Taxfinalquiz 3

The tax refund or tax credit on exported products shall not be allowed on
a. All mineral products, coal and coke.

b. All mineral products CORRECT
c. All metallic products
d. Coal and coke
Who is the taxpayer on locally-produced excisable goods?

a. Producer CORRECT
b. Wholesaler
c. Consumer
d. Importer
Who is ultimately liable for the rectification of spirits?

a. Both distiller and rectifier
b. Transporter
c. Distiller
d. Rectifier CORRECT
The excise tax on certain excisable goods is a tax on

a. Property � the goods produced or manufactured CORRECT
b. Person � the owner or producer of certain goods
c. Privilege � the right to enter into the business of producing or importing
certain articles
d. Privilege � the right to transport certain goods
Excise taxes that are imposed based on weight or volume capacity or other
physical unit or measurement are called
a. Quantitative tax
b. Ad valorem tax
c. Specific tax CORRECT
d. Metrical tax
Who is required to pay the excise tax on excisable goods?

a. Producer
b. Possessor of excisable goods with unpaid excise tax
c. ImporterF
d. Any of these CORRECT
Indigenous petroleum does not include

a. Coal, peat and bituminous shale or stratified deposits
b. Mineral oil or gas
c. Hydrocarbon or gas
d. Bitumen or crude asphalt CORRECT
Bitumen or crude asphalt
Petroleum products sold to the following shall be subject to excise tax:

a. Government agencies and GOCCs CORRECT
b. Asian Development Bank
c. Ecozone-enterprises
d. International carriers
Which of the following does not properly describe excise tax on certain goods or
services?
a. Vanity tax
b. Environment tax
c. Estate tax CORRECT
d. Sin tax
Which statement is false?

a. All excisable petroleum products are subject to specific taxes.
b. All excisable jewelries are subject to ad valorem tax.
c. Cigarettes are subject to specific taxes.
d. All excisable automobiles are subject to specific tax. CORRECT
Excise tax shall apply to certain goods intended for:
I. Domestic consumption
II. Foreign consumption
a. Neither I nor II
b. I only
c. II only
d. Both I and II
I only
Excise tax on locally produced excisable goods shall be paid

a. Upon sale of the goods
b. Upon removal of the goods
c. Within 15 days from the removal of the goods
d. Before the removal of the goods CORRECT
When domestic products that are removed from their place of production without
payment of the excise tax, the tax shall be paid by the
a. owner having possession thereof. CORRECT
b. buyer and seller equally.
c. last seller.
d. producer of the goods.
Whether metallic or non-metallic mineral product, the excise tax on imported

goods shall be paid
a. Within 10 days after removal of the goods from Customs
b. Within 15 days from importation
c. Upon sale of the goods to the Customs territory
d. Before removal of the goods from Customs CORRECT
Statement 1: The regulatory aspect of specific taxes on certain sin products

will best be preserved when their tax rates adjust for inflation.
Statement 2: There is no need to adjust ad valorem taxes since they ride with
inflation.
Which statement is correct?
a. Statement 1 only
b. Both statements are correct CORRECT
c. Both statements are incorrect
d. Statement 2 only
Both statements are correct
Which of the following services is subject to excise tax?

a. Acupuncture rejuvenation therapy
b. Collagen induction therapy
c. Invasive cosmetic procedures and surgeries CORRECT
d. Dermal fillers
The excise tax on certain goods or services is not a

a. National tax
b. Direct tax CORRECT
c. Tax on domestic consumption
d. Indirect tax
Rizal Company has three cigar processing plants located in Laguna, Manila and
Dapitan. Rizal�s head office is in Manila. Which is true with respect to the
filing of excise tax?
a. Rizal can choose to file the return at any of the RDOs having location of the
plants.
b. Only one consolidated return needs to be filed in Manila.
c. One return shall be filed for each factory or place of production. CORRECT
d. Rizal shall file the return where it warehouses its products.
One return shall be filed for each factory or place of production.
Who will pay excise tax?

