholesaler c. Consumer d. Importer
Who is ulmately liable for the reccaon of spirits? a. Both disller and recer b. Transporter c. Disller d. Recer CORRECT
The excise tax on certain excisable goods is a tax on a. Property – the goods produced or manufactured CORRECT b. Person – the owner or producer of certain goods c. Privilege – the right to enter into the business of producing or imporng certain arcles d. Privilege – the right to transport certain goods
Excise taxes that are imposed based on weight or volume capacity or other physical unit or measurement are called
a. Quantave tax b. Ad valorem tax c. Specic tax CORRECT d. Metrical tax
Who is required to pay the excise tax on excisable goods? a. Producer b. Possessor of excisable goods with unpaid excise tax c. ImporterF d. Any of these CORRECT
Indigenous petroleum petroleum does not include a. Coal, peat and bituminous shale or straed deposits b. Mineral oil or gas c. Hydrocarbon or gas d. Bitumen or crude asphalt CORRECT Bitumen or crude asphalt
Petroleum products sold to the following shall be subject to excise tax: a. Government agencies and GOCCs CORRECT b. Asian Development Development Bank c. Ecozone-enterprises d. Internaonal carriers
Which of the following does not properly describe excise tax on certain goods or services?
a. Vanity tax b. Environment tax c. Estate tax CORRECT d. Sin tax
Which statement is false? a. All excisable petroleum products are subject to specic taxes. b. All excisable jewelries are subject to ad valorem tax. c. Cigarees are subject to specic taxes. d. All excisable automobiles are subject to specic tax. CORRECT
Excise tax shall apply to certain goods intended for: I. Domesc consumpon II. Foreign consumpon a. Neither I nor II b. I only c. II only d. Both I and II I only
Excise tax on locally produced excisable goods shall be paid a. Upon sale of the goods b. Upon removal of the goods c. Within 15 days from the removal of the goods
d. Before the removal of the goods CORRECT
When domesc products that are removed from their place of producon without payment of the excise tax, the tax shall be paid by the a. owner having possession thereof. CORRECT b. buyer and seller equally. c. last seller. seller. d. producer of the goods.
Whether metallic or non-metallic mineral product, the excise tax on imported goods shall be paid a. Within 10 days aer removal of the goods from Customs b. Within 15 days from importaon c. Upon sale of the goods to the Customs territory territory d. Before removal of the goods from Customs CORRECT
Statement 1: The regulatory aspect of specic taxes on certain sin products will best be preserved when their tax rates adjust for inaon. Statement 2: There is no need to adjust ad valorem taxes since they ride with inaon. Which statement is correct? a. Statement 1 only b. Both statements are correct CORRECT c. Both statements are incorrect d. Statement 2 only Both statements are correct
Which of the following services is subject to excise tax? a. Acupuncture rejuvenaon therapy b. Collagen inducon therapy c. Invasive cosmec procedures and surgeries CORRECT d. Dermal llers
The excise tax on certain goods or services is not a a. Naonal tax b. Direct tax CORRECT c. Tax on domesc consumpon d. Indirect tax
Rizal Company has three cigar processing plants located in Laguna, Manila and Dapitan. Rizal’s head oce is in Manila. Which is true with respect to the ling of excise tax? a. Rizal can choose to le the return at any of the RDOs having locaon locaon of the plants. b. Only one consolidated return needs to be led in Manila. c. One return shall be led for each factory or place of producon. CORRECT d. Rizal shall le the return where it warehouses its products. One return shall be led for each factory or place of producon.
Who will pay excise tax? a. Manufacturer of denatured alcohol b. Manufacturer of vinegar c. Manufacturer of plasc
d. Hospitals for performing cosmec surgery Hospitals for performing cosmec surgery
Which of the following requires a payment of bond? a. Removal of wines and dislled spirits for tobacco leaf treatment. b. Removal of spirits for reccaon. c. Removal of fermented liquor to bonded warehouses. d. All of the above. CORRECT
Which statement is correct? a. Excise tax normally don’t have a deadline of payment. CORRECT b. Excise taxes are imposed at the point of consumpon. c. Business for subsistence are exempt from excise tax. d. Excise tax is payable on top of value-added tax but not of percentage tax. Excise tax normally don’t have a deadline of payment.
Which of the following agricultural products is subject to excise tax? a. Ground coee b. Tobacco rolls CORRECT c. Soymilk d. Rened sugar
The term “quarry resources” does not include
a. Granite and basalt b. Marble and volcanic cinders c. Metallic rocks or mineralized rocks CORRECT d. Rock phosphate
These refers to things produced and prepared in marketable state by simple treatment processes of washing or drying without undergoing any chemical change or process or manufacturing by the lessee, concessionaire or owner a. Minerals b. Quarry resources CORRECT c. Metallic minerals d. Mineral products
Which is not a sin product? a. Cigarees b. Jewelry CORRECT c. Chewing tobacco d. Dislled spirits
The excise tax on locally-produced or manufactured products that are exported shall be claimed by the producer as a. Tax credit b. Expense c. Tax refund d. Tax refund or tax credit CORRECT
Del Pilar manufactured cigaree and sold the same to Bonifacio. Bonifacio exported the goods abroad to a foreign retailer, Benjamin. Who is entled to claim refund for the excise tax? a. Del Pilar b. Bonifacio c. Benjamin d. None of them CORRECT
AMT, Inc. produced and withdrawn 1,000,000 units of excisable goods X which is subject to P1/unit excise tax. AMT uses goods X to manufacture Y which is sold domescally and abroad. 50,000 units of Y was produced out of which 30,000 units were exported. Which is incorrect? a. Excise tax is payable only on the 400,000 units of goods X. b. AMT shall pay P1 million in excise tax. c. AMT shall claim tax credit or refund of P600,000. d. None of the above. Excise tax is payable only on the 400,000 units of goods X.
The excise tax on locally-produced or extracted mineral or mineral products shall be due and payable a. Within 15 days from the removal of the goods CORRECT b. Upon sale of the goods c. Upon removal of the goods d. Before the removal of the goods Within 15 days from the removal of the goods
Which is subject to the 20% jewelry tax? a. Silver-plated wares
b. Gold-plated frames or mounngs for eyeglasses c. Pearl CORRECT d. Dental gold alloys or gold tooth lling
The excise tax on excisable goods exported is claimed by refund or tax credit. Which is an excepon to this rule? a. Sin products b. Non-essenal goods c. Petroleum products d. Mineral products CORRECT
Whether metallic or non-metallic mineral product, the excise tax on imported goods shall be paid a. Within 10 days aer removal of the goods from Customs b. Upon sale of the goods to the Customs territory territory c. Before removal of the goods from Customs CORRECT d. Within 15 days from importaon
Which could not be considered a vanity tax a. Tax imposed upon champagne CORRECT b. Tax imposed upon automobiles c. Tax imposed upon cosmec surgery d. Tax imposed upon jewelry
Which is not subject to excise tax? a. Sweetened beverages
b. Prostuon CORRECT c. Precious metals d. Quarry resources
Indigenous petroleum petroleum does not include a. Mineral oil or gas b. Bitumen or crude asphalt CORRECT c. Hydrocarbon or gas d. Coal, peat and bituminous shale or straed deposits
Which could not be considered a green tax? a. Tax imposed upon petroleum products b. Tax imposed upon mineral products c. Tax imposed upon quarry minerals d. Tax imposed upon jewelry CORRECT Tax imposed upon jewelry
The excise tax on minerals does not apply to a. Diamond and sapphire b. Natural gas CORRECT c. Gold, chromite, copper, silver or iron d. Indigenous petroleum
Filing of an excise tax bond is required on a. Excise tax on metallic minerals and mineral products CORRECT
b. Excise tax on indigenous petroleum or natural gas c. Excise tax on non-metallic minerals and mineral products d. Excise tax on mineral products Excise tax on metallic minerals and mineral products
Who is required to pay the excise tax on excisable goods? a. Producer b. Possessor of excisable goods with unpaid excise tax c. Importer d. Any of these CORRECT
The tax due on non-metallic or mineral product, or quarry resources shall be due and payable a. Upon sale of the goods b. Before the removal of the goods c. Upon removal of the goods CORRECT d. Within 15 days from the removal of the goods
Taxes imposed to restrain luxury a. Vanity tax b. Sin tax c. Green tax d. Sumptuary tax CORRECT
Which of the following products is subject to both ad valorem and specic tax? a. Automobiles
b. Cigars and cigarees c. Dislled spirits d. Dislled spirits, cigars and cigarees CORRECT
Taxes imposed on substance known to harm health a. Sumptuary tax b. Vanity tax c. Green tax d. Sin tax CORRECT
Which is subject to purely specic tax? a. Dislled spirits b. Cigarees CORRECT c. Cigar d. Yacht
Which statement is false? a. Automobiles used exclusively within freeport zones shall be exempt from excise tax. b. Manufacturers and importers are subject to ad valorem tax on their net selling price, net of excise tax and ad valorem tax. c. To be considered a hybrid vehicle, a vehicle must be able to run using solely electric motor. d. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for purposes of excise tax. CORRECT
Excise to shall apply to certain goods that are I. Locally produced
II. Imported a. I only b. Both I and II CORRECT c. II only d. Neither I nor II
Which of the following mineral products is subject to specic tax? a. Granite b. Indigenous petroleum c. Copper and gold d. Coal and coke CORRECT Coal and coke
When domesc products that are removed from their place of producon without payment of the excise tax, the tax shall be paid by the a. buyer and seller equally. b. producer of the goods. c. owner having possession thereof. CORRECT d. last seller.
What is the tax basis on goods subject to ad valorem tax? a. Gross selling price at the place of producon b. Gross selling price of the resellers of the goods c. Gross selling price at the place or producon or in other places if sold by the owner in other places. CORRECT d. Producon cost plus a minimum 10% margin
What is the threshold alcohol content that when exceeded shall reclassify wines into dislled spirits? a. 14% b. 10% c. 30% d. 25% CORRECT
Statement 1: Excise tax rates are relave more burdensome compared to other business taxes. Statement 2: Excise tax rates covers a small range range or products or services. Which statement is correct? a. Both statements are correct CORRECT b. Both statements are incorrect c. Statement 1 only d. Statement 2 only
Who is the taxpayer on locally-produced excisable goods? a. Producer CORRECT b. Consumer c. Importer d. Wholesaler
Statement 1: Excise tax, customs dues and the VAT VAT on importaon is similarly collecble at the point of importaon. Statement 2: Excise tax and the VA VAT on importaon are similarly imposed upon landed costs. Which statement is correct? a. Statement 2 only
b. Statement 1 only c. Both statements are incorrect d. Both statements are correct (CORRECT)
Sin taxes is not imposed on a. Wines b. Cosmec surgery CORRECT c. Sweetened beverages d. Cigars
In the case of indigenous petroleum, natural gas or liquied natural gas, the excise tax thereon shall be paid by the a. The person who is in possession of the same b. Producer of the goods c. Seller of the goods d. First buyer of the goods CORRECT
Who will pay excise tax? a. Manufacturer of denatured alcohol b. Manufacturer of vinegar c. Hospitals for performing cosmec surgery CORRECT d. Manufacturer of plasc
The tax refund or tax credit on exported products shall not be allowed on a. All mineral products, coal and coke. CORRECT b. All metallic products
c. Coal and coke d. All mineral products
Which is subject to payment of excise taxes? a. Removal of damaged liquor b. Removal of tobacco products enrely unt for chewing or smoking c. Removal of petroleum coke to be used as fuels of power plants d. Removal of bunker fuel for the producon of excisable products CORRECT The correct answer is: Removal of bunker fuel for the producon of excisable products
No excise tax credit or refund is allowed to the export of which of the following commodies? a. Petroleum products b. Mineral products CORRECT c. Coal d. Coke
Which of the following is not considered a taxable sin product? a. Sweetened beverages b. Tobacco leaves c. Marijuana CORRECT d. Liquors
Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession: Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000
Final selling price to customer, P1,100,000 What is the nal basis for the ad valorem tax? a. P1,100,000 b. P1,000,000 c. P1,200,000 d. P1,320,000 CORRECT (P1,000,000 + P200,000) x 110%
AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax? a. P0 b. P1,200,000 c. P600,000 CORRECT d. P3,000,000 P6M x 20% x 50%
A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax? a. P50,000 b. P20,000 c. P100,000 d. P0 CORRECT
RPL Company produced the following vehicle models during the month: a. P340,000 b. P300,000 CORRECT c. P0 d. P600,000
Your answer is correct. P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million. What is the ad valorem tax? a. P1,200,000 CORRECT b. P3,000,000 c. P0 d. P600,000 SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes. What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees?
