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b
20. Not an essential requisite of pledge
a. The thing pledged to be placed in the possession of the debtor or of a
third person by common agreement
b. It is constituted to secure the fulfillment of a principal obligation
c. The pledgor is the absolute owner of the thing pledged
d. The person constituting the pledge has the free disposal of the property
a
21. A, B, C and D are partners. Their contributions are as follows: A-P50,000; BP30,000; C- P20,000; and D-services. The partnership incurred obligations to
third persons, which the firm was unable to pay. After exhausting all the
assets of the partnership, there is still an unpaid balance of P10,000. How
much should each partner pay to the creditors?
a. A-P5,000
B-P3,000
C-P2,000
D-P0
b. A-P2,500
B-P2,500
C-P2,500
D-P2,500
c. A-P4,000
B-P3,000
C-P2,000
D-P1,500
d. A-P4,000
B-P4,000
C-P2,000
D-P0
b
23. Using the preceding number, if C paid X his share in the obligations, can he,
as co-owner of the property, seek a partial release of the mortgage
constituted thereon?
a. Yes, because C is answerable only for P25,000
b. Yes, because Cs obligation is already extinguished
c. No, because mortgages are considered indivisible, payment in part shall
not extinguish the obligation
d. No, because the obligation is solidary, payment in part shall not extinguish
the obligation secured by mortgage
c
24. The following are considered elements of the contracts of pledge and
mortgage. Which is the exception?
a. The pledgor or mortgagor must have the free disposal of the thing pledged
or mortgaged
b. The pledgor or mortgagor must be the absolute owner of the thing
pledged or mortgaged
c. Both are accessory contracts
29. A delivered to B 10,000 pieces of Davao fabricated shell craft jewelry for the
purpose of selling them at P1.00 each. Out of the proceeds of the expected
sale, B is to receive a 10% commission. After 3 days, however, B sold all
items at P1.50 each to C, but on 30-day credit. A compelled B to pay. Which
is correct?
a. B must pay P10,000 immediately
b. B cannot be compelled to pay at all
c. B must pay P15,000 immediately
d. B must pay P5,000 immediately and P10,000 after 30 days
a
30. In real estate mortgage, the mortgagor can sell the mortgaged property
a. With the consent of the mortgagee in writing
b. Even without the consent of the mortgagee
c. Only with the consent of the mortgagee in writing or orally
d. Only after paying his obligation to the mortgagee
b
31. P wrote a letter authorizing A to sell his parcel of land situated in Boracay. A
sold the land in writing to X but the agent (A) did not give the money to P. The
sale of the land by A to X is
a. Void, because the authority of A is not in public instrument.
b. Unenforceable, because the authority of A is not in public instrument.
c. Inexistent, because the authority of A is in private writing.
d. Valid and enforceable
d
32. The negotiable character of an instrument is affected by a provision
a. Authorizing the sale of collateral securities in case the instrument is not
paid at maturity.
b. Authorizing a confession of judgment if the instrument is not paid at
maturity.
c. Giving the marker an election to require something to be done in lieu of
payment of money.
d. Waiving the benefit of any law intended for the protection of the obligor.
c
33. This is a negotiable instrument
a. I promise to pay to bearer P10,000 Sgd. A
b. Pay to B or order P10,000 Sgd. A
c. I promise to pay B or order P10,000 in two installments. Sgd. A
d. Pay to B or order P10,000, 30 days after the death of Y. Sgd. A
a
34. This is not a negotiable instrument
a. I promise to pay to the order of bearer P10,000. Sgd. A
b. I promise to pay B or his agent P10,000. Sgd. A
c. I promise to pay B or order US$1,000. Sgd. A
d. I promise to pay to the order of B P10,000. Sgd. A
b
35. Rules on construction where instrument is ambiguous, except
a
47. The power to tax is exclusively lodged with the legislature, however, there are
exceptions provided by the Constitution, which of the following is not:
a. Authority of the President to fix tariff rates, import and export quotas,
tonnage and wharfage dues, and other duties and imposts
b. Power of local government units to levy taxes, fees and charges.
