This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 4 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Expenses for Annual General Meeting of company A) Allowed a deduction of 100%. B) Allowed a deduction of 50%. C) Not allowed a deduction of 100%. D) Not allowed a deduction of 50% . Show Answer Correct Answer: C) Not allowed a deduction of 100%. 2. How many credits do you need to receive full retirement benefits at retirement age (67)? A) You need 40 credits (10 years of work). B) You need 30 credits (7.5 years of work). C) You need 20 credits (5 years of work). D) You automatically get them. Show Answer Correct Answer: A) You need 40 credits (10 years of work). 3. The rateable value of a flat is $ 108 000. If the rates are charged at 5% p.a., find the rates of the flat per quarter. A) $ 1350. B) $ 1250. C) $ 2700. D) $ 5400. Show Answer Correct Answer: A) $ 1350. 4. Countries with low taxation may: A) Encourage MNCs to locate in their countries. B) Encourage Individuals to work/live in that country. C) Increase capital (financial inflows) to their countries. D) All of the previous answers/options are correct. Show Answer Correct Answer: D) All of the previous answers/options are correct. 5. How many heads of income will come under calculation of total income? A) 5. B) 4. C) 2. D) 6. Show Answer Correct Answer: A) 5. 6. What is value added tax percentage of groceries? A) 1%. B) 50%. C) 100%. D) 14%. Show Answer Correct Answer: D) 14%. 7. It refers to the use by the taxpayer of illegal means in escaping, defeating or lessening the tax due. This is also known as "tax dodging" , this implies malice, fraud, or bad faith on the part of taxpayer. A) Shifting. B) Tax Evasion. C) Capitalization. D) Tax Avoidance. Show Answer Correct Answer: D) Tax Avoidance. 8. Illegal incomes are ..... under Income Tax Act. A) Taxable in certain cases only. B) Taxable. C) Exempt. D) Exempt in certain cases only. Show Answer Correct Answer: B) Taxable. 9. 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) False. B) True. Show Answer Correct Answer: B) True. 10. Ms. Bartolome resides in Cavite and has a beauty salon in Taguig. She, therefore, must pay her business tax in? A) Any place as long as near Cavite. B) Anywhere in the Philippines. C) Taguig. D) Cavite. Show Answer Correct Answer: C) Taguig. 11. Tax paid by the individual upon whom the tax is levied A) First part. B) Tariff. C) Indirect. D) Direct. Show Answer Correct Answer: D) Direct. 12. 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. 13. Another name for British government A) Parliament. B) Representation. C) Sons of Liberty. D) None of the above. Show Answer Correct Answer: A) Parliament. 14. Assessment year is a ..... A) Year which tax rate increase. B) Year which tax is paid. C) Year which income is earned. D) Year which tax rate declined. Show Answer Correct Answer: B) Year which tax is paid. 15. Taxes on goods that are imported to the U.S. from other countries A) Estate taxes. B) Property taxes. C) Tariff. D) Income tax. Show Answer Correct Answer: C) Tariff. 16. 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) $ 3300. B) $ 39 600. C) $ 31 680. D) $ 2640. Show Answer Correct Answer: C) $ 31 680. 17. Which of the following income is not chargeable u/h PGBP? A) Winnings from lottery. B) Income derived by a trade from specific services performed for its members. C) Salary rcd by a partner of a firm from the firm in which he is a partner. D) PGBP carried by an assessee at any time during the PY. Show Answer Correct Answer: A) Winnings from lottery. 18. 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) $ 7500. B) $ 6000. C) $ 22 500. D) $ 24 000. Show Answer Correct Answer: C) $ 22 500. 19. The rule of taxation shall not be uniform and equitable. The Congress shall evolve a progressive system of taxation. A) False. B) True. Show Answer Correct Answer: A) False. 20. Which of the following is not among the inherent limitations of the power to tax? A) Equal protection of the law. B) There are territorial jurisdictions. C) The tax revenues must only be used for public purpose. D) There should be proper delegation of legislative power to tax. Show Answer Correct Answer: A) Equal protection of the law. 21. 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. 22. This expression doesn't mean "inheritance tax" ..... A) Estate tax. B) Excise duty. C) Death duty. D) Capital transfer tax. Show Answer Correct Answer: B) Excise duty. 23. In substituted filing, the employer files the BIR Form 1700 for their employees. A) FALSE . B) TRUE. Show Answer Correct Answer: A) FALSE . 24. 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) Donation from Zamboanga. B) Community Box. C) Sanctorum. D) Tribute. Show Answer Correct Answer: C) Sanctorum. 25. State taxes include: A) Advertising tax. B) Hotel tax. C) VAT. D) Utility tax. Show Answer Correct Answer: C) VAT. 26. The following is the value of service under Article 15(1): A) Market price. B) The amount of the transaction. C) Wholesale cost. D) Retail price maximum. Show Answer Correct Answer: B) The amount of the transaction. 27. What tax must be paid for your house each year? A) PAYE. B) Corporation Tax. C) Local Property Tax. D) Car Tax. Show Answer Correct Answer: C) Local Property Tax. 28. An order to pay tax debts and tax collection costs is called A) Tax assessments. B) Order of Seizure. C) Forced Letter. D) Letter of Reprimand. Show Answer Correct Answer: C) Forced Letter. 29. "Board" means the Central Board of Indirect Taxes and Customs constituted under the ..... A) Central Boards Indirect Taxes Act, 1963. B) Central Boards of Revenue Act, 1963. C) Central Boards Indirect Taxes & Customs Act, 1963. D) Central Boards of Taxation Act, 1963. Show Answer Correct Answer: B) Central Boards of Revenue Act, 1963. 30. The total annual income of Su Chin in 2020 was RM 68 490. She donated RM 1 000 to a local library and the total tax relief claimed by her was RM 12 360. Calculate the chargeable income of Su Chin. A) RM 55 130. B) RM 79850. C) RM57, 130. D) RM 81 850. Show Answer Correct Answer: A) RM 55 130. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 8Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books