Select one: a. P210,000 b. P204,000 c. P100,000 d. P200,000 CORRECT P2M x 10% Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes. What is the excise tax? a. P200,000 b. P40,000 c. P0 d. P100,000 CORRECT P2M x 5%
The excise tax on excisable goods exported is claimed by refund or tax credit. Which is an excepon to this rule? a. Sin products b. Petroleum products c. Non-essenal goods d. Mineral products CORRECT
Which statement is false?
a. Cigarees are subject to specic taxes. b. All excisable jewelries are subject to ad valorem tax. c. All excisable automobiles are subject to specic tax. CORRECT d. All excisable petroleum products are subject to specic taxes
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes. What is the VAT due on the transacon? a. P252,000 CORRECT b. P120,000 c. P264,000 d. P0 (P2M x 105%) x 12%
The excise tax on certain excisable goods is a tax on a. Privilege – the right to enter into the business of producing or imporng certain arcles b. Person – the owner or producer of certain goods
c. Property – the goods produced or manufactured CORRECT d. Privilege – the right to transport certain goods
Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax? a. P60,000 b. P53,571 c. P51,202 CORRECT d. P57,143
(P1.2M/112%) x 5%/105% = P51,202
Lopez Company imports and manufactures various various automobile models. During the month, it had the following data on its operaon: a. P3,000,000 b. P4,350,000 c. P4,000,000 d. P4,550,000 CORRECT (P12.5M + P30M) x 110% x 10% = P4,550,000
Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise tax. What is the excise tax? a. P53,571 CORRECT b. P60,000 c. P57,143 d. P50,000 (P1.2M/112%) x 5%
Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000 What is the nal basis for the ad valorem tax? a. P1,200,000 b. P1,320,000 CORRECT
c. P1,000,000 d. P1,100,000 (P1,000,000 + P200,000) x 110%
The tax refund or tax credit on exported products shall not be allowed on a. All mineral products CORRECT b. All mineral products, coal and coke. c. Coal and coke d. All metallic products
AMT Company sells electric cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million. What is the ad valorem tax? a. P1,200,000 b. P0 CORRECT c. P600,000 d. P3,000,000
AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million. What is the ad valorem tax? a. P3,000,000 b. P600,000 c. P0 d. P1,200,000 CORRECT
Feedback Your answer is correct. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million. What is the ad valorem tax? a. P1,200,000 b. P0 c. P600,000 d. P3,000,000 Feedback Your answer is incorrect. P6M x 20% x 50% P600,000
Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is a. P4,500 CORRECT b. P5,100 c. P600 d. P360
Isabelo Insurance Corporaon has the following receipts and receivables from its insurance products:
What is the insurance premiums tax due? a. P20,000 b. P36,000 c. P24,000 CORRECT d. P30,000
Panganiban Company is conducng an inial public oering of 2,000,000 shares. Panganiban Company already had 4,000,000 issued and outstanding share shares. s. The new IPO shares shall be sold at P3 per share. What is the tax on the inial public oering? a. P60,000 b. P120,000 CORRECT c. P240,000 d. P0
Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of P200,000 during a month, including P20,000 rentals for cargo transport. How much is the percentage tax? a. P6,000 CORRECT b. P0 c. P5,400 WRONG d. P6,600
In a recently completed race, Rivera Astrodome noted the following winning ckets: Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings? a. P3,800 b. P4,584
c. P5,760 WRONG d. P0
Padre Burgos, a non-VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passenger baggage. The common carriers tax is a. P0 b. P10,500 c. P8,700 WRONG d. P9,600 CORRECT
Antonio Ferry Boats transport passengers and cargoes between the islands of Palaui and Sta. Ana. It earned a total of P120,000 in February 2020, excluding P10,000 freight for cargoes. What is the percentage tax if Antonio Ferry boats registered respecvely as a non-VAT taxpayer and as a VAT taxpayer? a. P3,600 and P0 b. P3,900 and P3,600 c. P0 and P0 d. P3,900 and P0 CORRECT
Fernando Company is a transportaon contractor of Amita Delivery Services, a mail courier company. Fernando Company delivers the mails to addressee locaon specied in the mails. During the month, Fernando Company was paid P400,000 by Amita. The percentage tax due is a. P48,000 b. P12,000 CORRECT c. P24,000 d. P0
Ricarte Bank reported the following receipts during the month: What is the gross receipts tax due? a. P110,000 CORRECT b. P100,000 c. P70,000 d. P80,000
A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due? a. P50,000 CORRECT b. P40,000 WRONG c. P0 d. P91,000
wo taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020? a. P72 b. P0 c. P216 WRONG d. P108
Panday Pira Local Water District has an annual sales of P10 million a year. During the month, it collected P4,000,00 from sales of water. The percentage tax due is a. P80,000 CORRECT
b. P0 c. P200,000 d. P120,000
Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the percentage tax payable of Apolinario for March 2020? a. P18,000 WRONG b. P12,000 c. P0 d. P1,500
MV Leona, an internaonal shipping carrier, had the following receipts on its Philippine operaons: a. P54,000 CORRECT b. P99,000 c. P0 d. P144,000
Paterno Flights, an internaonal carrier, recorded the following receipts during a month for outgoing ights: a. P60,000 b. P51,000 CORRECT c. P75,000 d. P15,000
Lakandula is an operator of cockpit. During the quarter, it collected P200,000 from gate receipts, P240,000 from “tongs” and P300,000 from business concessionaires inside the cockpits. Total winnings on derby sets totaled P2,400,000. What is the amusement tax? a. P0 b. P133,200 CORRECT c. P74,000 WRONG d. P111,000
An operator of car with chaueurs for hire had the following nancial results during a month: What is the percentage tax due? a. P4,200 b. P4,320 WRONG c. P2,880 CORRECT d. P7,200 WRONG
There are two compeng garage with the following receipts: Juan, P1,200,000 Diego, P3,500,000 Who will pay percentage tax? a. Both Juan and Diego CORRECT b. Juan only c. Diego only d. Neither Juan nor Diego
Padre Gomez owns a cargo truck for rent. During the month, it generated total receipts of P40,000 from various clients. The percentage tax due is a. P4,800
b. P0 c. P1,200 CORRECT d. P2,000
Palma Bank had the followi following ng summary of receipts What is the gross receipts tax due? a. P200,000 b. P220,000 c. P160,000 WRONG d. P180,000
Mr. Dipatuan pracces his profession as a medical praconer. He registered as a VAT-taxpayer. Mrs. Dipatuan is a nurse employed by a public hospital. Which statement is correct? a. Mrs. Dipatuan is exempt from business tax. b. Mr. Dipatuan shall pay percentage tax. c. Mr. Dipatuan is exempt from business tax. d. Mrs. Dipatuan shall pay percentage tax. WRONG
Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce P100,000 What is the total amount subject to VAT? a. P0
b. P400,000 c. P350,000 CORRECT d. P550,000
Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due? a. P0 b. P4,800 c. P6,000 CORRECT d. P4,500
Lapu-Lapu Corporaon, a non-VAT taxpayer, leases commercial spaces to various businesses. During a month, it received P142,500 rentals, net of 5% creditable withholding tax. What is the percentage tax due? a. P4,061 b. P4,275 c. P0 d. P4,500 CORRECT
Padre Gomez owns a cargo truck for rent. During the month, it generated total receipts of P40,000 from various clients. The percentage tax due is a. P2,000 b. P1,200 CORRECT c. P4,800 d. P0
Soliman Corporaon, a publicly-listed company, is planning to increase its public ownership by issuing addional 1,000,000 shares for P10 per share. The new shares will increase the outstanding shares of Soliman to 2,500,000. What is the IPO tax? a. P0 CORRECT b. P100,000 WRONG c. P400,000 WRONG d. P200,000 WRONG
Jose is a proprietor of a mini-store with sales in any 12-month period not exceeding P3,000,000. He shall pay a. Excise tax b. Value-added tax c. Percentage tax CORRECT d. Percentage and excise tax
A cellular company had the following receipts: P2 million from domesc calls P3 million from incoming calls to the Philippines P2.5 million from outgoing calls abroad What is the percentage tax due? a. P0 b. P250,000 CORRECT c. P165,000 d. P75,000
Mariano Ponce had annual sales not exceeding P10 million a year. During the month, it posted a revenue of P2 million, out of which P1.8 million was collected. The percentage tax due is
a. P54,000 CORRECT b. P36,000 c. P0 d. P60,000
Gregoria Transporters, a transportaon contractor, transports employees of Amita Industries to and from Ilagan City to a distant plant in San Mariano City. In March, Gregoria Transporters was paid P300,000 by Amita Industries. The percentage tax due is a. P36,000 b. P15,000 c. P9,000 CORRECT d. P0
Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is a. P0 b. P9,600 WRONG c. P8,700 CORRECT d. P10,50 WRONG
Felipe Airlines, an internaonal air carrier, collected a total of P300,000 from transporng passengers during the month. It also collected collected a total of P5,000,000 from transporng transporng mails and baggage. baggage. The percentage tax due is a. P150,000 CORRECT b. P0 c. P1,050,000 d. P900,000
In a recently completed race, Rivera Astrodome noted the following winning ckets: Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings? a. P3,800 b. P5,760 c. P4,584 CORRECT d. P0
Graciano Ferries transports passengers and land vehicles between Batangas and Mindoro. Graciano usually had an average average annual receipts of P5,000,000. During the month, it earned a total of P400,000 from customers. The percentage tax is a. P138,000 b. P12,000 WRONG c. P150,000 CORRECT d. P0 WRONG
Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. Aer the inial public oering, Mr. Galicano further sold his remaining 300,000 shareholdings for P90 per share. What is the IPO tax due from Mr. Galicano on the sale of the 300,000 shares? a. P162,000 CORRECT b. P540,000
c. P270,000
d. P161,000 WRONG
Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. What is the IPO tax due from Mr. Galicano? a. P350,000 b. P700,000 c. P1,400,000 CORRECT d. P2,800,000
Andres, a VAT-registered taxpayer, reported P200,000 sales last month. His annual sales never exceeded P3,000,000. Compute his percentage percentage tax. a. P6,000 b. P54,000 c. P24,000 d. P0 CORRECT
Melchora has two taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020? a. P108 WRONG b. P72 CORRECT c. P0 d. P216 WRONG
Rafael Airlines is a domesc airliner with annual receipts exceeding P50 million. During the month, it generated the following following receipts: Passengers, P5 million; Cargoes and baggage, P1.5 million. The percentage tax due is a. P195,000 WRONG b. P45,000 WRONG c. P0 CORRECT d. P150,000
Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the percentage tax payable of Apolinario for March 2020? a. P1,500 CORRECT b. P18,000 c. P12,000 d. P0
Palma Bank had the followi following ng summary of receipts: a. P160,000 b. P220,000 c. P180,000 CORRECT d. P200,000
Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is a. P4,500 CORRECT b. P5,100 c. P600 d. P360
Isabelo Insurance Corporaon has the following receipts and receivables from its insurance products: What is the insurance premiums tax due? a. P20,000 b. P36,000 c. P24,000 CORRECT d. P30,000
Panganiban Company is conducng an inial public oering of 2,000,000 shares. Panganiban Company already had 4,000,000 issued and outstanding share shares. s. The new IPO shares shall be sold at P3 per share. What is the tax on the inial public oering? a. P60,000 b. P120,000 CORRECT c. P240,000 d. P0
Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of P200,000 during a month, including P20,000 rentals for cargo transport. How much is the percentage tax? a. P6,000 CORRECT b. P0
c. P5,400 WRONG d. P6,600
In a recently completed race, Rivera Astrodome noted the following winning ckets: Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings? a. P3,800 b. P4,584 c. P5,760 WRONG d. P0
Padre Burgos, a non-VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passenger baggage. The common carriers tax is a. P0 b. P10,500 c. P8,700 WRONG d. P9,600 CORRECT
Antonio Ferry Boats transport passengers and cargoes between the islands of Palaui and Sta. Ana. It earned a total of P120,000 in February 2020, excluding P10,000 freight for cargoes. What is the percentage tax if Antonio Ferry boats registered respecvely as a non-VAT taxpayer and as a VAT taxpayer? a. P3,600 and P0 b. P3,900 and P3,600 c. P0 and P0
d. P3,900 and P0 CORRECT
Fernando Company is a transportaon contractor of Amita Delivery Services, a mail courier company. Fernando Company delivers the mails to addressee locaon specied in the mails. During the month, Fernando Company was paid P400,000 by Amita. The percentage tax due is a. P48,000 b. P12,000 CORRECT c. P24,000 d. P0
Ricarte Bank reported the following receipts during the month:
What is the gross receipts tax due? a. P110,000 CORRECT b. P100,000 c. P70,000 d. P80,000
A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due? a. P50,000 CORRECT b. P40,000 WRONG c. P0 d. P91,000
wo taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020? a. P72 b. P0 c. P216 WRONG d. P108
Panday Pira Local Water District has an annual sales of P10 million a year. During the month, it collected P4,000,00 from sales of water. The percentage tax due is a. P80,000 CORRECT b. P0 c. P200,000 d. P120,000
Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the percentage tax payable of Apolinario for March 2020? a. P18,000 WRONG b. P12,000 c. P0 d. P1,500
MV Leona, an internaonal shipping carrier, had the following receipts on its Philippine operaons: a. P54,000 CORRECT b. P99,000
c. P0 d. P144,000
Paterno Flights, an internaonal carrier, recorded the following receipts during a month for outgoing ights: a. P60,000 b. P51,000 CORRECT c. P75,000 d. P15,000
Lakandula is an operator of cockpit. During the quarter, it collected P200,000 from gate receipts, P240,000 from “tongs” and P300,000 from business concessionaires inside the cockpits. Total winnings on derby sets totaled P2,400,000. What is the amusement tax? a. P0 b. P133,200 CORRECT c. P74,000 WRONG d. P111,000
An operator of car with chaueurs for hire had the following nancial results during a month: What is the percentage tax due? a. P4,200 b. P4,320 WRONG c. P2,880 CORRECT d. P7,200 WRONG
There are two compeng garage with the following receipts: Juan, P1,200,000
Diego, P3,500,000 Who will pay percentage tax? a. Both Juan and Diego CORRECT b. Juan only c. Diego only d. Neither Juan nor Diego
Padre Gomez owns a cargo truck for rent. During the month, it generated total receipts of P40,000 from various clients. The percentage tax due is a. P4,800 b. P0 c. P1,200 CORRECT d. P2,000
Palma Bank had the followi following ng summary of receipts What is the gross receipts tax due? a. P200,000 b. P220,000 c. P160,000 WRONG d. P180,000
Mr. Dipatuan pracces his profession as a medical praconer. He registered as a VAT-taxpayer. Mrs. Dipatuan is a nurse employed by a public hospital. Which statement is correct? a. Mrs. Dipatuan is exempt from business tax. b. Mr. Dipatuan shall pay percentage tax.
