Take the Taxation Law Review MCQs – Set 1 Quiz.
Taxation Law Review - Set 1 [25 items]
Taxation Law Review MCQs
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Question 1 |
[TLR0115] Which of the following are excluded from the gross estate?
A | claims against insolvent persons |
B | revocable transfers |
C | proceeds of life insurance policy payable to an irrevocable beneficiary |
D | transfer in contemplation of death |
Question 2 |
[TLR0103] One of these is not a type of local tax and other impositions –
A | Real property taxes |
B | Taxes on gross receipts of transportation businesses |
C | Municipal taxes on business & occupations |
D | Municipal fees & service charges |
Question 3 |
[TLR0108] A tax imposed at every stage of distribution process on the sale, barter or exchange of goods and services and transactions deemed sale, as well as importation of goods and services.
A | excise tax |
B | percentage tax |
C | VAT |
D | privilege tax |
Question 4 |
[TLR0101] One of these is true:
A | Waiver being unilateral, the state need not express its acceptance, and when accepted, the taxpayer need not be notified. |
B | Waiver of prescriptive period to last until the completion of investigation is valid. |
C | Waiver is a taxpayer’s concession to the state, thus, it must be construed strictly against the state |
D | Waiver being unilateral, acceptance by the state need not observe the level of authority of the officials empowered to accept. |
Question 5 |
[TLR0107] The manufacture of casino rubbing alcohol is subject to:
A | specific tax |
B | advalorem tax |
C | VAT |
D | percentage tax |
Question 6 |
[TLR0124] The following can avail of the Input Tax Credit, except:
A | Importer of goods/articles previously subjected to VAT |
B | Exporter of goods and services not registered under the VAT system |
C | Purchaser of domestic goods upon consummation of the sale |
D | Purchaser of services, lessee or licensee upon payment of compensation, rental, royalty or fee |
Question 7 |
[TLR0113] Per RA 9504, how much is the total personal and additional exemption of Mrs. A, who became a widow during the taxable year and supporting her mother and one mentally retarded illegitimate 25 year-old child?
A | P 75, 000 |
B | P 40, 000 |
C | P 100, 000 |
D | P 48, 000 |
Question 8 |
[TLR0102] One of these has no time limit within which to assess:
A | Income tax |
B | Transfer taxes (donor or estate) |
C | Privilege tax |
D | Value Added Tax |
Question 9 |
[TLR0114] The following is not a taxable income of a resident Filipino citizen:
A | income from a business abroad |
B | winnings from lotto |
C | income from an illegal business |
D | income from casino |
Question 10 |
[TLR0120] Under RA 9337, a presumptive input tax credit is allowed to processors/manufacturers of milk, sardines, mackerel, refined sugar, cooking oil, and packed noodle-based instant meals at the rate of:
A | 2% |
B | 1.5% |
C | 8% |
D | 4% |
Question 11 |
[TLR0105] Special classes of real property do not include –
A | Public power – generating company |
B | Hospitals |
C | Schools |
D | Local water district |
Question 12 |
[TLR0110] Additional exemption for each dependent child per RA 9504
A | P 10,000 |
B | P 8,000 |
C | P 25,000 |
D | P 9,000 |
Question 13 |
[TLR0106] Which is not a levy on real property –
A | Special education fund |
B | Special assessment |
C | Ad valorem tax on idle land |
D | Transfer tax on sale or transfer |
Question 14 |
[TLR0116] Basically, power of taxation is exercised by
A | the Congress |
B | BIR |
C | the President |
D | Judiciary |
Question 15 |
[TLR0112] Under RA8424, the allowable deduction for medical expenses of a resident decedent shall not exceed:
A | P 550,000 |
B | P 5,000 |
C | P 50,000 |
D | P 500,000 |
Question 16 |
[TLR0104] For casual sale of real property, you do not pay –
A | Capital gains tax |
B | Documentary stamp tax |
C | Local transfer tax |
D | Income tax |
Question 17 |
[TLR0123] For tax purposes, income is synonymous to:
A | Receipts |
B | Accumulated Profit |
C | Realized profit |
D | Capital |
Question 18 |
[TLR0111] Income tax is not a
A | direct tax |
B | excise tax |
C | national tax |
D | personal tax |
Question 19 |
[TLR0119] Who among the following are NOT required to file an income tax return?
A | Non-resident alien engaged in trade or business |
B | An individual whose sole income has been subjected to final withholding tax. |
C | Resident alien on income derived within the Philippines. |
D | Filipino citizen with business income from the Philippines. |
Question 20 |
[TLR0121] The following are qualified dependents of a head of the family, except:
A | Brother/Sister of whole or half-blood |
B | Either or both parents |
C | Senior citizen |
D | Grandchildren |
Question 21 |
[TLR0122] Which of the following is deductible for income tax purposes:
A | Kickbacks |
B | Personal, family, living expenses |
C | Employer’s contribution to pension trust |
D | Wagering losses |
Question 22 |
[TLR0125] Educational services rendered by private educational institutions are exempt from VAT if duly accredited by the following, except:
A | Commission on Higher Education |
B | Department of Education |
C | Technical Education and Skills Development Authority |
D | Securities and Exchange Commission |
Question 23 |
[TLR0118] The following are the requisites for income to be taxable, except:
A | The income must exceed the personal and additional exemptions of the taxpayer |
B | There must be gain or profit |
C | The gain must be received or realized |
D | The gain must not be excluded by law or treaty from taxation |
Question 24 |
[TLR0117] The standard deduction of P 1,000,000 from the gross estate is:
A | optional |
B | not available to resident decedents |
C | in addition to the itemized deductions |
D | in lieu of all itemized deductions |
Question 25 |
[TLR0109] Mario disputed a deficiency tax assessment and upon receipt of an adverse decision by the Commissioner of Internal Revenue, filed an appeal with the Court of Tax Appeals. While the appeal is pending, the BIR served a warrant of levy on the real properties of Mario to enforce the collection of the disputed tax. Granting arguendo that the BIR can legally levy on the properties, what could Mario do to stop the process?
A | Secure a temporary restraining order before the Supreme Court. |
B | File a motion for injunction with the Court of Tax Appeals on the ground that such collection will jeopardize the interest of the taxpayer or the government. |
C | Appeal the BIR’s action to the Court of Appeals |
D | Dispute BIR’s levy on the properties before the Court of Tax Appeals |
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