a. Manufacturer of denatured alcohol
b. Manufacturer of vinegar
c. Manufacturer of plastic
d. Hospitals for performing cosmetic surgery
Hospitals for performing cosmetic surgery
Which of the following requires a payment of bond?

a. Removal of wines and distilled spirits for tobacco leaf treatment.
b. Removal of spirits for rectification.
c. Removal of fermented liquor to bonded warehouses.
d. All of the above. CORRECT

a. Excise tax normally don�t have a deadline of payment. CORRECT
b. Excise taxes are imposed at the point of consumption.
c. Business for subsistence are exempt from excise tax.
d. Excise tax is payable on top of value-added tax but not of percentage tax.
Excise tax normally don�t have a deadline of payment.
Which of the following agricultural products is subject to excise tax?

a. Ground coffee
b. Tobacco rolls CORRECT
c. Soymilk
d. Refined sugar
The term �quarry resources� does not include

a. Granite and basalt
b. Marble and volcanic cinders
c. Metallic rocks or mineralized rocks CORRECT
d. Rock phosphate
These refers to things produced and prepared in marketable state by simple

treatment processes of washing or drying without undergoing any chemical change
or process or manufacturing by the lessee, concessionaire or owner
a. Minerals
b. Quarry resources CORRECT
c. Metallic minerals
d. Mineral products
Which is not a sin product?

a. Cigarettes
b. Jewelry CORRECT
c. Chewing tobacco
d. Distilled spirits
The excise tax on locally-produced or manufactured products that are exported

shall be claimed by the producer as
a. Tax credit
b. Expense
c. Tax refund
d. Tax refund or tax credit CORRECT
Del Pilar manufactured cigarette and sold the same to Bonifacio. Bonifacio
exported the goods abroad to a foreign retailer, Benjamin. Who is entitled to
claim refund for the excise tax?
a. Del Pilar
b. Bonifacio
c. Benjamin
d. None of them CORRECT
AMT, Inc. produced and withdrawn 1,000,000 units of excisable goods X which is
subject to P1/unit excise tax. AMT uses goods X to manufacture Y which is sold
domestically and abroad. 50,000 units of Y was produced out of which 30,000
units were exported.
Which is incorrect?
a. Excise tax is payable only on the 400,000 units of goods X.
b. AMT shall pay P1 million in excise tax.
c. AMT shall claim tax credit or refund of P600,000.
d. None of the above.
Excise tax is payable only on the 400,000 units of goods X.
The excise tax on locally-produced or extracted mineral or mineral products

shall be due and payable
a. Within 15 days from the removal of the goods CORRECT
b. Upon sale of the goods
c. Upon removal of the goods
d. Before the removal of the goods
Within 15 days from the removal of the goods
Which is subject to the 20% jewelry tax?

a. Silver-plated wares
b. Gold-plated frames or mountings for eyeglasses
c. Pearl CORRECT
d. Dental gold alloys or gold tooth filling
The excise tax on excisable goods exported is claimed by refund or tax credit.
Which is an exception to this rule?
a. Sin products
b. Non-essential goods
c. Petroleum products
d. Mineral products CORRECT

goods shall be paid
a. Within 10 days after removal of the goods from Customs
b. Upon sale of the goods to the Customs territory
c. Before removal of the goods from Customs CORRECT
d. Within 15 days from importation
Which could not be considered a vanity tax

a. Tax imposed upon champagne CORRECT
b. Tax imposed upon automobiles
c. Tax imposed upon cosmetic surgery
d. Tax imposed upon jewelry
Which is not subject to excise tax?

a. Sweetened beverages
b. Prostitution CORRECT
c. Precious metals
d. Quarry resources

a. Mineral oil or gas
b. Bitumen or crude asphalt CORRECT
d. Coal, peat and bituminous shale or stratified deposits
Which could not be considered a green tax?