c. Mr. Dipatuan is exempt from business tax. d. Mrs. Dipatuan shall pay percentage tax. WRONG
Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce P100,000 What is the total amount subject to VAT? a. P0 b. P400,000 c. P350,000 CORRECT d. P550,000
Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due? a. P0 b. P4,800 c. P6,000 CORRECT d. P4,500
Lapu-Lapu Corporaon, a non-VAT taxpayer, leases commercial spaces to various businesses. During a month, it received P142,500 rentals, net of 5% creditable withholding tax. What is the percentage tax due? a. P4,061 b. P4,275
c. P0 d. P4,500 CORRECT
Padre Gomez owns a cargo truck for rent. During the month, it generated total receipts of P40,000 from various clients. The percentage tax due is a. P2,000 b. P1,200 CORRECT c. P4,800 d. P0
Soliman Corporaon, a publicly-listed company, is planning to increase its public ownership by issuing addional 1,000,000 shares for P10 per share. The new shares will increase the outstanding shares of Soliman to 2,500,000. What is the IPO tax? a. P0 CORRECT b. P100,000 WRONG c. P400,000 WRONG d. P200,000 WRONG
Jose is a proprietor of a mini-store with sales in any 12-month period not exceeding P3,000,000. He shall pay a. Excise tax b. Value-added tax c. Percentage tax CORRECT d. Percentage and excise tax
A cellular company had the following receipts: P2 million from domesc calls
P3 million from incoming calls to the Philippines P2.5 million from outgoing calls abroad What is the percentage tax due? a. P0 b. P250,000 CORRECT c. P165,000 d. P75,000
Mariano Ponce had annual sales not exceeding P10 million a year. During the month, it posted a revenue of P2 million, out of which P1.8 million was collected. The percentage tax due is a. P54,000 CORRECT b. P36,000 c. P0 d. P60,000
Gregoria Transporters, a transportaon contractor, transports employees of Amita Industries to and from Ilagan City to a distant plant in San Mariano City. In March, Gregoria Transporters was paid P300,000 by Amita Industries. The percentage tax due is a. P36,000 b. P15,000 c. P9,000 CORRECT d. P0
Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is a. P0
b. P9,600 WRONG c. P8,700 CORRECT d. P10,50 WRONG
Felipe Airlines, an internaonal air carrier, collected a total of P300,000 from transporng passengers during the month. It also collected collected a total of P5,000,000 from transporng transporng mails and baggage. baggage. The percentage tax due is a. P150,000 CORRECT b. P0 c. P1,050,000 d. P900,000
In a recently completed race, Rivera Astrodome noted the following winning ckets: Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings? a. P3,800 b. P5,760 c. P4,584 CORRECT d. P0
Graciano Ferries transports passengers and land vehicles between Batangas and Mindoro. Graciano usually had an average average annual receipts of P5,000,000. During the month, it earned a total of P400,000 from customers. The percentage tax is a. P138,000 b. P12,000 WRONG c. P150,000 CORRECT
d. P0 WRONG
Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. Aer the inial public oering, Mr. Galicano further sold his remaining 300,000 shareholdings for P90 per share. What is the IPO tax due from Mr. Galicano on the sale of the 300,000 shares? a. P162,000 CORRECT b. P540,000 c. P270,000 d. P161,000 WRONG
Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. What is the IPO tax due from Mr. Galicano? a. P350,000 b. P700,000 c. P1,400,000 CORRECT d. P2,800,000
Andres, a VAT-registered taxpayer, reported P200,000 sales last month. His annual sales never exceeded P3,000,000. Compute his percentage percentage tax. a. P6,000 b. P54,000 c. P24,000 d. P0 CORRECT
Melchora has two taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020? a. P108 WRONG b. P72 CORRECT c. P0 d. P216 WRONG
Rafael Airlines is a domesc airliner with annual receipts exceeding P50 million. During the month, it generated the following following receipts: Passengers, P5 million; Cargoes and baggage, P1.5 million. The percentage tax due is a. P195,000 WRONG b. P45,000 WRONG c. P0 CORRECT d. P150,000
Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the percentage tax payable of Apolinario for March 2020? a. P1,500 CORRECT b. P18,000 c. P12,000 d. P0
Palma Bank had the followi following ng summary of receipts: a. P160,000 b. P220,000 c. P180,000 CORRECT d. P200,000
Which of the following agricultural products is subject to excise tax?
Select one: a. Tobacco rolls b. Rened sugar c. Soymilk d. Ground coee Feedback Your answer is correct. The correct answer is: Tobacco rolls Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who is required to pay the excise tax on excisable goods?
Select one:
a. Producer b. Possessor of excisable goods with unpaid excise tax c. Importer d. Any of these Feedback Your answer is correct. The correct answer is: Any of these Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to payment of excise taxes?
Select one: a. Removal of damaged liquor b. Removal of tobacco products enrely unt for chewing or smoking c. Removal of bunker fuel for the producon of excisable products d. Removal of petroleum coke to be used as fuels of power plants Feedback Your answer is correct. The correct answer is: Removal of bunker fuel for the producon of excisable products Queson 4 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P20,000 b. P0 c. P100,000 d. P50,000 Feedback Your answer is correct. The correct answer is: P0 Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text To an operator of a domesc sea transport vessel, which of the following is vatable?
Select one: a. Fares from passengers b. Fares from baggage c. Fares from cargoes and mails d. All of the above Feedback
Your answer is correct. The correct answer is: All of the above Queson 6 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the excise tax?
Select one: a. P100,000 b. P40,000 c. P0 d. P200,000 Feedback Your answer is incorrect. P2M x 5%
The correct answer is: P100,000 Queson 7 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The stock transacon tax is withheld and remied by
Select one: a. The owner of stocks b. The buyer of the stocks c. The Philippine Stock Exchange d. The stockbroker Feedback Your answer is correct. The correct answer is: The stockbroker Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A cellular company had the following receipts: P2 million from domesc calls P3 million from incoming calls to the Philippines P2.5 million from outgoing calls abroad What is the percentage tax due?
Select one:
a. P75,000 b. P165,000 c. P0 d. P250,000 Feedback Your answer is correct. The correct answer is: P250,000 Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following requires a payment of bond?
Select one: a. Removal of wines and dislled spirits for tobacco leaf treatment. b. Removal of spirits for reccaon. c. Removal of fermented liquor to bonded warehouses. d. All of the above. Feedback Your answer is correct. The correct answer is: All of the above. Queson 10 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Which is subject to purely specic tax?
Select one: a. Dislled spirits b. Cigarees c. Cigar d. Yacht Feedback Your answer is correct. The correct answer is: Cigarees Queson 11 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text Which statement is false?
Select one: a. Automobiles used exclusively within freeport zones shall be exempt from excise tax. b. Manufacturers and importers are subject to ad valorem tax on their net selling price, net of excise tax and ad valorem tax. c. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for purposes of excise tax. d. To be considered a hybrid vehicle, a vehicle must be able to run using solely electric motor. Feedback
Your answer is incorrect. The correct answer is: Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for purposes of excise tax. Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A jeepney operator with gross receipts from passenger fares exceeding P3,000,000 in any 12-month period is subject to
Select one: a. 8% percentage tax b. 0% VAT c. 3% percentage tax d. 12% VAT Feedback Your answer is correct. The correct answer is: 3% percentage tax Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The tax base of percentage tax on agent of a foreign insurance company not allowed to do business in the Philippines is
Select one: a. Gross sales b. Gross receipts c. Remiances to the foreign insurance company by the agent d. Premiums received from within the Philippines for the foreign insurance company Feedback Your answer is correct. The correct answer is: Premiums received from within the Philippines for the foreign insurance company Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Ricarte Bank reported the following receipts during the month: Interest income Interest income • 1-3 year loan P1,200,000 • 3-5 year loan 800,000 • 6-8 year loan 600,000 • 8-10 year loan 400,000 Total
P3,000,000
What is the gross receipts tax due?
Select one: a. P70,000
b. P100,000 c. P110,000 d. P80,000 Feedback Your answer is correct. The correct answer is: P110,000 Queson 15 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text To be subject to the general percentage tax, a taxable person must not be
Select one: a. VAT-registered b. Non-VAT-registered c. Operang below the VAT threshold d. All of the above Feedback Your answer is incorrect. The correct answer is: VAT VAT-registered Queson 16 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P300,000 b. P340,000 c. P600,000 d. P0 Feedback Your answer is correct. P3M x 20% x 50% Electric car is exempt
Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text The excise tax on certain goods or services is not a
Select one: a. Direct tax b. Indirect tax c. Tax on domesc consumpon d. Naonal tax Feedback Your answer is correct. The correct answer is: Direct tax Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P600,000 b. P3,000,000 c. P0
d. P1,200,000 Feedback Your answer is correct. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
The correct answer is: P1,200,000 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the total amount subject to VAT?
Select one: a. P0 b. P400,000 c. P350,000 d. P550,000 Feedback
Your answer is correct. The correct answer is: P350,000 Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is
Select one: a. P0 b. P10,50 c. P9,600 d. P8,700 Feedback Your answer is correct. The correct answer is: P8,700 Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The percentage tax for operators of racetracks is
Select one: a. 30% b. 15% c. 18% d. 10% Feedback Your answer is correct. The correct answer is: 30% Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Whether metallic or non-metallic mineral product, the excise tax on imported goods shall be paid
Select one: a. Within 15 days from importaon b. Within 10 days aer removal of the goods from Customs c. Before removal of the goods from Customs d. Upon sale of the goods to the Customs territory territory Feedback Your answer is correct. The correct answer is: Before removal of the goods from Customs Queson 23 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Andres, a VAT-registered taxpayer, reported P200,000 sales last month. His annual sales never exceeded P3,000,000. Compute his percentage percentage tax.
Select one: a. P6,000 b. P54,000 c. P24,000 d. P0 Feedback Your answer is correct. The correct answer is: P0 Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following overseas call is not subject to percentage tax?
Select one: a. Overseas calls by Pedro, a minimum wage earner. b. Overseas calls transmied by PilTalk Company, a call center company located in Cauayan City. c. Overseas calls transmied by the City of Ilagan. d. Overseas calls transmied by the board of directors of Smart Communicaons.
Feedback Your answer is correct. The correct answer is: Overseas calls transmied by the City of Ilagan. Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000 b. P0 c. P600,000 d. P1,200,000 Feedback Your answer is correct. P6M x 20% x 50%
The correct answer is: P600,000 Queson 26 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P120,000 b. P252,000 c. P0 d. P264,000 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P204,000 b. P200,000 c. P210,000 d. P100,000 Feedback Your answer is correct. P2M x 10% Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is subject to 2% percentage tax?
