This quiz works best with JavaScript enabled. Home > Accounting > Taxation > Taxation – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Illegal incomes are ..... under Income Tax Act. A) Taxable. B) Exempt. C) Taxable in certain cases only. D) Exempt in certain cases only. Show Answer Correct Answer: A) Taxable. 2. One of the Nature or characteristics of the State's power to tax is that, it is legislative in character; hence, only the legislature can impose taxes (although the power may be delegated). A) True. B) False. Show Answer Correct Answer: A) True. 3. Ms. Bartolome resides in Cavite and has a beauty salon in Taguig. She, therefore, must pay her business tax in? A) Cavite. B) Anywhere in the Philippines. C) Taguig. D) Any place as long as near Cavite. Show Answer Correct Answer: C) Taguig. 4. Tax paid by the individual upon whom the tax is levied A) Tariff. B) First part. C) Direct. D) Indirect. Show Answer Correct Answer: C) Direct. 5. Based on the provisions on the ATP, which of the following is correct? A) The taxable value of the supply is the price of the goods or services that the seller takes from the buyer. B) The VAT invoice must be issued no later than 15 days after the delivery of the goods or the completion of the service or payment. C) Taxable supplies include passenger transport by the state-owned public transport system. D) The taxable value of imported goods is the customs value, including insurance and shipping costs, plus customs duty, excluding special taxes on certain goods and services. Show Answer Correct Answer: D) The taxable value of imported goods is the customs value, including insurance and shipping costs, plus customs duty, excluding special taxes on certain goods and services. 6. Another name for British government A) Parliament. B) Representation. C) Sons of Liberty. D) None of the above. Show Answer Correct Answer: A) Parliament. 7. Assessment year is a ..... A) Year which income is earned. B) Year which tax rate increase. C) Year which tax is paid. D) Year which tax rate declined. Show Answer Correct Answer: C) Year which tax is paid. 8. Taxes on goods that are imported to the U.S. from other countries A) Income tax. B) Tariff. C) Estate taxes. D) Property taxes. Show Answer Correct Answer: B) Tariff. 9. The rental income of a shop is $ 22 000 per month. If the property tax rate is 15%, how much property tax should the owner of the shop pay for a year? A) $ 2640. B) $ 3300. C) $ 31 680. D) $ 39 600. Show Answer Correct Answer: C) $ 31 680. 10. Which of the following income is not chargeable u/h PGBP? A) PGBP carried by an assessee at any time during the PY. B) Income derived by a trade from specific services performed for its members. C) Winnings from lottery. D) Salary rcd by a partner of a firm from the firm in which he is a partner. Show Answer Correct Answer: C) Winnings from lottery. 11. The property tax paid by an owner of a flat is $ 10 800 this year. If the property tax rate is 15%, find the quarterly rental income of the flat. A) $ 6000. B) $ 7500. C) $ 22 500. D) $ 24 000. Show Answer Correct Answer: C) $ 22 500. 12. Which is a tax? A) Penalty. B) Debt. C) Custom Duties. D) Permit. Show Answer Correct Answer: C) Custom Duties. 13. The rule of taxation shall not be uniform and equitable. The Congress shall evolve a progressive system of taxation. A) True. B) False. Show Answer Correct Answer: B) False. 14. Which of the following is not among the inherent limitations of the power to tax? A) The tax revenues must only be used for public purpose. B) There should be proper delegation of legislative power to tax. C) There are territorial jurisdictions. D) Equal protection of the law. Show Answer Correct Answer: D) Equal protection of the law. 15. Which does not include the Personal Income Tax rate layer A) 35% for income above 5 billion rupiah. B) 15% for income above 60 million rupiah to 250 million rupiah. C) 30% for income above 250 million rupiah to 500 million rupiah. D) 5% for income up to 60 million rupiah. Show Answer Correct Answer: C) 30% for income above 250 million rupiah to 500 million rupiah. 16. This expression doesn't mean "inheritance tax" ..... A) Capital transfer tax. B) Estate tax. C) Death duty. D) Excise duty. Show Answer Correct Answer: D) Excise duty. 17. In substituted filing, the employer files the BIR Form 1700 for their employees. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 18. This was a tax during Spanish Period paid by the Filipinos to Spain in the amount of 3 reales. These were required for the cost of Christianization, including the construction of the churches and the purchase of materials for religious celebrations. A) Sanctorum. B) Tribute. C) Donation from Zamboanga. D) Community Box. Show Answer Correct Answer: A) Sanctorum. 19. State taxes include: A) VAT. B) Hotel tax. C) Advertising tax. D) Utility tax. Show Answer Correct Answer: A) VAT. 20. The following is the value of service under Article 15(1): A) Wholesale cost. B) Market price. C) Retail price maximum. D) The amount of the transaction. Show Answer Correct Answer: D) The amount of the transaction. ← PreviousNext →Related QuizzesAccounting QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9Taxation Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books