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EASY ROUND D 1. Which of the following individuals shall not be subject to the income tax under Section 24 (A)? a. Individual citizen of the Philippines residing therein; b. Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; c. Individual alien who is a resident of the Philippines; d. Individual alien who is not a resident of the Philippines. Which of the following income is not from a related trade, business or activity of a domestic proprietary educational institution? a. Income from rent of available office spaces in one of the school buildings b. Income from the hospital where medical graduates are trained for residency c. Income from the canteen situated within the school campus d. Income from bookstore situated within the school campus How much is the annual community tax for individuals? a. P 25 c. P 10 b. P 20 d. P 5 Under at the a. b. c. d. Which a. b. c. d. this system there is a merger of all the properties of the husband and the wife owned by them time of the celebration of the marriage, or those acquired thereafter. Conjugal partnership of gains Absolute community of properties Complete separation of properties None of the choices is not an essential characteristic of tax? Limited as to amount Proportionate in character Payable in money Regular payment c. d. Consensual contract Real contract
6. D 7. A
A contract of sale is not a a. Principal contract b. Nominate contract
“I promise to pay P or his order the sum of P 10,000.00 30 days after the death of X.” This is an instrument payable: a. At a determinable future time b. On Demand c. Upon the fulfillment of a condition d. At an indefinite time, hence, non-negotiable A corporation acquires juridical personality a. Upon the filing of the articles of incorporation b. Upon the filing of the by-laws c. Upon the issuance of the certificate of incorporation d. Within 30 days from receipt of notice of the issuance of the certificate of incorporation It is the right of the mortgagor to redeem the property that was mortgaged after it was sold. a. Equity of redemption c. Right of subrogation b. Right of redemption d. Right of pre-emption
10. A with violence in her eyes intimidated her husband B to sell his exclusive property to her. The contract of sale is B a. Rescissible c. Unenforceable b. Voidable d. Void
How much is the family home deduction? a. He is not entitled to all the rights of a stockholder Three of the following partnership contracts are void. The assessment is brought about or a result of the taxpayer’s non-compliance with the law due to a difficult interpretation of the said law. Josue’s 2008 gross income was P200. civil interdiction. A universal partnership of profits between a man and a woman living together as husband and wife without the benefit of marriage c. The amount of “de minimis” benefits conforming to the ceiling prescribed in the Tax Code shall not be considered in determining the P30. P4. P8.000 A negotiable instrument that is not dated will be considered dated as at the time of a.Business Law & Taxation Page 2 of 5 AVERAGE ROUND D 1. The filing of the return or payment of the tax is made at the wrong venue. Which one is not? a. The taxpayer’s mistake in payment of his tax is due to erroneous written official advice of a revenue officer. C 8. What amount of this capital loss could Mr. the excess shall be taxable to the employee receiving the benefits only if such excess is beyond the P30. Last endorsement b. Mr. insanity or insolvency of the principal or agent b. To vote or be represented in the meetings of stockholders c. shall constitute as deduction upon such employer. Insanity of either party . Jose Josue qualified as head of a household for 2007 tax purposes. c. P3. Continued losses on the part of the principal or agent 2.000 short term capital gain. Issuance A delinquent stockholder is not entitled to the following rights. Expiration of the period for which the agency was constituted d. Mr.000 inclusive of P10.000 ceiling. P500. A universal partnership between a private individual and a public officer The following are modes of extinguishing an agency. b. followed by the word "VAT" d.000 d.000 ceiling of “other benefits” included in the exempt 13th month and other benefits. Three of the following instances will render an offer ineffective before acceptance is conveyed. First endorsement d. The family home is part of the common property of the spouses. D 3. Death. 9. Zero c. A universal partnership of present property between husband and wife b. Civil interdiction of either party c.000 d. except the right: a. Failure to file any return and pay the tax due thereon as required under the provisions of the Tax Code or rules and regulations on the date prescribed Which of the following statements is INCORRECT? a. Acceptance c. Accomplishment of the purpose of the agency c. D C 7. except when: a. Representation and transportation allowance which are fixed in amounts and regularly received by the employees as part of their monthly compensation shall be treated as taxable fringe benefits if received by managerial and supervisory employees. Josue deduct in 2008? a.500. Any amount given by the employer as benefits to its employees. If the employer pays more than the ceiling prescribed for “de minimis” benefits.000 b. Willful neglect to file the return within the period prescribed by the Tax Code or rules and regulations b. has a fair market value of P3. d.000 in 2008. A 5.000. as certified by the Barangay Captain of the locality where the family home is situated. A false or fraudulent return is willfully made c.000. The actual residential home of the decedent and his family at the time of his death.000 Penalties and/or interest imposed on the taxpayer may be abated or cancelled on the ground that the imposition thereof is unjust and excessive. The taxpayer is declared insolvent or bankrupt.000 c. Which of the above will be subject to a 25% civil penalty of the tax or of the deficiency tax? a.000. B 6. Josue had a long-term loss of P8. P1. D 10. C 4. Which one will not? D a. To be voted b. A person who is not VAT-registered issues an invoice or receipt showing his TIN. d. c. whether classified as de minimis or fringe benefits. A particular partnership between husband and wife d. b.000 b. P750. except: a. P1. To dividends d.