Select one: a. Life insurance policy premiums collected by a resident foreign insurance company. b. Life insurance policy premiums collected by an agent of resident foreign insurance company. c. Insurance policy premium collected by an agent of a non-resident foreign insurance company.
d. Premium on insurance policy taken directly by the owner of the property insured. Feedback Your answer is correct. The correct answer is: Life insurance policy premiums collected by a resident foreign insurance company. Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Panday Pira Local Water District has an annual sales of P10 million a year. During the month, it collected P4,000,00 from sales of water. The percentage tax due is
Select one: a. P80,000 b. P120,000 c. P200,000 d. P0 Feedback Your answer is correct. The correct answer is: P80,000 Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text In a recently completed race, Rivera Astrodome noted the following winning ckets:
Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings?
Select one: a. P0 b. P4,584 c. P5,760 d. P3,800 Feedback Your answer is correct. The correct answer is: P4,584
Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one: a. P1,200,000 b. P1,100,000 c. P1,320,000
d. P1,000,000 Feedback Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text When domesc products that are removed from their place of producon without payment of the excise tax, the tax shall be paid by the
Select one: a. producer of the goods. b. owner having possession thereof. c. last seller. seller. d. buyer and seller equally. Feedback Your answer is correct. The correct answer is: owner having possession thereof. Queson 3 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text In the case of indigenous petroleum, natural gas or liquied natural gas, the excise tax thereon shall be paid by the
Select one: a. The person who is in possession of the same b. Producer of the goods c. First buyer of the goods d. Seller of the goods Feedback Your answer is correct. The correct answer is: First buyer of the goods Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to the 20% jewelry tax? Select one: a. Silver-plated wares b. Dental gold alloys or gold tooth lling c. Pearl d. Gold-plated frames or mounngs for eyeglasses Feedback Your answer is correct.
The correct answer is: Pearl Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Agents of foreign insurance are subject to
Select one: a. 3% premiums tax b. 4% premiums tax c. 2% premiums tax d. 5% premiums tax Feedback Your answer is correct. The correct answer is: 4% premiums tax Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on certain excisable goods is a tax on
Select one: a. Property – the goods produced or manufactured
b. Person – the owner or producer of certain goods c. Privilege – the right to enter into the business of producing or imporng certain arcles d. Privilege – the right to transport certain goods Feedback Your answer is correct. The correct answer is: Property – the goods produced or manufactured Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The 3% common carrier’s tax on internaonal carriers on their transport of cargoes from the Philippines to other countries is imposed upon I. Internaonal air carrier doing business in the Philippines II. Internaonal Internaonal shipping doing business in the the Philippines Philippines
Select one: a. Both I and II b. I only c. Neither of I and II d. II only Feedback Your answer is correct. The correct answer is: Both I and II Queson 8 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Statement 1: The percentage of block sale in primary oering is determined using the outstanding shares aer the IPO. Statement 2: The percentage of stock sale in secondary oering is determined using the outstanding shares before the IPO. Which statement is correct?
Select one: a. Both statements are correct b. Statement 1 only c. Statement 2 only d. Both statements are incorrect Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The IPO tax is payable by
Select one: a. The buyers of IPO shares
b. The stockbroker c. Both the buyer and issuing corporaon d. The issuing corporaon Feedback Your answer is correct. The correct answer is: The issuing corporaon Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The percentage tax rates on services specically subject to percentage tax ranges from
Select one: a. 1% to 3% b. 1% to 30% c. ½ of 1%to 3% d. 60% of 1% to 30% Feedback Your answer is correct. The correct answer is: 60% of 1% to 30% Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due?
Select one: a. P50,000 b. P91,000 c. P40,000 d. P0 Feedback Your answer is correct. The correct answer is: P50,000 Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one:
a. P3,000,000 b. P1,200,000 c. P600,000 d. P0 Feedback Your answer is correct. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
The correct answer is: P1,200,000 Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P204,000 b. P200,000 c. P210,000 d. P100,000 Feedback
Your answer is correct. P2M x 10% Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P0 b. P100,000 c. P20,000 d. P50,000 Feedback Your answer is correct. The correct answer is: P0 Queson 15 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Statement 1: Excise tax rates are relave more burdensome compared to other business taxes.
Statement 2: Excise tax rates covers a small range range or products or services.
Which statement is correct?
Select one: a. Statement 1 only b. Statement 2 only
c. Both statements are correct d. Both statements are incorrect Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 16 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due?
Select one: a. P4,800
b. P6,000 c. P4,500 d. P0 Feedback Your answer is correct. The correct answer is: P6,000 Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the total amount subject to VAT?
Select one: a. P0 b. P400,000 c. P550,000 d. P350,000 Feedback Your answer is correct.
The correct answer is: P350,000 Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is
Select one: a. P5,100 b. P4,500 c. P600 d. P360 Feedback Your answer is correct. The correct answer is: P4,500 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Rizal Company has three cigar processing plants located in Laguna, Manila and Dapitan. Rizal’s head oce is in Manila. Which is true with respect to the ling of excise tax?
Select one:
a. Rizal shall le the return where it warehouses its products. b. Only one consolidated return needs to be led in Manila. c. One return shall be led for each factory or place of producon. d. Rizal can choose to le the return at any of the RDOs having locaon of the plants. Feedback Your answer is correct. The correct answer is: One return shall be led for each factory or place of producon. Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Melchora has two taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020?
Select one: a. P216 b. P0 c. P108 d. P72 Feedback Your answer is correct. The correct answer is: P72 Queson 21 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise tax. What is the excise tax?
Select one: a. P60,000 b. P50,000 c. P57,143 d. P53,571 Feedback Your answer is correct. (P1.2M/112%) x 5%
The correct answer is: P53,571 Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is a VAT-exempt receipt to a bus operator?
Select one: a. Receipts from passengers b. Receipt from cargoes
c. Receipt from baggage d. Receipt from mails Feedback Your answer is correct. The correct answer is: Receipts from passengers Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which domesc carrier is specically subject to percentage tax?
Select one: a. All of the above b. Common carrier by sea c. Common carrier by land d. Common carrier by air Feedback Your answer is correct. The correct answer is: Common carrier by land Queson 24 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text
Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax?
Select one: a. P53,571 b. P51,202 c. P60,000 d. P57,143 Feedback Your answer is incorrect. (P1.2M/112%) x 5%/105%
The correct answer is: P51,202 Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to purely specic tax?
Select one: a. Dislled spirits b. Yacht c. Cigarees d. Cigar Feedback
Your answer is correct. The correct answer is: Cigarees Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Franchise grantees of telephone, telegraph and other communicaon equipment are subject to percentage tax on I. Overseas dispatch of message II. Domesc dispatch of message
Select one: a. Neither I nor II b. II only c. Both I and II d. I only Feedback Your answer is correct. The correct answer is: I only Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P264,000 b. P120,000 c. P0 d. P252,000 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Taxes imposed on substance known to harm health
Select one: a. Vanity tax b. Sumptuary tax
c. Green tax d. Sin tax Feedback Your answer is correct. The correct answer is: Sin tax Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. What is the IPO tax due from Mr. Galicano?
Select one: a. P350,000 b. P2,800,000 c. P700,000 d. P1,400,000 Feedback Your answer is correct. The correct answer is: P1,400,000 Queson 30 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Jose is a proprietor of a mini-store with sales in any 12-month period not exceeding P3,000,000. He shall pay
Select one: a. Value-added tax b. Excise tax c. Percentage and excise tax d. Percentage tax Feedback Your answer is correct. The correct answer is: Percentage tax
AMT Company sells electric cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P600,000 b. P0 c. P1,200,000 d. P3,000,000 Feedback Your answer is correct.
The correct answer is: P0 Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT, Inc. produced and withdrawn 1,000,000 units of excisable goods X which is subject to P1/unit excise tax. AMT uses goods X to manufacture Y which is sold domescally and abroad. 50,000 units of Y was produced out of which 30,000 units were exported.
Which is incorrect?
Select one: a. Excise tax is payable only on the 400,000 units of goods X. b. AMT shall pay P1 million in excise tax. c. AMT shall claim tax credit or refund of P600,000. d. None of the above. Feedback Your answer is correct. The correct answer is: Excise tax is payable only on the 400,000 units of goods X. Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is not subject to excise tax?
Select one: a. Prostuon b. Precious metals c. Sweetened beverages d. Quarry resources Feedback Your answer is correct. The correct answer is: Prostuon Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P0 b. P600,000 c. P300,000
d. P340,000 Feedback Your answer is correct. P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P210,000 b. P204,000 c. P200,000 d. P100,000 Feedback Your answer is correct.
P2M x 10% Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The gross receipts tax does not apply to
Select one: a. Urban banks b. Commercial banks c. Rural banks d. Credit cooperaves Feedback Your answer is correct. The correct answer is: Credit cooperaves Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Rentals of property, real or personal, received by bank and non-bank nancial intermediaries performing quasi-banking funcons are
Select one: a. Subject to 12% VAT b. Subject to gross receipts tax of 5% c. Subject to 3% percentage tax is annual gross receipts do not exceed P3,000,000 d. Subject to gross receipts tax of 7% Feedback Your answer is correct. The correct answer is: Subject to gross receipts tax of 7% Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text These refers to things produced and prepared in marketable state by simple treatment processes of washing or drying without undergoing any chemical change or process or manufacturing by the lessee, concessionaire or owner
Select one: a. Mineral products b. Minerals c. Quarry resources d. Metallic minerals Feedback Your answer is correct.
The correct answer is: Quarry resources Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Panganiban Company is conducng an inial public oering of 2,000,000 shares. Panganiban Company already had 4,000,000 issued and outstanding share shares. s. The new IPO shares shall be sold at P3 per share. What is the tax on the inial public oering?
Select one: a. P60,000 b. P0 c. P240,000 d. P120,000 Feedback Your answer is correct. The correct answer is: P120,000 Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P252,000 b. P0 c. P264,000 d. P120,000 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due?
Select one: a. P0 b. P4,500 c. P6,000 d. P4,800
Feedback Your answer is correct. The correct answer is: P6,000
Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is
Select one: a. P360 b. P600 c. P4,500 d. P5,100 Feedback Your answer is correct. The correct answer is: P4,500 Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text To an operator of a domesc aircra, which is vatable?
Select one: a. Fares from passengers
b. Fares from baggage c. Fares from cargoes and mails d. All of the above Feedback Your answer is correct. The correct answer is: All of the above Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to purely specic tax?
Select one: a. Cigar b. Cigarees c. Yacht d. Dislled spirits Feedback Your answer is correct. The correct answer is: Cigarees Queson 15
Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Which winning is subject to percentage tax?
Select one: a. Winnings from derby b. Winnings from loo c. Winnings from horserace d. Winnings from gambling Feedback Your answer is correct. The correct answer is: Winnings from horserace Queson 16 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on locally-produced or extracted mineral or mineral products shall be due and payable
Select one: a. Before the removal of the goods b. Within 15 days from the removal of the goods c. Upon removal of the goods
d. Upon sale of the goods Feedback Your answer is correct. The correct answer is: Within 15 days from the removal of the goods Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lopez Company imports and manufactures various various automobile models. During the month, it had the following data on its operaon:
Total Costs Co sts
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
The sales of these cars are subject to 10% excise tax.
What is the excise tax?
Select one: a. P4,350,000 b. P3,000,000 c. P4,550,000 d. P4,000,000 Feedback Your answer is correct. (P12.5M + P30M) x 110% x 10%
The correct answer is: P4,550,000 Queson 18
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is
Select one: a. P8,700 b. P9,600 c. P10,50 d. P0 Feedback Your answer is correct. The correct answer is: P8,700 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who will pay excise tax?
Select one: a. Manufacturer of denatured alcohol b. Manufacturer of plasc
c. Hospitals for performing cosmec surgery d. Manufacturer of vinegar Feedback Your answer is correct. The correct answer is: Hospitals for performing cosmec surgery Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Del Pilar manufactured cigaree and sold the same to Bonifacio. Bonifacio exported the goods abroad to a foreign retailer, Benjamin. Who is entled to claim refund for the excise tax?
Select one: a. Del Pilar b. Bonifacio c. Benjamin d. None of them Feedback Your answer is correct. The correct answer is: None of them Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
The percentage tax is
Select one: a. A tax on sale of services b. Imposed on sale of goods c. Imposed together with the excise tax d. All of the above Feedback Your answer is correct. The correct answer is: All of the above Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Graciano Ferries transports passengers and land vehicles between Batangas and Mindoro. Graciano usually had an average average annual receipts of P5,000,000. During the month, it earned a total of P400,000 from customers. The percentage tax is
Select one: a. P0 b. P150,000 c. P138,000 d. P12,000 Feedback Your answer is correct.
The correct answer is: P150,000 Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is correct?
Select one: a. Excise taxes are imposed at the point of consumpon. b. Excise tax normally don’t have a deadline of payment. c. Excise tax is payable on top of value-added tax but not of percentage tax. d. Business for subsistence are exempt from excise tax. Feedback Your answer is correct. The correct answer is: Excise tax normally don’t have a deadline of payment. Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Isabelo Insurance Corporaon has the following receipts and receivables from its insurance products:
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
What is the insurance premiums tax due?
