Scribd
Upload
992 views

Ae 206: Business and Transfer Taxation Quiz # 1: CH - 1: Introduction To Consumption Taxes TRUE OR FALSE - Answered and Returned

This document contains three quizzes related to Chapter 1 on consumption taxes, Chapter 2 on value-added tax on importation, and Chapter 3 on an introduction to business taxation. The quizzes include multiple choice and true/false questions testing understanding of key concepts such as what transactions are subject to consumption tax and value-added tax, exemptions, and definitions of business and business taxation.

Uploaded by

Jinuel Podiotan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
992 views

Ae 206: Business and Transfer Taxation Quiz # 1: CH - 1: Introduction To Consumption Taxes TRUE OR FALSE - Answered and Returned

This document contains three quizzes related to Chapter 1 on consumption taxes, Chapter 2 on value-added tax on importation, and Chapter 3 on an introduction to business taxation. The quizzes include multiple choice and true/false questions testing understanding of key concepts such as what transactions are subject to consumption tax and value-added tax, exemptions, and definitions of business and business taxation.

Uploaded by

Jinuel Podiotan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 6

AE 206: BUSINESS AND TRANSFER TAXATION

Quiz # 1 : CH – 1: Introduction to Consumption Taxes


TRUE OR FALSE – answered and returned

T 1.A tax on consumption would support savings initiative.


F 2.Resident sellers shall pay consumption tax on foreign consumption.
T 3.Consumption is the acquisition or utilization of goods and services.
T 4.Income tax is based on the taxpayer's capacity to sacrifice for the support of the government.
T 5.A tax on consumption will effectively causes all residents of the state to pay tax.
F 6.Consumption tax is more consistent with the ability to pay theory rather than the benefit received theory.
F 7.The utilization or consumption of goods or services shall be taxable in their country of origin.
F 8.The sale by nonresident persons abroad is subject to Philippine consumption tax.
T 9.Consumption taxes should not apply to basic necessities.
T 10.A purchase is a form of consumption.
T 11.Nonresident sellers are exempt from consumption taxes on their domestic sales.
F 12.Consumption tax is a tax levied upon businesses.
F 13.Both domestic consumption and foreign consumption are subject to consumption tax.
T 14.The sale by resident in the Philippines is subject to consumption tax.
F 15.The sale by nonresident persons in the Philippines exempt from consumption tax.
Quiz # 2 : CH – 2 : Value Added Tax on Importation
MULTIPLE CHOICE – answered and returned

C 1.Which importation is subject to VAT?

A. importation from abroad


B. purchase of goods from economic zones in the Philippines
C. both A & B
D. neither a nor b

C 2.Which seedling is vatable?

A. Grafted mango seedlings


B. Pomelo seedlings
C. Nara seedlings
D. Guava seedlings

D 3.Which agricultural product is VAT exempt on importation?

A. Charcoal
B. Wood
C. Lumber
D. Corn

C 4.Which of the following is not exempt from VAT?

A. Grapes
B. Oranges
C. Orchids
D. Kiwifruits

D 5.Which is not subject to VAT on importation?

A. Importation of goods for personal use


B. Importation of goods for business use
C. Purchase of goods from economic zone entities
D. Purchase of goods from other domestic sellers

B 6.Which of the following is subject to the VAT on importation when imported?

A. Books
B. Table sugar
C. Mushroom
D. Ordinary salt

D 7.Which is vatable?

A. Bamboo shoots
B. Bamboo hearts
C. Banana fruits
D. Bamboo poles
B 8.Which is objective value added tax?

A. Sheep
B. Sheep wool
C. Cut sheep meat
D. All of these

A 9.Which nonfood agricultural product is exempt from VAT on importation?

A. Chicken manure
B. Eggs
C. Live hogs
D. Cattle

C 10.Which agricultural produce is exempt from VAT?

A. Rubber
B. Abaca hemp
C. Copra
D. Firewood
Quiz # 3 : CH – 3: Introduction to Business Taxation
TRUE OR FALSE – answered and returned

T 1. A business involves habitual engagement in a commercial activity.


F 2. Once employed, one cannot be considered engaged in business.
F 3. To be construed as being engaged in business, one must be employed.
F 4. A professional, consultant, or artist can qualify as a marginal income earner as long as his receipts do not
exceed P 100,000 in any 12-month period.
T 5. Constructive receipts are part of gross receipts.
T 6. A sale made by a nonresident especially to be made in the course of business despite irregularity of sales
transactions.
T 7. Excise tax is part of the gross selling price.
F 8. Businesses for mere subsistence are not considered business because they are nonprofit.
T 9. Sales returns and allowances are deductible against gross selling price.

9.Sales returns and allowances are deductible against gross selling price.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
10.A person who wishes to register as a VAT taxpayer despite not meeting the VAT threshold is called a registrable
person.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
11.All sales by a businessman are considered made in the course of business.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
12.Loans or agency monies received by the business are part of gross receipts.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
13.If the aggregate sales or receipts from all sources (exempt, specifically subject to percentage tax, and others) exceed
P 3,000,000 the person is subject to VAT.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
14.Gross selling price includes cash, accounts an installment sales.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
15.The owner of a business for mere subsistence is called a marginal income earner.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
16.A sale made by a nonresident especially to be made in the course of business despite irregularity of sales
transactions.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
17.Franchise grantees of radio or television broadcasting companies which exceeded P 1,000,000 in annual sales must
register as VAT taxpayer.Required to answer. Single choice.
(0/1 Point)
True
False
Your answer to question 17 is wrong. Correct answers: False
18.Receipts that do not redound to the benefit of the taxpayer are not included in gross receipts.Required to answer.
Single choice.
(1/1 Point)
True
False
Correct answers: True
19.Person who optionally register as VAT taxpayers can cancel their VAT registration within three years.Required to
answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
20.Commercial activity means provision of goods or services to the public for a profit.Required to answer. Single
choice.
(1/1 Point)
True
False
Correct answers: True
21.There are three types of business taxes: VAT, percentage tax and excise tax.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
22.Businesses for mere subsistence have gross receipts not exceeding P 100,000 per year.Required to answer. Single
choice.
(0/1 Point)
True
False
Your answer to question 22 is wrong. Correct answers: True
23.The VAT payable is computed as output VAT less 3% percentage tax.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: False
24.There are two types of business taxpayers: VAT and Non-VAT taxpayers.Required to answer. Single choice.
(1/1 Point)
True
False
Correct answers: True
25.Non-VAT taxpayers pay their quarterly tax in three monthly payments.Required to answer. Single choice.
(0/1 Point)
True
False
Your answer to question 25 is wrong. Correct answers: False
This content is created by the owner of the form. The data you submit will be sent to the form owner. Microsoft is not
responsible for the privacy or security practices of its customers, including those of this form owner. Never give out
your password.
Powered by Microsoft Forms
 | 
Privacy and cookies
 | Terms of use

You might also like