000. The taxpayer's 2003 percentage tax return is required to be filed through the authorized agent bank under the jurisdiction of RDO East Makati. The tax due per return is P100. The obligation was not fulfilled through the fault of J. 2002 c. installments starting February 15. Taxpayer's Information Number A taxpayer paid excessive tax on April 15. 2002 d.155. the debtor was led to believe that the third person had authority to receive payment.500. c. another official of the same company was separated for occupying a redundant position. He was given P500.000 c.000. S filed an action in court against N and 7. He was given P500. N. Without prior authorization from the Commissioner. File an appeal with the Court of Tax Appeals on or before April 15. . When the creditor ratifies the payment to the third person. File an appeal with the Court of Tax Appeals on or before May 10. What will be the taxpayer’s remedy? a. a. an official of Corporation X. P 154.000 b. 2007 750. 4.000 Balance to be paid in equal installment.250.000. Juan Cruz. except: a. d. P 420.000 The zonal value of the residual lot was P3.000 Initial payments on January 15.000 d.Business Law & Taxation b. 2004 a. Filing Reference Number b. C All the three (3) were not qualified to retire under the BIR-approved pension plan of the corporation. b. I. Her claim was denied by the BIR and she received the denial on March 15. None of the choices Payment made to a third person is valid to extinguish the obligation of the debtor to the creditor in the following cases.25 c. A D 3. Confirmation Number d. After payment to the creditor. 2001. How much is the total amount due on June 30. When the third person is subrogated to the rights of the creditor. 2002. On December 20. asked for an “early retirement” because he was emigrating to Australia. When through the creditor’s conduct. He was paid P2. C 5. She filed a motion for reconsideration with the BIR on March 31.000. 2007 using 12% VAT rate? a. P 25. On April 10. the taxpayer files the return and pays the tax through an authorized agent bank under the jurisdiction of RDO Davao City on June 30. Intoxication of either party Page 3 of 5 DIFFICULT ROUND 1. a. she filed a written claim for refund.000 as separation pay. C 6.000. 2007 2. 2004. Jose Bautista was separated due to his failing eyesight. P 360. A How much was the output tax on January 15. Which of the following shall not be subject to income tax? IIIIIIPedro Reyes. None of the choices 2. P 105.155.00 b. P 129. The taxpayer has no more remedy against the final denial A VAT subject real estate dealer sold a residential lot on January 15. File another motion for reconsideration with the BIR within 30 days after the receipt of the final denial b. I only b. 2007. she received the final denial of the BIR.000 as a separation pay in recognition of his valuable services to the corporation. 2002. Thereupon. R and J solidarily bound themselves to deliver to S a Honda motorcycle valued at P 60. II and III c.000 as separation pay. Acknowledgment Number c. Insolvency of either party d. II AND III ONLY This refers to the control number issued by authorized agent bank (AAB) to the taxpayer and BIR to acknowledge that the taxpayer's account has been successfully debited electronically in payment of his tax liability.000. 2000.25 d. 2002. The following information was made available on the terms of the sale: Gross selling price P 3. the third person acquires the creditor’s right. I AND II d.