Select one: a. P20,000 b. P36,000 c. P24,000 d. P30,000 Feedback Your answer is correct. The correct answer is: P24,000 Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax?
Select one: a. P57,143 b. P53,571 c. P51,202 d. P60,000 Feedback Your answer is correct. (P1.2M/112%) x 5%/105%
The correct answer is: P51,202 Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P100,000 b. P20,000 c. P50,000 d. P0 Feedback Your answer is correct. The correct answer is: P0
Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due?
Select one: a. P91,000 b. P40,000 c. P50,000 d. P0 Feedback Your answer is correct. The correct answer is: P50,000 Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A jeepney operator with gross receipts from passenger fares exceeding P3,000,000 in any 12-month period is subject to
Select one: a. 8% percentage tax b. 3% percentage tax c. 0% VAT d. 12% VAT Feedback Your answer is correct. The correct answer is: 3% percentage tax Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Agents of foreign insurance are subject to
Select one: a. 5% premiums tax b. 3% premiums tax c. 2% premiums tax d. 4% premiums tax Feedback Your answer is correct. The correct answer is: 4% premiums tax Queson 30 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A domesc carrier which is also engaged in internaonal transport operaon is subject to
Select one: a. VAT b. Excise tax c. VAT and percentage tax d. Percentage tax Feedback Your answer is correct. The correct answer is: VAT
Antonio Ferry Boats transport passengers and cargoes between the islands of Palaui and Sta. Ana. It earned a total of P120,000 in February 2020, excluding P10,000 freight for cargoes. What is the percentage tax if Antonio Ferry boats registered respecvely as a non-VAT taxpayer and as a VAT taxpayer?
Select one: a. P3,900 and P0 b. P3,600 and P0 c. P3,900 and P3,600 d. P0 and P0 Feedback Your answer is correct.
The correct answer is: P3,900 and P0 Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A jeepney operator with gross receipts from passenger fares exceeding P3,000,000 in any 12-month period is subject to
Select one: a. 3% percentage tax b. 0% VAT c. 12% VAT d. 8% percentage tax Feedback Your answer is correct. The correct answer is: 3% percentage tax Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is
Select one:
a. P600 b. P360 c. P4,500 d. P5,100 Feedback Your answer is correct. The correct answer is: P4,500 Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A domesc transportaon contractor by land is engaged in the transport of passengers, goods and cargoes. If the contractor is not VAT-registered, what business taxes is he liable for?
Select one: a. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers. b. 12% value added tax c. 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers d. 3% common carrier’s tax Feedback Your answer is correct. The correct answer is: 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers. Queson 5
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is not considered a taxable sin product?
Select one: a. Liquors b. Sweetened beverages c. Tobacco leaves d. Marijuana Feedback Your answer is correct. The correct answer is: Marijuana Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The premiums tax on life insurance applies to
Select one: a. Excess of premiums on variable contracts b. Refunded premium c. Re-insurance premium
d. Direct premium Feedback Your answer is correct. The correct answer is: Direct premium Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000 b. P1,200,000 c. P0 d. P600,000 Feedback Your answer is correct. P6M x 20% x 50%
The correct answer is: P600,000 Queson 8
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Jose is a proprietor of a mini-store with sales in any 12-month period not exceeding P3,000,000. He shall pay
Select one: a. Percentage and excise tax b. Percentage tax c. Excise tax d. Value-added tax Feedback Your answer is correct. The correct answer is: Percentage tax Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A domesc transportaon contractor by land is engaged in the transport of passengers, goods and cargoes. If the contractor is VAT-registered, what business taxes is he liable for?
Select one: a. 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers
b. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers. c. 12% value added tax d. 3% common carrier’s tax Feedback Your answer is correct. The correct answer is: 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Del Pilar manufactured cigaree and sold the same to Bonifacio. Bonifacio exported the goods abroad to a foreign retailer, Benjamin. Who is entled to claim refund for the excise tax?
Select one: a. Del Pilar b. Bonifacio c. Benjamin d. None of them Feedback Your answer is correct. The correct answer is: None of them Queson 11 Correct
Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one: a. P1,100,000 b. P1,200,000 c. P1,000,000 d. P1,320,000 Feedback Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Statement 1: Excise tax rates are relave more burdensome compared to other business taxes.
Statement 2: Excise tax rates covers a small range range or products or services.
Which statement is correct?
Select one: a. Statement 2 only b. Both statements are correct c. Both statements are incorrect d. Statement 1 only Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is not percentage tax-exempt? I. Businesses with annual gross sales of P100,000 P100,0 00 and below. II. Overseas calls made by the Philippine government. III.
Overseas messages transmied by any embassy and consular oces of a foreign government.
Select one: a. II only b. None of the above items. c. I, II and III d. I only Feedback Your answer is correct. The correct answer is: None of the above items. Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P100,000 b. P50,000 c. P0 d. P20,000 Feedback Your answer is correct. The correct answer is: P0 Queson 15 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text There are two compeng garage with the following receipts: Juan, P1,200,000 Diego, P3,500,000 Who will pay percentage tax?
Select one: a. Diego only b. Both Juan and Diego c. Juan only d. Neither Juan nor Diego Feedback Your answer is correct. The correct answer is: Both Juan and Diego Queson 16 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A tax on the right or privilege to enter places of amusement
Select one: a. Value added tax
b. Income tax c. Franchise tax d. Amusement tax Feedback Your answer is correct. The correct answer is: Amusement tax Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following products is subject to both ad valorem and specic tax?
Select one: a. Dislled spirits b. Automobiles c. Cigars and cigarees d. Dislled spirits, cigars and cigarees Feedback Your answer is correct. The correct answer is: Dislled spirits, cigars and cigarees Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P100,000 b. P204,000 c. P200,000 d. P210,000 Feedback Your answer is correct. P2M x 10% Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lopez Company imports and manufactures various various automobile models. During the month, it had the following data on its operaon:
Total Costs Co sts
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
The sales of these cars are subject to 10% excise tax.
What is the excise tax?
Select one: a. P4,000,000 b. P4,350,000 c. P3,000,000 d. P4,550,000 Feedback Your answer is correct. (P12.5M + P30M) x 110% x 10%
The correct answer is: P4,550,000 Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due?
Select one: a. P91,000 b. P50,000
c. P40,000 d. P0 Feedback Your answer is correct. The correct answer is: P50,000 Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Excise taxes that are imposed based on weight or volume capacity or other physical unit or measurement are called
Select one: a. Quantave tax b. Ad valorem tax c. Specic tax d. Metrical tax Feedback Your answer is correct. The correct answer is: Specic tax Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the excise tax?
Select one: a. P100,000 b. P0 c. P40,000 d. P200,000 Feedback Your answer is correct. P2M x 5%
The correct answer is: P100,000 Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Franchise grantees of telephone, telegraph and other communicaon equipment are subject to percentage tax on I. Overseas dispatch of message II. Domesc dispatch of message
Select one: a. Both I and II b. I only c. II only d. Neither I nor II Feedback Your answer is correct. The correct answer is: I only Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due?
Select one: a. P6,000 b. P0 c. P4,800 d. P4,500 Feedback Your answer is correct. The correct answer is: P6,000 Queson 25
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Statement 1: Excise tax, customs dues and the VAT VAT on importaon is similarly collecble at the point of importaon.
Statement 2: Excise tax and the VA VAT on importaon are similarly imposed upon landed costs.
Which statement is correct?
Select one: a. Both statements are correct b. Statement 2 only c. Both statements are incorrect d. Statement 1 only Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P340,000 b. P300,000 c. P0 d. P600,000 Feedback Your answer is correct. P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to purely specic tax?
Select one: a. Dislled spirits b. Yacht c. Cigarees d. Cigar Feedback Your answer is correct. The correct answer is: Cigarees Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Taxes imposed on substance known to harm health
Select one: a. Green tax b. Vanity tax c. Sumptuary tax d. Sin tax Feedback Your answer is correct. The correct answer is: Sin tax Queson 29 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Paterno Flights, an internaonal carrier, recorded the following receipts during a month for outgoing ights:
From booking agencies in
Philippines
Abroad
Total
Passengers
P2,000,000
P3,000,000
P5,000,000
Cargoes and baggage
500,000
1,200,000
1,700,000
Total
P2,500,000
P4,200,000
P6,700,000
What is the percentage tax due?
Select one: a. P51,000 b. P60,000 c. P15,000
d. P75,000 Feedback Your answer is correct. The correct answer is: P51,000 Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is not subject to the 3% percentage tax?
Select one: a. Internaonal shipping carrier doing business in the Philippines. b. Franchise grantees of city gas and water ulies. c. Domesc carriers by land and keepers of garage. d. Internaonal air carrier doing business in the Philippines. Feedback Your answer is correct. The correct answer is: Franchise grantees of city gas and water ulies
A right or privilege granted by the State to a person, individual or corporaon to operate a public ulity such as radio broadcasng, television staon, electric light system, telephone company, gas and water ulies
Select one: a. Common carriers
b. Lending investors c. Franchise d. Dealers in securies Feedback Your answer is correct. The correct answer is: Franchise Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one: a. P1,200,000 b. P1,320,000 c. P1,000,000 d. P1,100,000
Feedback
Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due?
Select one: a. P6,000 b. P0 c. P4,800 d. P4,500 Feedback Your answer is correct. The correct answer is: P6,000 Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Which is subject to purely specic tax?
Select one: a. Cigarees b. Dislled spirits c. Cigar d. Yacht Feedback Your answer is correct. The correct answer is: Cigarees Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P20,000 b. P100,000 c. P0 d. P50,000 Feedback Your answer is correct.
The correct answer is: P0 Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text If the block sale of primary shares exceeds 1/3 of the outstanding shares aer aer the IPO sale, the IPO tax is
Select one: a. 1% b. 2% c. 4% d. 60% of 1% Feedback Your answer is correct. The correct answer is: 1% Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise tax. What is the excise tax?
Select one:
a. P60,000
b. P50,000 c. P57,143 d. P53,571 Feedback Your answer is correct. (P1.2M/112%) x 5%
The correct answer is: P53,571 Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on certain excisable goods is a tax on
Select one: a. Property – the goods produced or manufactured b. Privilege – the right to transport certain goods c. Privilege – the right to enter into the business of producing or imporng certain arcles d. Person – the owner or producer of certain goods Feedback Your answer is correct. The correct answer is: Property – the goods produced or manufactured Queson 9 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Shares of stock held as investment when sold through the local stock exchange shall be subject to
Select one: a. Value-added tax of 12% based on gross income b. Percentage tax of 6/10 of 1% based on gross selling price or gross value in money c. Percentage tax on inial public oering of 4%, 2% or 1% based on gross selling price or gross value in money d. Capital gains tax of 15% on capital gain Feedback Your answer is correct. The correct answer is: Percentage tax of 6/10 of 1% based on gross selling price or gross value in money Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is correct?
Select one: a. Excise taxes are imposed at the point of consumpon. b. Excise tax is payable on top of value-added tax but not of percentage tax. c. Business for subsistence are exempt from excise tax.
d. Excise tax normally don’t have a deadline of payment.
Feedback Your answer is correct. The correct answer is: Excise tax normally don’t have a deadline of payment. Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P1,200,000 b. P3,000,000 c. P600,000 d. P0 Feedback Your answer is correct. P6M x 20% x 50%
The correct answer is: P600,000 Queson 12
Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Franchise grantees of telephone, telegraph and other communicaon equipment are subject to percentage tax on I. Overseas dispatch of message II. Domesc dispatch of message
Select one: a. Neither I nor II b. Both I and II c. II only d. I only Feedback Your answer is correct. The correct answer is: I only Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following services is subject to excise tax? Select one: a. Collagen inducon therapy b. Dermal llers
c. Invasive cosmec procedures and surgeries
d. Acupuncture rejuvenaon therapy Feedback Your answer is correct. The correct answer is: Invasive cosmec procedures and surgeries Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Fernando Company is a transportaon contractor of Amita Delivery Services, a mail courier company. Fernando Company delivers the mails to addressee locaon specied in the mails. During the month, Fernando Company was paid P400,000 by Amita. The percentage tax due is
Select one: a. P48,000 b. P12,000 c. P0 d. P24,000 Feedback Your answer is correct. The correct answer is: P12,000 Queson 15 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text
The excise tax on locally-produced or extracted mineral or mineral products shall be due and payable
Select one: a. Before the removal of the goods b. Upon sale of the goods c. Upon removal of the goods d. Within 15 days from the removal of the goods Feedback Your answer is correct. The correct answer is: Within 15 days from the removal of the goods Queson 16 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text Mr. Dipatuan pracces his profession as a medical praconer. He registered as a VAT-taxpayer. Mrs. Dipatuan is a nurse employed by a public hospital. Which statement is correct?
Select one: a. Mrs. Dipatuan shall pay percentage tax. b. Mrs. Dipatuan is exempt from business tax. c. Mr. Dipatuan shall pay percentage tax. d. Mr. Dipatuan is exempt from business tax. Feedback
Your answer is incorrect.
