Income Tax Module5 quiz

Module5 quiz

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Multiple Choice

Non-resident alien is taxable on his income within and without

• True

• False

Multiple Select

Types of partnership

• Domestic partnership

• General partnership

• Foreign partnership

• General professional partnership

• Sole Proprietorship

Multiple Choice

Domestic Corporation is engaged in trade or business within the Philippines. It is taxable for income derived from sources within the Philippines.

• True

• False

Multiple Choice

Kind of trust wherein the insured needs consent of beneficiary for revocation since the benefit is deemed an inchoate right.

• Revocable Trust

• Irrevocable Trust

Fill in the Blanks

Royalties for literary works are taxed at

% of final tax

Fill in the Blanks

Capital gains tax are taxed at

% gross selling price or fair market value, whichever is higher.

Multiple Choice

Amount of estate subject of exemption from tax

• Php10,000 and below

• Php20,000 and below

• Php30,000 and below

• Php50,000 and below

• Php100,000 and below

Multiple Choice

Minimum Corporate Income Tax

• Zero Tax

• 1% on Gross Income

• 2% on Gross Income

• 5% on Gross Income

• 10% on Gross Income

Multiple Choice

Improperly Accumulated Earnings Tax

• 5% of Taxable Income

• 10% on Taxable Income

• 15% on Taxable Income

• 20% on Taxable Income

• 25% on Taxable Income

Fill in the Blanks

GOCC means Government Owned and

Corporation