Quiz on Security to Guarantee Payment of Duties and Taxes

Avery is looking to start a small business and needs to ensure she can pay her duties and taxes. What is one form of security that can be used to guarantee payment of duties and taxes?

• Bank Loan

• Property Deed

• Insurance Policy

• Cash Bond

What is the maximum amount of security that can be posted for Abigail's import?

• It must be the lowest possible

• It can exceed the imposable duties

• It is fixed at one million pesos

• It is determined by the importer

In a classroom setting, who may accept a general security from students like David and William when they submit their projects?

• The Bureau of Customs

• The District Collector

• The Secretary of Finance

• The Insurance Commission

Avery is trying to release goods under Provisional Goods Declaration. What is required for this process?

• Posting of required security

• Inspection by customs officers

• Approval from the Secretary of Finance

• Payment of all duties

What must be submitted to support the entitlement to tax exemption for Returning Residents like Luna after her studies abroad?

• Proof of Residency

• Import Permit

• Tax Exemption Certificate

• Customs Clearance Certificate

What is the penalty for late re-exportation of conditionally duty-free goods by Benjamin?

• Php 20,000 or 25% of duties

• Php 10,000 or 10% of duties

• Php 5,000 or 2% of duties

• No penalty

William is planning a trip and wants to ensure he has the minimum amount of general transportation security required from carriers. What should he consider?

• Php 25,000

• Php 50,000

• Php 75,000

• Php 100,000

What happens to the cash bond if the amount is less than the duties due for Liam's import?

• It is forfeited and remitted to the General Fund

• It is refunded to Liam

• It is held until the duties are paid

• It is adjusted to match the duties

In a banking class, Hannah asked, 'Who is allowed to issue Standby Letters of Credit?'

• Any bank

• Only AABs

• Insurance companies

• Customs brokers

Mason is preparing to start a new business and wants to know the validity period of the accreditation for surety companies.

• Indefinite

• One year

• One month

• One quarter