1.

The tax on life insurance premium based upon the total premiums collected in the
Philippines whether such premiums are paid in money, notes, credits or any substitute for
money is:
a) 12% c) 7%
b) 10% d) 2%

2. Who shall be liable to the amusement taxes under Section 125?

Patrons of amusement places
Lessors of amusement places
Proprietor, lessees, or operator of amusement places
None of the choices

3. The operator of one of the ff places is not subject to amusement tax.

a) cockpits c) Bowling alleys
b) Racetracks d) KTV Karaoke joints

4. Every fire marine or miscellaneous insurance agent authorized under the Insurance
Code to procure policies of insurance as he may have previously been legally authorized to
transact on risks located in the Philippines for companies not authorized to transact
business in the Philippines shall pay a tax equal to:
a) 12% of the total premiums collected. c) 4% of the total premiums collected
b) 10% of the total premiums collected. d) None of the choices

5. What is the tax on the interest, commissions, discounts and all other items treated as
gross income of other none-bank financial intermediaries doing business in the
Philippines?
a) 7% on gross receipts. c) 1% on gross receipts.
b) 5% on gross receipts. d) 0% on gross receipts