WorksheetsFABM2-QUIZ
Total questions: 10
Worksheet time: 2mins
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?
It refers to the amount of tax payable to the government.
Tax
Thumb Tax
Payables
Tax Due
