FABM2-QUIZ

It is the process by which our government through our lawmakers, raises income to pay its necessary expenses.

• Donations

• Sponsorship

• Election

• Taxation

It is an enforced proportional contribution, imposed by the State to support the government.

• Donations

• Cash

• Savings

• Tax

The current tax system of our country is anchored under what law?

• Commonwealth Law

• National Internal Revenue Code of 1997

• BIR Law

• TRAIN LAW

It is the amount on which the tax due is computed.

• Taxable Income

• Sales

• Gross Income

• Cost of Sales

These are allowable expenses  deducted from gross income to arrive at taxable income.

• Itemized deductions

• Optional Standard Deductions

• Business Expenses

• Personal Expenses

In lieu of itemized deductions, the taxpayer may choose to deduct the ______, which is computed as forty percent (40%) of net sales, without deducting cost of sales.

• Itemized Deductions

• OSD

• Business Loans

• Pension Trust

How much is the tax due if the taxable income is P250,000.00

• P10,000

• P15,000

• P20,000

• P0

How much is the tax due if the taxable income is P300,000.00

• P8,500

• P15,500

• P2,500

• P7,500

Are taxes may be imposed also on ones properties?

• True
• False

It refers to the amount of tax payable to the government.

• Tax

• Thumb Tax

• Payables

• Tax Due