NAME: Aislin Faith G.

Sabusap
CLASS CODE: TXTN1_A

CHAPTER 1
Exercise Drills True or False 2
1. N 1. True
2. I 2. False
3. I 3. False
4. N 4. True
5. C 5. True
6. I 6. True
7. C 7. False
8. C 8. False
9. N 9. False
10. C 10. False
11. C
12. I Multiple Choice - Theory: Part 1
13. C 1. A
14. N 2. A
15. C 3. B
16. C 4. D
17. I 5. A
18. C 6. D
19. N 7. C
20. N 8. A
9. B
True or False 1 10. C
1. False 11. B
2. False 12. D
3. True 13. D
4. True 14. C
5. True 15. C
6. False 16. B
7. True 17. C
8. False 18. D
9. True 19. A
10. True 20. D
21. D
22. C
23. C
24. C
25. C
26. C
27. D
 28. C 12. B
29. C 13. A
30. C 14. D
31. A 15. B
32. B 16. D
33. D 17. A
34. B 18. B
19. B
Multiple Choice - Theory: Part 2 20. B
1. C 21. C
2. A 22. D
3. C 23. D
4. D 24. B
5. C
6. D
7. C CHAPTER 2
8. B Exercise Drill No. 1
9. A 1. Other Percentage Tax
10. C 2. Donor’s Tax
11. C 3. Regressive Tax
12. C 4. Indirect Tax
13. C 5. Ad valorem
14. D 6. Revenue Tax
15. C 7. National Tax
16. A 8. Excise Tax
17. B 9. Estate Tax
18. C 10. Personal, Poll, or Capitation Tax
19. D 11. Proportional Tax
20. A 12. Specific Tax
21. D 13. Direct Tax
22. B 14. Regulatory Tax
15. Privilege Tax
Multiple Choice - Theory: Part 3
1. C Exercise Drill No. 2
2. B 1. Revenue
3. A 2. Tax
4. C 3. Special Assessment
5. A 4. Tariff
6. C 5. License Fee
7. A 6. Tax
8. D 7. Debt
9. B 8. Toll
10. A 9. Penalty
11. C 10. Debt
Exercise Drill No. 3 18. D
As to payment 19. D
1. At least P200,000 per quarter for the 20. D
preceding year 21. A
2. At least P1,000,000 tax paid for the 22. D
preceding year 23. B
3. At least P1,000,000 annual income 24. A
tax paid for the preceding year 25. B
4. At least P1,000,000 annual 26. B
withholding tax payments or 27. D
remittances from all types of 28. B
withholding taxes 29. B
5. At least P200,000 percentage tax 30. B
paid or payable per quarter for the 31. A
preceding year 32. D
6. At least P1,000,000 aggregate 33. D
amount per year 34. C
35. C
As to payment 36. D
1. P1,000,000,000 total annual gross 37. B
sales or receipts 38. A
2. P300,000,000 total net worth at the 39. D
close of each calendar or fiscal year 40. D
3. P800,000,000 total annual 41. A
purchases for the preceding year 42. B
43. A
Multiple Choice - Theory: Part 1 44. D
1. A 45. A
2. B
3. A Multiple Choice - Theory: Part 2
4. C 1. A
5. C 2. C
6. C 3. A
7. B 4. A
8. A 5. D
9. B 6. D
10. D 7. C
11. A 8. C
12. C 9. D
13. B 10. B
14. B 11. A
15. C 12. C
16. C 13. D
17. D 14. D
Multiple Choice - Theory: Part 3
1. D
2. B
3. A
4. A
5. A
6. A
7. B
8. B
9. B
10. C
11. A
12. A
13. D
14. D
15. C
16. D
17. C
18. A
19. C
20. B
21. D
22. D