The correct answer is: Mrs. Dipatuan is exempt from business tax. Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The premiums tax on insurance premium is
Select one: a. 3% b. 2% c. 4% d. 5% Feedback Your answer is correct. The correct answer is: 2% Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is not correct?
Select one: a. The percentage taxes are not allowed by law to be shied to the customer or clients.
b. An isolated transacon not in the course of business will not result in a liability for a percentage tax. c. The percentage taxes are paid on a quarterly basis. d. The percentage taxes are basically on sales of services. Feedback Your answer is correct. The correct answer is: The percentage taxes are not allowed by law to be shied to the customer or clients. Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text What is the threshold alcohol content that when exceeded shall reclassify wines into dislled spirits?
Select one: a. 30% b. 10% c. 25% d. 14% Feedback Your answer is correct. The correct answer is: 25% Queson 20 Correct Mark 1.00 out of 1.00
Not aggedFlag queson
Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P120,000 b. P264,000 c. P252,000 d. P0 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text MV Leona, an internaonal shipping carrier, had the following receipts on its Philippine operaons:
Gross receipts from
Passengers
Baggage
Total
Incoming voyages
P2,000,000
P1,500,000
P3,500,00
Outgoing voyages
3,000,000
1,800,00
4,800,000
Total
P5,000,000
P3,300,000
P8,300,000
How much is the percentage tax due?
Select one: a. P144,000 b. P0 c. P54,000 d. P99,000 Feedback Your answer is correct. The correct answer is: P54,000 Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lakandula is an operator of cockpit. During the quarter, it collected P200,000 from gate receipts, P240,000 from “tongs” and P300,000 from business concessionaires inside the cockpits. Total winnings
on derby sets totaled P2,400,000. What is the amusement tax?
Select one: a. P111,000 b. P0 c. P133,200 d. P74,000 Feedback Your answer is correct. The correct answer is: P133,200 Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A tax on the right or privilege to enter places of amusement
Select one: a. Income tax b. Value added tax c. Amusement tax d. Franchise tax Feedback Your answer is correct. The correct answer is: Amusement tax
Queson 24
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the total amount subject to VAT?
Select one: a. P550,000 b. P0 c. P350,000 d. P400,000 Feedback Your answer is correct. The correct answer is: P350,000 Queson 25 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text
The excise tax on excisable goods exported is claimed by refund or tax credit. Which is an excepon to this rule?
Select one: a. Sin products b. Mineral products c. Petroleum products d. Non-essenal goods Feedback Your answer is incorrect. The correct answer is: Mineral products Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Padre Gomez owns a cargo truck for rent. During the month, it generated total receipts of P40,000 from various clients. The percentage tax due is
Select one: a. P4,800 b. P1,200 c. P2,000 d. P0 Feedback Your answer is correct. The correct answer is: P1,200
Queson 27
Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000 b. P600,000 c. P1,200,000 d. P0 Feedback Your answer is incorrect. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
The correct answer is: P1,200,000 Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the excise tax?
Select one: a. P40,000 b. P200,000 c. P0 d. P100,000 Feedback Your answer is correct. P2M x 5%
The correct answer is: P100,000 Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who will pay excise tax?
Select one:
a. Manufacturer of denatured alcohol
b. Hospitals for performing cosmec surgery c. Manufacturer of plasc d. Manufacturer of vinegar Feedback Your answer is correct. The correct answer is: Hospitals for performing cosmec surgery Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Statement 1: The tax on life insurance premiums is 2% based upon the total premiums collected whether such premiums are paid in money, notes, credits or any substute for money.
Statement 2: The tax on agents of foreign insurance companies is 10% based upon the total premiums collected.
Select one: a. Statements 1 & 2 are true. b. Statement 1 is false but stateme statement nt 2 is true. c. Statements 1 & 2 are false. d. Statement 1 is true but statement 2 is false. Feedback Your answer is correct. The correct answer is: Statement 1 is true but statement 2 is false.
Melchora has two taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020?
Select one: a. P72 b. P108 c. P0 d. P216 Feedback Your answer is correct. The correct answer is: P72 Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Isabelo Insurance Corporaon has the following receipts and receivables from its insurance products:
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
What is the insurance premiums tax due?
Select one: a. P24,000 b. P30,000 c. P36,000 d. P20,000 Feedback Your answer is correct. The correct answer is: P24,000 Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The gross receipts tax on long-term interest income is
Select one: a. 3% b. 5% c. 7%
d. 1%
Feedback Your answer is correct. The correct answer is: 1% Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who is the taxpayer on locally-produced excisable goods?
Select one: a. Wholesaler b. Producer c. Consumer d. Importer Feedback Your answer is correct. The correct answer is: Producer Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is subject to amusement tax on gross receipts
Select one: a. Owners of winning racehorses b. Lessees of karaoke TV houses c. Owners of winning cocks in the cockpits d. Lessors of bowling alleys Feedback Your answer is correct. The correct answer is: Lessees of karaoke TV houses Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P204,000 b. P100,000 c. P200,000 d. P210,000 Feedback Your answer is correct.
P2M x 10%
Withholding tax does not cover excise tax and output VAT. The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on certain goods or services is not a
Select one: a. Direct tax b. Tax on domesc consumpon c. Naonal tax d. Indirect tax Feedback Your answer is correct. The correct answer is: Direct tax Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Which of the following boxing events is not exempt from amusement tax?
Select one: a. Oriental championship b. Asian championship c. World championship d. Naonal championship Feedback Your answer is correct. The correct answer is: Naonal championship Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P252,000 b. P0 c. P264,000 d. P120,000
Feedback
Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells electric cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P0 b. P1,200,000 c. P600,000 d. P3,000,000 Feedback Your answer is correct. The correct answer is: P0 Queson 11 Correct
Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is
Select one: a. P8,700 b. P0 c. P9,600 d. P10,50 Feedback Your answer is correct. The correct answer is: P8,700 Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P340,000 b. P300,000 c. P600,000 d. P0 Feedback Your answer is correct. P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Excise tax on locally produced excisable goods shall be paid
Select one: a. Within 15 days from the removal of the goods b. Before the removal of the goods c. Upon removal of the goods
d. Upon sale of the goods
Feedback Your answer is correct. The correct answer is: Before the removal of the goods Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text An operator of car with chaueurs for hire had the following nancial results during a month:
Total collecons
P 240,000
Less:
Fuel
P 100,000
Other car supplies
24,000
Driver’s salaries
20,000
144,000
Net income
P 96,000
What is the percentage tax due?
Select one: a. P4,200 b. P4,320 c. P7,200 d. P2,880 Feedback Your answer is correct. The correct answer is: P2,880 Queson 15 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Marcelo is an operator of a eet of 10 taxis operated under the “boundary system.” A total of P150,000 “boundary” payments from chaueurs was received in March 2020. A total of P20,000 is sll receivable from chaueurs for family advances. The percentage tax for the month is
Select one: a. P4,500 b. P600 c. P5,100 d. P360 Feedback Your answer is correct.
The correct answer is: P4,500
Queson 16 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text Which is part of gross receipts for purposes of premiums tax on life insurance? I.
Checks
II. Bills and coins III.
Promissory notes
Select one: a. I and III only b. II and III only c. I, II and III d. I and II only Feedback Your answer is incorrect. The correct answer is: I, II and III Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following statements is correct? I. The gross revenue for freight or cargo cargo and mail shall be determined based on the revenue realized realized
from the carriage thereof.
II. The amount realized realized for for mails, shall shall on the other other hand, be determined determined based on the amount as reected in the cargo manifest of the carrier.
Select one: a. Both I and II b. I only c. Neither I nor II d. II only Feedback Your answer is correct. The correct answer is: I only Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one:
a. P1,320,000 b. P1,000,000 c. P1,100,000 d. P1,200,000 Feedback Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text From which of the following sources is the gross receipt of an internaonal carrier subject to percentage tax?
Select one: a. Incoming transport of passengers b. Incoming transport of cargoes c. Outgoing transport of passengers d. Outgoing transport of cargoes Feedback
Your answer is correct. The correct answer is: Outgoing transport of cargoes
Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text In the case of indigenous petroleum, natural gas or liquied natural gas, the excise tax thereon shall be paid by the
Select one: a. First buyer of the goods b. The person who is in possession of the same c. Producer of the goods d. Seller of the goods Feedback Your answer is correct. The correct answer is: First buyer of the goods Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is incorrect with respect to the requisites of exempon of receipts from professional boxing?
Select one:
a. Both contenders must be Filipinos b. The promoter must be a Filipino cizen or a corporaon with at least 60% owned by Filipinos
c. The compeon must be a world or oriental championship d. All of the above Feedback Your answer is correct. The correct answer is: Both contenders must be Filipinos Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is false?
Select one: a. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for purposes of excise tax. b. Manufacturers and importers are subject to ad valorem tax on their net selling price, net of excise tax and ad valorem tax. c. Automobiles used exclusively within freeport zones shall be exempt from excise tax. d. To be considered a hybrid vehicle, a vehicle must be able to run using solely electric motor. Feedback Your answer is correct. The correct answer is: Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for purposes of excise tax. Queson 23 Correct Mark 1.00 out of 1.00
Not aggedFlag queson
Queson text Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of P200,000 during a month, including P20,000 rentals for cargo transport. How much is the percentage tax?
Select one: a. P0 b. P6,600 c. P5,400 d. P6,000 Feedback Your answer is correct. The correct answer is: P6,000 Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on locally-produced or manufactured products that are exported shall be claimed by the producer as
Select one: a. Tax refund b. Expense c. Tax refund or tax credit d. Tax credit
Feedback
Your answer is correct. The correct answer is: Tax refund or tax credit Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Excise tax shall apply to certain goods intended for: I. Domesc consumpon II. Foreign consumpon
Select one: a. II only b. I only c. Neither I nor II d. Both I and II Feedback Your answer is correct. The correct answer is: I only Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Antonio Ferry Boats transport passengers and cargoes between the islands of Palaui and Sta. Ana. It earned a total of P120,000 in February 2020, excluding P10,000 freight for cargoes.
What is the percentage tax if Antonio Ferry boats registered respecvely as a non-VAT taxpayer and as a VAT taxpayer?
Select one: a. P3,900 and P0 b. P0 and P0 c. P3,900 and P3,600 d. P3,600 and P0 Feedback Your answer is correct. The correct answer is: P3,900 and P0 Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax?
Select one: a. P51,202 b. P60,000 c. P53,571 d. P57,143 Feedback
Your answer is correct.
(P1.2M/112%) x 5%/105%
The correct answer is: P51,202 Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following agricultural products is subject to excise tax?
Select one: a. Soymilk b. Tobacco rolls c. Ground coee d. Rened sugar Feedback Your answer is correct. The correct answer is: Tobacco rolls Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is not specically subject to common carrier’s tax?
Select one: a. Bus b. Taxi c. Jeepney d. Truck Feedback Your answer is correct. The correct answer is: Truck Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lopez Company imports and manufactures various various automobile models. During the month, it had the following data on its operaon:
Total Costs Co sts
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
The sales of these cars are subject to 10% excise tax.
What is the excise tax?
Select one: a. P4,550,000 b. P4,000,000 c. P3,000,000 d. P4,350,000 Feedback
Your answer is correct.
(P12.5M + P30M) x 110% x 10%
The correct answer is: P4,550,000
The premiums tax on life insurance applies to
Select one: a. Refunded premium b. Re-insurance premium c. Excess of premiums on variable contracts d. Direct premium Feedback Your answer is correct. The correct answer is: Direct premium Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one:
a. P252,000 b. P120,000 c. P0 d. P264,000 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Shares of stock held as investment when when sold not through the local stock exchange shall be subject to
Select one: a. Percentage tax on inial public oering of 4%, 2% or 1% based on gross selling price or gross value in money b. Percentage tax of 6/10 of 1% based on gross selling price or gross value in money c. Value-added tax of 12% based on gross income d. Capital gains tax of 15% on capital gain Feedback Your answer is correct.
The correct answer is: Capital gains tax of 15% on capital gain Queson 4
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text What is the business tax liability of gas and water ulity companies with gross receipts not exceeding P10 million?
Select one: a. 3% percentage tax b. 2% percentage tax c. VAT d. No business tax Feedback Your answer is correct. The correct answer is: 2% percentage tax Queson 5 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text The tax refund or tax credit on exported products shall not be allowed on
Select one: a. All metallic products
b. All mineral products, coal and coke. c. All mineral products
d. Coal and coke Feedback Your answer is incorrect. The correct answer is: All mineral products Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Apolinario owns and operates a taxi unit. He also teaches as an accounng professor at a university and renders professional consultancy services to various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he had the following receipts: Compensaon income from teaching, P200,000 Receipts from taxi, P50,000 Receipts from professional pracce What is the percentage tax payable of Apolinario for March 2020?
Select one: a. P1,500 b. P18,000 c. P12,000 d. P0 Feedback Your answer is correct.
