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WorksheetsDiagnostic Test_Taxation
Total questions: 10
Worksheet time: 7mins
What does "TRAIN" law stand for?
Tax Reform for Acceleration and Inclusion Law
Tax Recreation for Acceleration and Inclusion Law
Tax Reform for Acceleration and Independent Law
Tax Reform for Association and Inclusion Law
It is the process by which the government collects revenue in order to pay for its expenses.
Financing
Accounting
Auditing
Taxation
It is defined as the tax on the net income or the entire income realized in one taxable year
Payroll tax
Income tax
Sales tax
Property tax
Who is/are required to pay income tax in the Philippines? (Tick all possible answers)
A citizen of the Philippines, living in the Philippines, is taxable on all income earned inside and outside the Philippines
A non-resident citizen is taxable only on income earned in the Philippines
An OFW is taxable only on income earned in the Philippines
A foreigner living in the Philippines that earned income in the Philippines
It is a person or organization subject to pay a tax
Department of Health
Taxpayer
Bangko Sentral ng Pilipinas
Bureau of Internal Revenue
A government agency that collects more than half of the total revenues of the government.
COA
CHED
PNP
BIR
What does BIR stand for?
Bureau of Internal Revenue
Bureau of Income Reform
Bureau of Implementation on Revenue
Bureau of Instant Revenue
It is a compensation-earner who at the same time is engaged in business or practice of the profession
Self-employed
Employee
Business Owner
Mixed-Income Earner
The first P250,000 in the taxable income of compensation earners will be exempted from the Personal Income Tax (PIT) under the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN)
True
False
The taxes collected by the government are for public use only.
True
False
