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Value-Added Tax Quiz

Authored by Cedrick Caguite

Business

University

Used 2+ times

Value-Added Tax Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Value-Added Tax (VAT)?

A tax on investments

A form of sales tax

A tax on income

A tax on property

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is liable to pay VAT?

The buyer only

The government

The seller

The consumer

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the general threshold for VAT registrable persons?

₱5,000,000

₱3,000,000

₱2,000,000

₱1,000,000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of VAT?

VAT on importation of goods

VAT on sale of services

VAT on capital gains

VAT on sale of goods

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the VAT rate on the sale of goods?

15%

5%

10%

12%

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following transactions is exempt from VAT?

Sale of real estate

Sale of electronics

Sale of agricultural products

Sale of luxury goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the lock-in period for optional VAT registration?

5 years

3 years

1 year

2 years

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