Income Tax for BA - P3 Quiz

One of the following is subject to overseas communications tax:

• Long distance call by a son from Manila to his father in Iloilo City.

• Monthly telephone bill from PLDT.

• Telephone bill on a call by a mother in the Philippines to her son in London.

• Telephone call by Magda in Hongkong to her friend in Manila.

What is the nature of business tax?

• A tax on real estate transactions

• A tax on charitable donations

• A tax imposed on the onerous transfer of products, property, and services

• A tax on personal income

Which of the following is a requirement for the Overseas Communication Tax?

• It must be a video call

• It must originate from the Philippines

• It must be a local call

• It must be a landline call

Which tax is imposed on the production, sale, or consumption of a commodity?

• Documentary Stamp Tax

• Excise Tax

• Value-added Tax

• Percentage Tax

Which of the following is a type of VAT?

• VAT on property tax

• VAT on capital gains

• VAT on the sale of goods

• VAT on personal income

What is the rate of VAT for VAT-registered taxpayers?

• 5%

• 10%

• 12%

• 15%

What is the basis of business tax for sellers of goods?

• Gross receipts

• Gross selling price

• Net income

• Total assets

What is the taxable person in business taxation?

• Only partnerships

• Only corporations

• Only individuals

• Any individual, trust, estate, partnership, corporation, joint venture, cooperative or association

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

• 5 years

• 3 years

• 1 year

• 2 years

Which of the following is a VAT taxpayer?

• Non-profit organizations

• Individuals with no sales

• VAT-registered persons

• Government entities