The correct answer is: P1,500 Queson 7
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Panday Pira Local Water District has an annual sales of P10 million a year. During the month, it collected P4,000,00 from sales of water. The percentage tax due is
Select one: a. P0 b. P80,000 c. P200,000 d. P120,000 Feedback Your answer is correct. The correct answer is: P80,000 Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following is not considered a taxable sin product?
Select one: a. Marijuana
b. Liquors c. Tobacco leaves
d. Sweetened beverages Feedback Your answer is correct. The correct answer is: Marijuana Queson 9 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text Which is the correct percentage tax on the following service providers?
Select one: a. Keepers of garage – 5% b. Franchisees of water ulity – 3% c. Life insurance companies – 5% d. Operators of jai-alai and horseraces – 30% Feedback Your answer is incorrect. The correct answer is: Operators of jai-alai and horseraces – 30% Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Which winning is subject to percentage tax?
Select one: a. Winnings from gambling b. Winnings from derby c. Winnings from horserace d. Winnings from loo Feedback Your answer is correct. The correct answer is: Winnings from horserace Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Gregoria Transporters, a transportaon contractor, transports employees of Amita Industries to and from Ilagan City to a distant plant in San Mariano City. In March, Gregoria Transporters was paid P300,000 by Amita Industries. The percentage tax due is
Select one: a. P15,000 b. P0 c. P9,000 d. P36,000 Feedback
Your answer is correct. The correct answer is: P9,000
Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Palma Bank had the followi following ng summary of receipts:
Interest income on short-term loans
P2,000,000
Interest income on long-term loans
1,000,000
Rent income on ROPOA
800,000
Service fees and gains
200,000
What is the gross receipts tax due?
Select one: a. P160,000 b. P180,000 c. P200,000 d. P220,000 Feedback Your answer is correct. The correct answer is: P180,000 Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P600,000
b. P3,000,000 c. P1,200,000
d. P0 Feedback Your answer is correct. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
The correct answer is: P1,200,000 Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on excisable goods exported is claimed by refund or tax credit. Which is an excepon to this rule?
Select one: a. Petroleum products b. Non-essenal goods c. Sin products d. Mineral products Feedback Your answer is correct. The correct answer is: Mineral products Queson 15
Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Which of the following boxing events is not exempt from amusement tax?
Select one: a. Naonal championship b. Oriental championship c. Asian championship d. World championship Feedback Your answer is correct. The correct answer is: Naonal championship Queson 16 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is correct?
Select one: a. Excise taxes are imposed at the point of consumpon. b. Excise tax normally don’t have a deadline of payment. c. Excise tax is payable on top of value-added tax but not of percentage tax.
d. Business for subsistence are exempt from excise tax. Feedback
Your answer is correct. The correct answer is: Excise tax normally don’t have a deadline of payment. Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dagohoy Corporaon sell bread to various stores and makes P150,000 monthly sales on the average. During the month, it made total sales of P200,000 out of which only P160,000 was collected. What is the percentage tax due?
Select one: a. P4,500 b. P0 c. P6,000 d. P4,800 Feedback Your answer is correct. The correct answer is: P6,000 Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the excise tax?
Select one: a. P40,000 b. P200,000 c. P0 d. P100,000 Feedback Your answer is correct. P2M x 5%
The correct answer is: P100,000 Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text MV Leona, an internaonal shipping carrier, had the following receipts on its Philippine operaons:
Gross receipts from
Passengers
Baggage
Total
Incoming voyages
P2,000,000
P1,500,000
P3,500,00
Outgoing voyages
3,000,000
1,800,00
4,800,000
Total
P5,000,000
P3,300,000
P8,300,000
How much is the percentage tax due?
Select one: a. P99,000 b. P0 c. P54,000 d. P144,000 Feedback Your answer is correct. The correct answer is: P54,000 Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which could not be considered a vanity tax
Select one: a. Tax imposed upon champagne
b. Tax imposed upon automobiles c. Tax imposed upon jewelry d. Tax imposed upon cosmec surgery Feedback Your answer is correct. The correct answer is: Tax imposed upon champagne Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following overseas call is not subject to percentage tax?
Select one: a. Overseas calls transmied by the board of directors of Smart Communicaons. b. Overseas calls transmied by PilTalk Company, a call center company located in Cauayan City. c. Overseas calls transmied by the City of Ilagan. d. Overseas calls by Pedro, a minimum wage earner. Feedback Your answer is correct. The correct answer is: Overseas calls transmied by the City of Ilagan. Queson 22 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise tax. What is the excise tax?
Select one: a. P57,143 b. P60,000 c. P53,571 d. P50,000 Feedback Your answer is correct. (P1.2M/112%) x 5%
The correct answer is: P53,571 Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells hybrid cars ulizing alternave power sources. The cars have selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000
b. P0 c. P600,000 d. P1,200,000 Feedback Your answer is correct. P6M x 20% x 50%
The correct answer is: P600,000 Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A quasi-bank received the following from its short-term placement of excess funds: Dividend income, P500,000 Bank interest interest income, net of nal tax, P800,000 What is the gross receipts tax due?
Select one: a. P40,000 b. P0 c. P91,000 d. P50,000
Feedback Your answer is correct.
The correct answer is: P50,000 Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells electric cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000 b. P600,000 c. P1,200,000 d. P0 Feedback Your answer is correct. The correct answer is: P0 Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Filing of an excise tax bond is required on
Select one: a. Excise tax on metallic minerals and mineral products b. Excise tax on indigenous petroleum or natural gas c. Excise tax on non-metallic minerals and mineral products d. Excise tax on mineral products Feedback Your answer is correct. The correct answer is: Excise tax on metallic minerals and mineral products Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to purely specic tax?
Select one: a. Yacht b. Dislled spirits c. Cigar d. Cigarees Feedback Your answer is correct.
The correct answer is: Cigarees Queson 28
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Excise to shall apply to certain goods that are I. Locally produced II. Imported
Select one: a. II only b. Both I and II c. I only d. Neither I nor II Feedback Your answer is correct. The correct answer is: Both I and II Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax?
Select one: a. P60,000
b. P53,571 c. P51,202 d. P57,143 Feedback Your answer is correct. (P1.2M/112%) x 5%/105%
The correct answer is: P51,202 Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is a VAT-exempt receipt to a bus operator?
Select one: a. Receipts from passengers b. Receipt from mails c. Receipt from baggage d. Receipt from cargoes Feedback Your answer is correct. The correct answer is: Receipts from passengers
aterno Flights, an internaonal carrier, recorded the following receipts during a month for outgoing ights:
From booking agencies in
Philippines
Abroad
Total
Passengers
P2,000,000
P3,000,000
P5,000,000
Cargoes and baggage
500,000
1,200,000
1,700,000
Total
P2,500,000
P4,200,000
P6,700,000
What is the percentage tax due?
Select one: a. P15,000 b. P60,000 c. P75,000 d. P51,000 Feedback
Your answer is correct. The correct answer is: P51,000
Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Statement 1: All inial public oerings are subject to IPO tax Statement 2: A follow-through oering is exempt exempt from IPO tax Which statement is correct?
Select one: a. Statement 1 only b. Both statements are correct c. Statement 2 only d. Both statements are incorrect Feedback Your answer is correct. The correct answer is: Statement 2 only Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of P200,000 during a month, including P20,000 rentals for cargo transport. How much is the percentage tax?
Select one:
a. P5,400 b. P6,000 c. P6,600 d. P0 Feedback Your answer is correct. The correct answer is: P6,000 Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Taxes imposed to restrain luxury
Select one: a. Vanity tax b. Sumptuary tax c. Green tax d. Sin tax Feedback Your answer is correct. The correct answer is: Sumptuary tax Queson 5
Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Which of the following does not properly describe excise tax on certain goods or services?
Select one: a. Estate tax b. Vanity tax c. Environment tax d. Sin tax Feedback Your answer is correct. The correct answer is: Estate tax Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lopez Company imports and manufactures various various automobile models. During the month, it had the following data on its operaon:
Total Costs Co sts
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
The sales of these cars are subject to 10% excise tax.
What is the excise tax?
Select one:
a. P3,000,000 b. P4,550,000
c. P4,000,000 d. P4,350,000 Feedback Your answer is correct. (P12.5M + P30M) x 110% x 10%
The correct answer is: P4,550,000 Queson 7 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P300,000 b. P0 c. P340,000
d. P600,000 Feedback
Your answer is correct. P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is false?
Select one: a. Cigarees are subject to specic taxes. b. All excisable automobiles are subject to specic tax. c. All excisable petroleum products are subject to specic taxes. d. All excisable jewelries are subject to ad valorem tax. Feedback Your answer is correct. The correct answer is: All excisable automobiles are subject to specic tax. Queson 9
Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Statement 1: The percentage of block sale in primary oering is determined using the outstanding shares aer the IPO. Statement 2: The percentage of stock sale in secondary oering is determined using the outstanding shares before the IPO. Which statement is correct?
Select one: a. Statement 1 only b. Statement 2 only c. Both statements are correct d. Both statements are incorrect Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 10 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Mr. Galicano owns 1,000,000 shares represenng 40% of the outstanding stocks of Amita Corporaon, a closely-held corporaon, which is conducng an inial public oering. Mr. Galicano sold 700,000 shares during the inial public oering for P100 per share. Aer the inial public oering, Mr. Galicano further sold his remaining 300,000 shareholdings for P90
per share. What is the IPO tax due from Mr. Galicano on the sale of the 300,000 shares?
Select one: a. P161,000 b. P162,000 c. P270,000 d. P540,000 Feedback Your answer is correct. The correct answer is: P162,000 Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is incorrect with respect to the requisites of exempon of receipts from professional boxing?
Select one: a. Both contenders must be Filipinos b. The promoter must be a Filipino cizen or a corporaon with at least 60% owned by Filipinos c. The compeon must be a world or oriental championship d. All of the above Feedback Your answer is correct.
The correct answer is: Both contenders must be Filipinos Queson 12
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Andres, a VAT-registered taxpayer, reported P200,000 sales last month. His annual sales never exceeded P3,000,000. Compute his percentage percentage tax.
Select one: a. P0 b. P54,000 c. P6,000 d. P24,000 Feedback Your answer is correct. The correct answer is: P0 Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text When domesc products that are removed from their place of producon without payment of the excise tax, the tax shall be paid by the
Select one:
a. producer of the goods. b. buyer and seller equally.
c. last seller. seller. d. owner having possession thereof. Feedback Your answer is correct. The correct answer is: owner having possession thereof. Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Casllo shall deduct on the professional fees? Select one: a. P204,000 b. P200,000 c. P210,000 d. P100,000 Feedback Your answer is correct. P2M x 10% Withholding tax does not cover excise tax and output VAT.
The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M a year.
The correct answer is: P200,000 Queson 15 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The taxpayer is a VAT-registered lessor of residenal units. Monthly rent per unit is P16,000 while his gross rental income for the year amounted to P2,500,000. What is the applicable business tax on his rental income?
Select one: a. 12% VAT or 3% percentage tax at his opon b. Exempt from VAT or percentage tax c. 12% VAT d. 3% percentage tax Feedback Your answer is correct. The correct answer is: 3% percentage tax Queson 16 Incorrect Mark 0.00 out of 1.00 Not aggedFlag queson Queson text The premiums tax on insurance premium is
Select one:
a. 3% b. 5% c. 2% d. 4% Feedback Your answer is incorrect. The correct answer is: 2% Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Statement 1: Internaonal air carriers and internaonal shipping carriers shall not be subject to 12% value added tax but to 3% common carrier’s tax based on gross receipts derived from their transport of passengers and goods from Philippines to other countries.
Statement 2: In cases when the Gross Gross Philippine Billings Tax of 2.5% for internaonal carriers is not applicable, the common carrier’s tax under Sec. 118 of the NIRC shall sll apply.
Select one: a. Statement 1 is false but statement 2 is true. b. Statements 1 & 2 are false. c. Statements 1 & 2 are true. d. Statement 1 is true but statement 2 is false.
Feedback Your answer is correct. The correct answer is: Statement 1 is false but statement 2 is true.
Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following requires a payment of bond?
Select one: a. Removal of wines and dislled spirits for tobacco leaf treatment. b. Removal of spirits for reccaon. c. Removal of fermented liquor to bonded warehouses. d. All of the above. Feedback Your answer is correct. The correct answer is: All of the above. Queson 19 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one:
a. P50,000 b. P100,000
c. P0 d. P20,000 Feedback Your answer is correct. The correct answer is: P0 Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who shall be liable to the amusement taxes under Secon 125 of the Tax Code?
