
C4-IT
Quiz
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Other
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University
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Practice Problem
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Hard
Nicole Trinidad
Used 2+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Both active income and passive income do not require direct participation of the taxpayer in earning the income.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There are three types of gross income for taxation purposes.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The three tax schemes are mutually inclusive in coverage.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Regular income tax generally covers active income and capital gains.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Final tax generally covers passive income.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital gains arise from the sale, exchange, and other disposition of any assets.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An ordinary asset is defined to include all other assets other than capital assets.
True
False
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