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 |
[TLR0111] Income tax is not a
A | excise tax |
B | direct tax |
C | national tax |
D | personal tax |
Question 2 |
[TLR0116] Basically, power of taxation is exercised by
A | BIR |
B | the Congress |
C | the President |
D | Judiciary |
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 | VAT |
B | privilege tax |
C | percentage tax |
D | excise tax |
Question 4 |
[TLR0106] Which is not a levy on real property –
A | Ad valorem tax on idle land |
B | Transfer tax on sale or transfer |
C | Special education fund |
D | Special assessment |
Question 5 |
[TLR0121] The following are qualified dependents of a head of the family, except:
A | Senior citizen |
B | Grandchildren |
C | Brother/Sister of whole or half-blood |
D | Either or both parents |
Question 6 |
[TLR0115] Which of the following are excluded from the gross estate?
A | revocable transfers |
B | proceeds of life insurance policy payable to an irrevocable beneficiary |
C | transfer in contemplation of death |
D | claims against insolvent persons |
Question 7 |
[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 | 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. |
B | Secure a temporary restraining order before the Supreme Court. |
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 |
Question 8 |
[TLR0101] One of these is true:
A | Waiver of prescriptive period to last until the completion of investigation is valid. |
B | Waiver being unilateral, the state need not express its acceptance, and when accepted, the taxpayer need not be notified. |
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 9 |
[TLR0124] The following can avail of the Input Tax Credit, except:
A | Exporter of goods and services not registered under the VAT system |
B | Purchaser of services, lessee or licensee upon payment of compensation, rental, royalty or fee |
C | Purchaser of domestic goods upon consummation of the sale |
D | Importer of goods/articles previously subjected to VAT |
Question 10 |
[TLR0110] Additional exemption for each dependent child per RA 9504
A | P 25,000 |
B | P 9,000 |
C | P 10,000 |
D | P 8,000 |
Question 11 |
[TLR0104] For casual sale of real property, you do not pay –
A | Capital gains tax |
B | Income tax |
C | Local transfer tax |
D | Documentary stamp tax |
Question 12 |
[TLR0105] Special classes of real property do not include –
A | Schools |
B | Local water district |
C | Hospitals |
D | Public power – generating company |
Question 13 |
[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 48, 000 |
B | P 40, 000 |
C | P 100, 000 |
D | P 75, 000 |
Question 14 |
[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 | 8% |
B | 1.5% |
C | 4% |
D | 2% |
Question 15 |
[TLR0107] The manufacture of casino rubbing alcohol is subject to:
A | advalorem tax |
B | VAT |
C | specific tax |
D | percentage tax |
Question 16 |
[TLR0102] One of these has no time limit within which to assess:
A | Privilege tax |
B | Transfer taxes (donor or estate) |
C | Income tax |
D | Value Added Tax |
Question 17 |
[TLR0114] The following is not a taxable income of a resident Filipino citizen:
A | income from an illegal business |
B | income from casino |
C | income from a business abroad |
D | winnings from lotto |
Question 18 |
[TLR0125] Educational services rendered by private educational institutions are exempt from VAT if duly accredited by the following, except:
A | Securities and Exchange Commission |
B | Technical Education and Skills Development Authority |
C | Commission on Higher Education |
D | Department of Education |
Question 19 |
[TLR0103] One of these is not a type of local tax and other impositions –
A | Municipal taxes on business & occupations |
B | Municipal fees & service charges |
C | Taxes on gross receipts of transportation businesses |
D | Real property taxes |
Question 20 |
[TLR0112] Under RA8424, the allowable deduction for medical expenses of a resident decedent shall not exceed:
A | P 5,000 |
B | P 500,000 |
C | P 550,000 |
D | P 50,000 |
Question 21 |
[TLR0119] Who among the following are NOT required to file an income tax return?
A | An individual whose sole income has been subjected to final withholding tax. |
B | Filipino citizen with business income from the Philippines. |
C | Resident alien on income derived within the Philippines. |
D | Non-resident alien engaged in trade or business |
Question 22 |
[TLR0123] For tax purposes, income is synonymous to:
A | Accumulated Profit |
B | Realized profit |
C | Capital |
D | Receipts |
Question 23 |
[TLR0117] The standard deduction of P 1,000,000 from the gross estate is:
A | not available to resident decedents |
B | in lieu of all itemized deductions |
C | in addition to the itemized deductions |
D | optional |
Question 24 |
[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 | The gain must be received or realized |
C | The gain must not be excluded by law or treaty from taxation |
D | There must be gain or profit |
Question 25 |
[TLR0122] Which of the following is deductible for income tax purposes:
A | Personal, family, living expenses |
B | Kickbacks |
C | Wagering losses |
D | Employer’s contribution to pension trust |
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