a. Tax imposed upon petroleum products
b. Tax imposed upon mineral products
c. Tax imposed upon quarry minerals
d. Tax imposed upon jewelry CORRECT
Tax imposed upon jewelry
The excise tax on minerals does not apply to

a. Diamond and sapphire
b. Natural gas CORRECT
c. Gold, chromite, copper, silver or iron
d. Indigenous petroleum
Filing of an excise tax bond is required on

a. Excise tax on metallic minerals and mineral products CORRECT
b. Excise tax on indigenous petroleum or natural gas
c. Excise tax on non-metallic minerals and mineral products
d. Excise tax on mineral products
Excise tax on metallic minerals and mineral products

a. Producer
c. Importer
d. Any of these CORRECT
The tax due on non-metallic or mineral product, or quarry resources shall be due
and payable
a. Upon sale of the goods
b. Before the removal of the goods
c. Upon removal of the goods CORRECT
d. Within 15 days from the removal of the goods
Taxes imposed to restrain luxury

a. Vanity tax
b. Sin tax
c. Green tax
d. Sumptuary tax CORRECT
Which of the following products is subject to both ad valorem and specific tax?
a. Automobiles
b. Cigars and cigarettes
c. Distilled spirits
d. Distilled spirits, cigars and cigarettes CORRECT
Taxes imposed on substance known to harm health

a. Sumptuary tax
b. Vanity tax
c. Green tax
d. Sin tax CORRECT
Which is subject to purely specific tax?

a. Distilled spirits
b. Cigarettes CORRECT
c. Cigar
d. Yacht

a. Automobiles used exclusively within freeport zones shall be exempt from
excise tax.
b. Manufacturers and importers are subject to ad valorem tax on their net
selling price, net of excise tax and ad valorem tax.
c. To be considered a hybrid vehicle, a vehicle must be able to run using solely
electric motor.
d. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for
purposes of excise tax. CORRECT
Excise to shall apply to certain goods that are
I. Locally produced
II. Imported
a. I only
b. Both I and II CORRECT
c. II only
d. Neither I nor II
Which of the following mineral products is subject to specific tax?

a. Granite
b. Indigenous petroleum
c. Copper and gold
d. Coal and coke CORRECT
Coal and coke
a. buyer and seller equally.
b. producer of the goods.
c. owner having possession thereof. CORRECT
d. last seller.
What is the tax basis on goods subject to ad valorem tax?

a. Gross selling price at the place of production
b. Gross selling price of the resellers of the goods
c. Gross selling price at the place or production or in other places if sold by
the owner in other places. CORRECT
d. Production cost plus a minimum 10% margin
What is the threshold alcohol content that when exceeded shall reclassify wines
into distilled spirits?
a. 14%
b. 10%
c. 30%
d. 25% CORRECT
Statement 1: Excise tax rates are relative more burdensome compared to other
business taxes.
Statement 2: Excise tax rates covers a small range or products or services.
a. Both statements are correct CORRECT
b. Both statements are incorrect
c. Statement 1 only
d. Statement 2 only

a. Producer CORRECT
b. Consumer
c. Importer
d. Wholesaler
Statement 1: Excise tax, customs duties and the VAT on importation is similarly
collectible at the point of importation.
Statement 2: Excise tax and the VAT on importation are similarly imposed upon
landed costs.
a. Statement 2 only
b. Statement 1 only
d. Both statements are correct (CORRECT)
Sin taxes is not imposed on

a. Wines
b. Cosmetic surgery CORRECT
c. Sweetened beverages
d. Cigars
In the case of indigenous petroleum, natural gas or liquified natural gas, the
excise tax thereon shall be paid by the
a. The person who is in possession of the same
b. Producer of the goods
c. Seller of the goods
d. First buyer of the goods CORRECT

b. Manufacturer of vinegar
c. Hospitals for performing cosmetic surgery CORRECT
d. Manufacturer of plastic
a. All mineral products, coal and coke. CORRECT
b. All metallic products
c. Coal and coke
d. All mineral products
Which is subject to payment of excise taxes?