Select one: a. Lessees of bowling alleys b. Patrons of amusement places c. Lessors of amusement places d. Proprietors, lessees or operators of amusement places Feedback Your answer is correct. The correct answer is: Proprietors, lessees or operators of amusement places Queson 21 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text
AMT Company sells electric cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Saver model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P600,000 b. P0 c. P1,200,000 d. P3,000,000 Feedback Your answer is correct. The correct answer is: P0 Queson 22 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text AMT Company sells sports cars with selling prices ranging from P2 million to P20 million. During the month, it completed the producon of 2 units of the Time Traveler model with aggregate cost of P2 million and wholesale price of P6 million.
What is the ad valorem tax?
Select one: a. P3,000,000
b. P0 c. P1,200,000 d. P600,000 Feedback Your answer is correct. SRP per unit = P6M/2 = P3M per unit P6M x 20% = P1.2M
The correct answer is: P1,200,000 Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which of the following statements is incorrect?
Select one: a. The 6/10 of 1% stock transacon transacon tax is a nal withholding tax on income b. The 6/10 of 1% tax shall be collected by the broker who made the sale and shall be remied within 5 banking days from the date of collecon c. The 6/10 of 1% stock transacon tax is collected collected whether there is a gain or loss. d. The tax paid on sale of shares through local stock exchange and inial public oering and secondary oering shall not be an allowable deducon for income tax purposes Feedback
Your answer is correct. The correct answer is: The 6/10 of 1% stock transacon tax is a nal withholding tax on income
Queson 24 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Padre Burgos, a non-VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passenger baggage. The common carriers tax is
Select one: a. P8,700 b. P10,500 c. P0 d. P9,600 Feedback Your answer is correct. The correct answer is: P9,600 Queson 25 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text What is the tax basis on goods subject to ad valorem tax?
Select one: a. Gross selling price at the place of producon
b. Gross selling price of the resellers of the goods c. Producon cost plus a minimum 10% margin d. Gross selling price at the place or producon or in other places if sold by the owner in other places. Feedback Your answer is correct. The correct answer is: Gross selling price at the place or producon or in other places if sold by the owner in other places. Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one: a. P1,320,000 b. P1,200,000
b.
, 00,000
c. P1,100,000 d. P1,000,000
Feedback Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Lapu-Lapu Corporaon, a non-VAT taxpayer, leases commercial spaces to various businesses. During a month, it received P142,500 rentals, net of 5% creditable withholding tax. What is the percentage tax due?
Select one: a. P0 b. P4,500 c. P4,061 d. P4,275 Feedback Your answer is correct. The correct answer is: P4,500
Queson 28 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Whether metallic or non-metallic mineral product, the excise tax on imported goods shall be paid
Select one: a. Within 15 days from importaon b. Within 10 days aer removal of the goods from Customs c. Upon sale of the goods to the Customs territory territory d. Before removal of the goods from Customs Feedback Your answer is correct. The correct answer is: Before removal of the goods from Customs Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Felipe Airlines, an internaonal air carrier, collected a total of P300,000 from transporng passengers during the month. It also collected collected a total of P5,000,000 from transporng transporng mails and baggage. baggage. The percentage tax due is
Select one: a. P900,000
b. P150,000 c. P1,050,000 d. P0
Feedback Your answer is correct. The correct answer is: P150,000 Queson 30 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Who will pay excise tax?
Select one: a. Manufacturer of vinegar b. Manufacturer of denatured alcohol c. Hospitals for performing cosmec surgery d. Manufacturer of plasc Feedback Your answer is correct. The correct answer is: Hospitals for performing cosmec surgery
Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the excise tax?
Select one:
a. P0 b. P100,000 c. P200,000 d. P40,000 Feedback Your answer is correct. P2M x 5%
The correct answer is: P100,000 Queson 2 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route Isabela-Manila. In February 2020, the buses remied a total of P320,000, including P30,000 freight and charges for passeng passenger er baggage. The percentage tax due is
Select one: a. P8,700 b. P0 c. P9,600
d. P10,50 Feedback Your answer is correct.
The correct answer is: P8,700 Queson 3 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text One of the following statements is wrong. Operators of transport facilies by land are
Select one: a. Subject to percentage tax on gross receipts from transporng passengers. b. Subject to the value-added tax on gross receipts from transporng passengers. c. Subject to the value-added tax on gross receipts from transporng goods and cargoes. d. Subject to the value-added tax on gross receipts from renng out its transportaon facilies. Feedback Your answer is correct. The correct answer is: Subject to the value-added tax on gross receipts from transporng passengers. Queson 4 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The percentage tax on winnings is imposed on beors in
Select one: a. Cockghng
b. Horse race c. Boxing d. Jai-alai Feedback Your answer is correct. The correct answer is: Horse race Queson 5 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text RPL Company produced the following vehicle models during the month:
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one: a. P340,000 b. P0 c. P600,000 d. P300,000
Feedback Your answer is correct.
P3M x 20% x 50% Electric car is exempt Bus and jeep is an exempt vehicle Motorbike is not expressly taxed
The correct answer is: P300,000 Queson 6 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Rizal Company has three cigar processing plants located in Laguna, Manila and Dapitan. Rizal’s head oce is in Manila. Which is true with respect to the ling of excise tax?
Select one: a. Rizal shall le the return where it warehouses its products. b. Only one consolidated return needs to be led in Manila. c. One return shall be led for each factory or place of producon. d. Rizal can choose to le the return at any of the RDOs having locaon of the plants. Feedback Your answer is correct. The correct answer is: One return shall be led for each factory or place of producon. Queson 7
Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Melchora has two taxis which were both grounded during the month of March due to the enhanced community quaranne. The applicable presumpve quarterly gross receipt for each tax was P3,600. What is the percentage tax due for March 2020?
Select one: a. P72 b. P0 c. P108 d. P216 Feedback Your answer is correct. The correct answer is: P72 Queson 8 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Rafael Airlines is a domesc airliner with annual receipts exceeding P50 million. During the month, it generated the following following receipts: Passengers, P5 million; Cargoes and baggage, P1.5 million. The percentage tax due is
Select one: a. P45,000
b. P150,000 c. P0 d. P195,000
Feedback Your answer is correct. The correct answer is: P0 Queson 9 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text In a recently completed race, Rivera Astrodome noted the following winning ckets: Straightt bets: P40,000, 20 ckets at P100 per cket Straigh cket Combinaon bets: bets: P20,000, 2 ckets at P200 per cket cket What is the percentage tax to be withheld on the winnings?
Select one: a. P4,584 b. P5,760 c. P0 d. P3,800 Feedback Your answer is correct. The correct answer is: P4,584 Queson 10
Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is the excise tax?
Select one: a. P57,143 b. P60,000 c. P53,571 d. P51,202 Feedback Your answer is correct. (P1.2M/112%) x 5%/105%
The correct answer is: P51,202 Queson 11 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The gross receipts tax on long-term interest income is
Select one: a. 3%
b. 1% c. 5% d. 7%
Feedback Your answer is correct. The correct answer is: 1% Queson 12 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to the 20% jewelry tax? Select one: a. Silver-plated wares b. Dental gold alloys or gold tooth lling c. Gold-plated frames or mounngs for eyeglasses d. Pearl Feedback Your answer is correct. The correct answer is: Pearl Queson 13 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
A radio or television broadcasng company with annual gross receipts of P11 million shall pay
Select one:
a. 3% percentage tax b. VAT c. No business tax d. 2% percentage tax Feedback Your answer is correct. The correct answer is: VAT Queson 14 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on minerals does not apply to
Select one: a. Gold, chromite, copper, silver or iron b. Natural gas c. Indigenous petroleum d. Diamond and sapphire Feedback Your answer is correct. The correct answer is: Natural gas
Queson 15 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Amita Company is a VAT-registered car manufacturer. It had the following data on the manufacture of a car model during a period of recession:
Producon costs, P1,000,000 Transportaon and other expenses of sale, P200,000 Final selling price to customer, P1,100,000
What is the nal basis for the ad valorem tax?
Select one: a. P1,100,000 b. P1,200,000 c. P1,320,000 d. P1,000,000 Feedback Your answer is correct. (P1,000,000 + P200,000) x 110%
The correct answer is: P1,320,000 Queson 16
Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text Panganiban Company is conducng an inial public oering of 2,000,000 shares. Panganiban Company already had 4,000,000 issued and outstanding share shares. s. The new IPO shares shall be sold at P3 per share. What is the tax on the inial public oering?
Select one: a. P60,000 b. P120,000 c. P0 d. P240,000 Feedback Your answer is correct. The correct answer is: P120,000 Queson 17 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Isabelo Insurance Corporaon has the following receipts and receivables from its insurance products:
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
What is the insurance premiums tax due?
Select one: a. P24,000 b. P36,000 c. P20,000 d. P30,000 Feedback Your answer is correct. The correct answer is: P24,000 Queson 18 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text An operator of car with chaueurs for hire had the following nancial results during a month:
Total collecons
P 240,000
Less:
Fuel
P 100,000
Other car supplies
24,000
Driver’s salaries
20,000
144,000
Net income
P 96,000
What is the percentage tax due?
Select one: a. P4,200 b. P4,320 c. P2,880 d. P7,200 Feedback Your answer is correct. The correct answer is: P2,880 Queson 19 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text
Which is not subject to excise tax?
Select one: a. Quarry resources b. Precious metals c. Sweetened beverages d. Prostuon Feedback Your answer is correct. The correct answer is: Prostuon Queson 20 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text A domesc transportaon contractor by land is engaged in the transport of passengers, goods and cargoes. If the contractor is not VAT-registered, what business taxes is he liable for?
Select one: a. 12% value added tax b. 3% common carrier’s tax c. 12% VAT on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers
d. 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers. Feedback Your answer is correct.
The correct answer is: 3% tax on VAT-exempt persons on gross receipts from transport of goods and cargoes and 3% common carrier’s tax on gross receipts from transport of passengers. Queson 21 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Dr. Tacac, a VAT-registered surgeon, conducted a cosmec surgery on Miss Ivana for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise tax. What is the excise tax?
Select one: a. P60,000 b. P53,571 c. P50,000 d. P57,143 Feedback Your answer is correct. (P1.2M/112%) x 5%
The correct answer is: P53,571 Queson 22 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Which is specically subject to percentage tax?
Select one: a. Internaonal carriers b. Domesc shipping companies c. Property insurance companies d. Credit cooperaves Feedback Your answer is correct. The correct answer is: Internaonal carriers Queson 23 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Indigenous petroleum petroleum does not include
Select one: a. Mineral oil or gas b. Coal, peat and bituminous shale or straed deposits c. Hydrocarbon or gas d. Bitumen or crude asphalt Feedback
Your answer is correct. The correct answer is: Bitumen or crude asphalt Queson 24
Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Miss Tessa, a VAT-registered physician and beaucian, conducted an internal abs enhancement procedure to a Mr. Fred Casllo, a praccing accountant. The two contracted for a P2 million payment before taxes.
What is the VAT due on the transacon?
Select one: a. P252,000 b. P264,000 c. P0 d. P120,000 Feedback Your answer is correct. (P2M x 105%) x 12%
The correct answer is: P252,000 Queson 25 Correct Mark 1.00 out of 1.00
Not aggedFlag queson Queson text Statement 1: Excise tax, customs dues and the VAT VAT on importaon is similarly collecble at the point of importaon.
Statement 2: Excise tax and the VA VAT on importaon are similarly imposed upon landed costs.
Which statement is correct?
Select one: a. Statement 2 only b. Both statements are incorrect c. Statement 1 only d. Both statements are correct Feedback Your answer is correct. The correct answer is: Both statements are correct Queson 26 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which is subject to premiums tax?
Select one: a. Fire insurance premium
b. Reinsurance premiums c. Property insurance premiums d. Health insurance premiums
Feedback Your answer is correct. The correct answer is: Health insurance premiums Queson 27 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Sin taxes is not imposed on
Select one: a. Cosmec surgery b. Wines c. Sweetened beverages d. Cigars Feedback Your answer is correct. The correct answer is: Cosmec surgery Queson 28 Correct Mark 1.00 out of 1.00 Not aggedFlag queson
Queson text A small-scale miner sold his gold to a gold trader for P500,000. What is the excis excise e tax?
Select one: a. P50,000 b. P20,000 c. P100,000 d. P0 Feedback Your answer is correct. The correct answer is: P0 Queson 29 Correct Mark 1.00 out of 1.00 Not aggedFlag queson Queson text Which statement is not correct?
Select one: a. The percentage taxes are basically on sales of services. b. The percentage taxes are paid on a quarterly basis. c. An isolated transacon not in the course of business will not result in a liability for a percentage tax. d. The percentage taxes are not allowed by law to be shied to the customer or clients. Feedback Your answer is correct.
The correct answer is: The percentage taxes are not allowed by law to be shied to the customer or clients. Queson 30 Correct
Mark 1.00 out of 1.00 Not aggedFlag queson Queson text The excise tax on certain goods or services is not a
Select one: a. Naonal tax b. Tax on domesc consumpon c. Direct tax d. Indirect tax Feedback Your answer is correct. The correct answer is: Direct tax
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