c. Delegation to administrative agencies for implementation and collection of
taxes.
d. Designation to private entities the enforcement and collection of taxes.
d
48. Which of the following is the least Constitutional limitations?
a. Due process clause
c. Non-impairment clause
b. Equal protection
d. Progressivism clause
49. The following taxes, fees and charges are deemed to be national revenue
taxes, except:
a. Documentary stamp taxes
b. Community taxes
c. Excise taxes
d. Income taxes
b
50. Which of the following is not an authority of the Bureau of Internal Revenue
Commissioner?
a. Authority to administer oaths and to take testimony
b. Authority to make arrests and seizures
c. Authority to deputized members of the Armed Forces of the Philippines
and members of the Philippine National Police to enforce tax laws
d. Authority to assign or reassign internal revenue officers and employees of
the BIR to other special duties connected with the enforcement or
administration of the tax laws
c
51. Which of the following is correct?
a. A protest should be filed by the taxpayer, otherwise the assessment
becomes final and no longer be questioned in court
b. A protest may be filed by the taxpayer anytime before the BIR collects the
tax
c. The assessment should be made by the BIR collects the tax
d. The assessment shall include only tax proper
a
52. Which of the following statements is correct?
a. A pre-assessment notice shall be required before an assessment may be
made.
b. The taxpayer shall be informed of the law and the facts on which the
assessment is made, otherwise the assessment shall be void.
c. The Commissioner may refund a tax even without a claim refund from the
taxpayer where on the face of the return upon which the payment was
made, such a payment clearly appears to have been erroneously made.
d. A suit may be brought even after the lapse of two years from the date of
payment, if any supervening cause arises after payment.
a
53. The authorities of the BIR commissioner include the following, except:
a. Compromise the payment of any internal revenue tax.
b. Abate a tax liability
c. Credit or refund tax that had been erroneously received
d. Inquire into bank deposit
d
54. The following are grounds to cancel a tax liability by the BIR commissioner,
except
a. The tax unjustly or excessively assessed
b. The administration and collection costs involved do not justify the
collection of the amount of tax
c. A reasonable doubt as to the validity of the claim against the taxpayer
d. Illegal collection of tax
d
55. Which of the following not a requisite to toll the collection of taxes to be made
by the Bureau of Internal Revenue, upon proof of the following to the Court of
Tax Appeals:
a. It will jeopardize the interest of the taxpayer;
b. It will jeopardize the interest of the Government;
c. Filing of a bond double the amount of tax assessed;
d. The case is not dilatory.
c
56. Transitional Input Tax Rate is:
a. 1.5%
b. 8%
c. 10%
d. 2%
d
57. One of the following is not an ordinary deduction for purposes of Net Taxable
Estate.
a. Funeral expense b. Medical expense
c. Judicial expense d. Taxes
b
58. The following persons signature must appear in the corporations income tax
return, except:
a. President
c. Treasurer
b. Vice President
d. External Auditor
d
59. Deduction for funeral expenses shall be allowed, except:
a. Only if paid out of the estate
b. For a non-resident alien limited to amount that was actually incurred in the
Philippines
c. Shall in no case to exceed 5% of the gross estate
d. Shall in no case to exceed P200,000
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b
60. Which of the following is deductible from the gross estate?
a. Income tax paid on income received after death
b. Property taxes not accrued prior to death
c. Estate tax paid to a foreign country
d. Donors tax accrued prior to death
d
61. Which one is incorrect? Losses are deductible if:
a. Arising from natural calamity or fortuitous event
b. Not compensated by insurance
c. A property included in the Philippine gross estate
d. Incurred during the settlement of the estate
c
62. Deductions from gross estates for transfers for public purposes, except
a. Means legacy in a last will and testament to the government
b. Means device in the last will to the government
c. Include any kind of transfer in favor of the government
d. Do not include legacies to charitable institutions
c
63. Which of the following is not an attribute of characteristic of taxes?
a. A tax is a forced charge
b. It is payable in money
c. It is progressive
d. It is levied for public purposes
c
64. Importance of taxes is:
a. It is the lifeblood of the Government
b. It is personal to the taxpayer
c. It is a revenue measure
d. It is for public purpose
a
65. Which of the following is not a nature of taxing power?
a. It is an attribute of the sovereignty.