a. Removal of damaged liquor
b. Removal of tobacco products entirely unfit for chewing or smoking
c. Removal of petroleum coke to be used as fuels of power plants
d. Removal of bunker fuel for the production of excisable products CORRECT
The correct answer is: Removal of bunker fuel for the production of excisable
products
No excise tax credit or refund is allowed to the export of which of the

following commodities?
a. Petroleum products
b. Mineral products CORRECT
c. Coal
d. Coke
Which of the following is not considered a taxable sin product?

a. Sweetened beverages
b. Tobacco leaves
c. Marijuana CORRECT
d. Liquors
Amita Company is a VAT-registered car manufacturer. It had the following data on

the manufacture of a car model during a period of recession:
Production costs, P1,000,000
Transportation and other expenses of sale, P200,000
Final selling price to customer, P1,100,000
What is the final basis for the ad valorem tax?
a. P1,100,000
b. P1,000,000
c. P1,200,000
d. P1,320,000 CORRECT
(P1,000,000 + P200,000) x 110%
AMT Company sells hybrid cars utilizing alternative power sources. The cars have
selling prices ranging from P2 million to P20 million. During the month, it
completed the production of 2 units of the Time Saver model with aggregate cost
of P2 million and wholesale price of P6 million.
What is the ad valorem tax?

a. P0
b. P1,200,000
c. P600,000 CORRECT
d. P3,000,000
P6M x 20% x 50%
A small-scale miner sold his gold to a gold trader for P500,000. What is the
excise tax?
a. P50,000
b. P20,000
c. P100,000
d. P0 CORRECT
RPL Company produced the following vehicle models during the month:
a. P340,000
b. P300,000 CORRECT
c. P0
d. P600,000
Your answer is correct.

P3M x 20% x 50%
Electric car is exempt
Bus and jeep is an exempt vehicle
Motorbike is not expressly taxed
AMT Company sells sports cars with selling prices ranging from P2 million to P20
million. During the month, it completed the production of 2 units of the Time
Traveler model with aggregate cost of P2 million and wholesale price of P6
million.
a. P1,200,000 CORRECT
b. P3,000,000
c. P0
d. P600,000
SRP per unit = P6M/2 = P3M per unit
P6M x 20% = P1.2M
Miss Tessa, a VAT-registered physician and beautician, conducted an internal abs

enhancement procedure to a Mr. Fred Castillo, a practicing accountant. The two
contracted for a P2 million payment before taxes.
What is the amount of withholding tax that Mr. Fred Castillo shall deduct on the
professional fees?
Select one:
a. P210,000
b. P204,000
c. P100,000
d. P200,000 CORRECT
P2M x 10%
Withholding tax does not cover excise tax and output VAT.
The taxpayer is VAT registered; presumed to have an annual receipt exceeding P3M
a year

What is the excise tax?
a. P200,000
b. P40,000
c. P0
d. P100,000 CORRECT
P2M x 5%
a. Sin products
b. Petroleum products
c. Non-essential goods
d. Mineral products CORRECT

a. Cigarettes are subject to specific taxes.
b. All excisable jewelries are subject to ad valorem tax.
c. All excisable automobiles are subject to specific tax. CORRECT
d. All excisable petroleum products are subject to specific taxes

What is the VAT due on the transaction?
a. P252,000 CORRECT
b. P120,000
c. P264,000
d. P0
(P2M x 105%) x 12%

a. Privilege � the right to enter into the business of producing or importing
certain articles
c. Property � the goods produced or manufactured CORRECT
Dr. Tacac, a VAT-registered surgeon, conducted a cosmetic surgery on Miss Ivana

for P1,200,000. The fee is agreed to be inclusive of VAT and excise tax. What is
the excise tax?
a. P60,000
b. P53,571
c. P51,202 CORRECT
d. P57,143
(P1.2M/112%) x 5%/105% = P51,202
Lopez Company imports and manufactures various automobile models. During the
month, it had the following data on its operation:
a. P3,000,000
b. P4,350,000
c. P4,000,000
(P12.5M + P30M) x 110% x 10% = P4,550,000