Ownership of the object transferred to the other party .000 from N.000. There is a pre-existing credit b. P is liable under the contract because it is enough that the principal is capacitated since he is the one entering into the contract.000.000 from B which becomes due on October 1. c. b.000 to S representing the value of the motorcycle plus damages.000 in cash. Yes. a minor. If S succeeds in collecting the P 72. S has to collect P 24. the guilty party d.000.000. Which of the following situation is valid? a. P authorized A. the debt becomes demandable unless A can give another security equally satisfactory d. P is not liable because the agent is a minor with whom X contracted d.000. Yes. One of the following characteristics of dacion en pago is also a characteristic of a contract of sale. b.000 8. P is liable provided the sale is in cash for P 1.000. On June 30.000 and from J P 32. P is not liable for the sale on installments since it is unenforceable because his agent acted beyond his powers. N in turn can collect from R P 20. There is less freedom in fixing the price d. B demanded payment from A. 2008. No. a. R and J to satisfy the court’s award of P 72. Decide. If N pays S the P 72. Is B’s demand valid? a. Obligations are extinguished c.000 each b. A sold the said car to X on installment at a lesser price of P 900. Which is it? D a. C 10. to sell his car for P 1. the mortgaged house completely destroyed the fire through the fault of C.000 c. No. N can refuse to pay the penalty because it should be charged against J. N can collect R and J P 24. 2008 and mortgaged his house as security for the debt. the obligation is one with a definite period which is deemed intended for the benefit of both the debtor and creditor c. A week later.Business Law & Taxation Page 4 of 5 D the court awarded P 72. A gets a loan of P 1. the debt becomes demandable even if A can give another security equally satisfactory A 9. the destruction of the house was not thru the fault of A.000 each from N. P is now repudiating the contact with X on the ground that he is not bound to since X contracted with a minor who exceeded his authority.
insanity or insolvency of the principal or agent b. A contract for the sale of a cow which is suffering from a contagious disease Who among the following is the holder of a negotiable instrument originally payable to order? a. relying on such promise or affirmation. Conjunctive obligation b. A 8. joint debtors. False representation d. B. Antichresis A. The following are modes of extinguishing an agency. of the following contacts is rescissible? Contracts entered into during a hypnotic spell Contracts entered into in a state of drunkenness Contracts entered into to defraud creditors when the latter cannot collect the claims due them Contracts where both parties are incapable of giving consent C D 4.000 c. V may collect from B P 20. The endorsee who has negotiated the instrument An instrument payable to bearer may be negotiated through any of the following means. C D 10. A contract of barter between S. 6. It is an affirmation of fact or any promise by the seller relating to the thing which has a natural tendency to induce the buyer to purchase the same. because it can stand by itself c.000.Business Law & Taxation Page 5 of 5 TIE-BREAKER QUESTIONS 1. C 3. except: a. A contract of sale where B. the buyer. Facultative obligation d. property. Conventional pledge b. Which among the following contracts is void? a. D 7. solidary creditors. Expiration of the period for which the agency was constituted d. V may collect from B P 4. civil interdiction. Principal. Onerous. No delivery is required as long as there is an endorsement. industry to the common fund Recording in the Registry of Property in the appropriate book is required for the validity of the contract of: a. Preparatory. a. twisted the arm of S. so that S would sign the deed of sale c. the buyer. b. Continued losses on the part of the principal or agent . A 9. Simple obligation 2. Seller’s talk Which a. Accomplishment of the purpose of the agency c. The endorsee who is in possession of the instrument c. Real mortgage d. An obligation where various prestations are due but the performance of all of them is required in order to extinguish the obligation is known as: C a. Alternative obligation c. Mere delivery c. X. c. V may collect from B P 5. a.000 b. Chattel mortgage c. The original payee who has negotiated the instrument b. C and D. so that S would sign the deed of sale d.00 a. A contract of sale where B. The possessor of the instrument to whom the instrument was delivered without any endorsement d. because it a means by which other contracts will be entered into d. 17 years old b. Condition c. and B. V may collect from B P 1. insane.000 B 5. Death. Special endorsement plus delivery b. W. because the parties contribute money. Blank endorsement plus delivery d.000 d. the seller. aimed a gun at the wife of S. in that the partners must deliver their contributions in order for the partnership contract to be perfected b. P 20. Warranty b. Real. d. Y and Z. whether blank or special One of the following is not a characteristic of contract of partnership. are obliged to give V. except: a.
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