b. It is inherent in the state.
c. It is exclusively exercised by legislature.
d. It is plenary, comprehensive and unlimited.
c
66. Taxes proceed upon the theory that the existence of the government is a
necessity; it cannot continue without the means to pay its expenses; and for
those means, it has the right to compel all citizens and property within its
limits to contribute
a. Benefit- Protection Theory
c. Lifeblood Theory
b. Necessity Theory
d. Territoriality Theory
b
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67. Which of the following will not interrupt the running of the prescriptive period
for assessment and collection of taxes:
a. When the Commissioner is prohibited from making the assessment or
beginning distrait and levy or a proceeding in court and for thirty (30) days
thereafter.
b. When the taxpayer requests for the reinvestigation which is granted by the
Commissioner.
c. When the taxpayer is out of the Philippines.
d. When the taxpayer cannot be located in the address given by him in the
return.
a
68. Which of the following are not deputized agents for the collection of national
internal revenue taxes?
a. The Commissioner of Customs and his subordinates with respect to the
collection of national internal revenue taxes on imported articles.
b. The head of the appropriate government office and his subordinates with
respect to the collection of energy tax.
c. Banks duly accredited by the Commissioner with respect to receipt of
payments of internal revenue taxes authorized to be made through banks.
d. Any officer or employee of an authorized agent bank assigned to transmit
tax returns.
d
69. Occupying the forefront of tax law enforcement is the:
a. Department of Finance
c. Legislative Department
b. Bureau of Internal Revenue
d. Executive Department
b
70. The powers and duties of the Bureau of Internal Revenue comprehend the
following, except?
a. Assessment and collection of all national and local revenue taxes.
b. Enforcement of all forfeitures, penalties and fines in connection connected
with the collection of national internal revenue taxes.
c. Execution of judgment in all cases decided in its favor by the Court of
Appeals, and the ordinary courts.
d. Effecting and administering the supervisory and police powers conferred
to it by the Tax Code or other laws.
a
71. The power to interpret the provisions of the Tax Code and other tax laws shall
be under the exclusive and original jurisdiction of the:
a. The Commissioner of the BIR
b. The Secretary of Finance
c. The Court of Tax Appeals
d. The Regular Courts
a
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77. Net capital loss carryover will not be claimed by, except:
a. Individual taxpayers
b. Estate taxpayers
c. Trust taxpayers
d. Corporate taxpayers
d
78. Decedent who is married with a surviving spouse and one legitimate child and
two illegitimate children. Left the following properties.
Real properties
P3,000,000
Family home
1,000,000
Other real property (exclusive)
2,000,000
Family lot (exclusive)
400,000
Funeral expenses
300,000
Taxes and losses
1,300,000
Medical expenses
1,000,000
What is the total net taxable estate?
a. P1,250,000
b. P2,250,000
c. P1,150,000
d. P2,450,000
a
79. The following are the reasons which necessitates the filing of an
administrative claim for refund with the BIR, except:
a.
To afford the Commissioner an opportunity to consider the claim.
b.
To give the Commissioner a chance to correct the errors of
subordinate officers.
c.
To notify the Government that such taxes have been questioned
and the notice should be borne in mind in estimating the revenue available
for expenditures.
d.
To give ample time to the Commissioner in preparing the cash to be
disbursed for the taxpayers refund.
d
80. 1st Statement: A resident corporation is allowed to deduct depreciation
expense regardless of the propertys location.
2nd Statement: A private educational institution may at its option elect either
to deduct capital expenditures during the taxable year or to deduct allowable
for depreciation thereof.
a.
True; False
b.
True; True
c.
False; True
d.
False; False
c
end
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