for P1,200,000. The fee is agreed to be inclusive of VAT but exclusive of excise
tax. What is the excise tax?
a. P53,571 CORRECT
b. P60,000
c. P57,143
d. P50,000
(P1.2M/112%) x 5%


a. P1,200,000
b. P1,320,000 CORRECT
c. P1,000,000
d. P1,100,000
(P1,000,000 + P200,000) x 110%
a. All mineral products CORRECT
b. All mineral products, coal and coke.
c. Coal and coke
d. All metallic products
AMT Company sells electric cars with selling prices ranging from P2 million to
P20 million. During the month, it completed the production of 2 units of the
Time Saver model with aggregate cost of P2 million and wholesale price of P6
million.
a. P1,200,000
b. P0 CORRECT
c. P600,000
d. P3,000,000
million.
a. P3,000,000
b. P600,000
c. P0
Feedback
P6M x 20% = P1.2M
a. P1,200,000
b. P0
c. P600,000
d. P3,000,000
Feedback
Your answer is incorrect.
P6M x 20% x 50%
P600,000
Marcelo is an operator of a fleet of 10 taxis operated under the �boundary

system.� A total of P150,000 �boundary� payments from chauffeurs was received in
March 2020. A total of P20,000 is still receivable from chauffeurs for family
advances. The percentage tax for the month is
a. P4,500 CORRECT
b. P5,100
c. P600
d. P360
Isabelo Insurance Corporation has the following receipts and receivables from
its insurance products:
What is the insurance premiums tax due?
a. P20,000
b. P36,000
c. P24,000 CORRECT
d. P30,000
Panganiban Company is conducting an initial public offering of 2,000,000 shares.

Panganiban Company already had 4,000,000 issued and outstanding shares. The new
IPO shares shall be sold at P3 per share. What is the tax on the initial public
offering?
a. P60,000
b. P120,000 CORRECT
c. P240,000
d. P0
Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of

P200,000 during a month, including P20,000 rentals for cargo transport. How much
is the percentage tax?
a. P6,000 CORRECT
b. P0
c. P5,400 WRONG
d. P6,600
In a recently completed race, Rivera Astrodome noted the following winning

tickets:
Straight bets: P40,000, 20 tickets at P100 per ticket
Combination bets: P20,000, 2 tickets at P200 per ticket
What is the percentage tax to be withheld on the winnings?
a. P3,800
b. P4,584
c. P5,760 WRONG
d. P0
Padre Burgos, a non-VAT taxpayer, is an operator of four buses plying the route
Isabela-Manila. In February 2020, the buses remitted a total of P320,000,
including P30,000 freight and charges for passenger baggage. The common carriers
tax is
a. P0
b. P10,500
c. P8,700 WRONG
d. P9,600 CORRECT
Antonio Ferry Boats transport passengers and cargoes between the islands of
Palaui and Sta. Ana. It earned a total of P120,000 in February 2020, excluding
P10,000 freight for cargoes.
What is the percentage tax if Antonio Ferry boats registered respectively as a
non-VAT taxpayer and as a VAT taxpayer?
a. P3,600 and P0
b. P3,900 and P3,600
c. P0 and P0
d. P3,900 and P0 CORRECT
Fernando Company is a transportation contractor of Amita Delivery Services, a

mail courier company. Fernando Company delivers the mails to addressee location
specified in the mails. During the month, Fernando Company was paid P400,000 by
Amita. The percentage tax due is
a. P48,000
b. P12,000 CORRECT
c. P24,000
d. P0
Ricarte Bank reported the following receipts during the month:

What is the gross receipts tax due?
a. P110,000 CORRECT
b. P100,000
c. P70,000
d. P80,000
A quasi-bank received the following from its short-term placement of excess

funds:
Dividend income, P500,000
Bank interest income, net of final tax, P800,000
a. P50,000 CORRECT
b. P40,000 WRONG
c. P0
d. P91,000
wo taxis which were both grounded during the month of March due to the enhanced
community quarantine. The applicable presumptive quarterly gross receipt for
each tax was P3,600. What is the percentage tax due for March 2020?
a. P72
b. P0
c. P216 WRONG
d. P108
Panday Pira Local Water District has an annual sales of P10 million a year.
During the month, it collected P4,000,00 from sales of water. The percentage tax
due is
a. P80,000 CORRECT
b. P0
c. P200,000
d. P120,000
Compensation income from teaching, P200,000

Receipts from taxi, P50,000
Receipts from professional practice
What is the percentage tax payable of Apolinario for March 2020?
a. P18,000 WRONG
b. P12,000
c. P0
d. P1,500
MV Leona, an international shipping carrier, had the following receipts on its

Philippine operations:
a. P54,000 CORRECT
b. P99,000
c. P0
d. P144,000
Paterno Flights, an international carrier, recorded the following receipts

during a month for outgoing flights:
a. P60,000
b. P51,000 CORRECT
c. P75,000
d. P15,000
Lakandula is an operator of cockpit. During the quarter, it collected P200,000

from gate receipts, P240,000 from �tongs� and P300,000 from business
concessionaires inside the cockpits. Total winnings on derby sets totaled
P2,400,000. What is the amusement tax?
a. P0
b. P133,200 CORRECT
c. P74,000 WRONG
d. P111,000
An operator of car with chauffeurs for hire had the following financial results
during a month:
What is the percentage tax due?
a. P4,200
b. P4,320 WRONG
c. P2,880 CORRECT
d. P7,200 WRONG
There are two competing garage with the following receipts:

Juan, P1,200,000
Diego, P3,500,000
Who will pay percentage tax?
a. Both Juan and Diego CORRECT
b. Juan only
c. Diego only
d. Neither Juan nor Diego
Padre Gomez owns a cargo truck for rent. During the month, it generated total
receipts of P40,000 from various clients. The percentage tax due is
a. P4,800
b. P0
c. P1,200 CORRECT
d. P2,000
Palma Bank had the following summary of receipts

a. P200,000
b. P220,000
c. P160,000 WRONG
d. P180,000
Mr. Dipatuan practices his profession as a medical practitioner. He registered

as a VAT-taxpayer. Mrs. Dipatuan is a nurse employed by a public hospital.
a. Mrs. Dipatuan is exempt from business tax.
b. Mr. Dipatuan shall pay percentage tax.
c. Mr. Dipatuan is exempt from business tax.
d. Mrs. Dipatuan shall pay percentage tax. WRONG
Apolinario owns and operates a taxi unit. He also teaches as an accounting

professor at a university and renders professional consultancy services to
various clients. Apolinario is registered as a VAT-taxpayer. In March 2020, he
had the following receipts:
Receipts from professional practice P100,000
What is the total amount subject to VAT?
a. P0
b. P400,000
c. P350,000 CORRECT
d. P550,000
Dagohoy Corporation sell bread to various stores and makes P150,000 monthly
sales on the average. During the month, it made total sales of P200,000 out of
which only P160,000 was collected. What is the percentage tax due?
a. P0
b. P4,800
c. P6,000 CORRECT
d. P4,500
Lapu-Lapu Corporation, a non-VAT taxpayer, leases commercial spaces to various

businesses. During a month, it received P142,500 rentals, net of 5% creditable
withholding tax. What is the percentage tax due?
a. P4,061
b. P4,275
c. P0
d. P4,500 CORRECT
a. P2,000
b. P1,200 CORRECT
c. P4,800
d. P0
Soliman Corporation, a publicly-listed company, is planning to increase its
public ownership by issuing additional 1,000,000 shares for P10 per share. The
new shares will increase the outstanding shares of Soliman to 2,500,000. What is
the IPO tax?
a. P0 CORRECT
b. P100,000 WRONG
c. P400,000 WRONG
d. P200,000 WRONG
Jose is a proprietor of a mini-store with sales in any 12-month period not

exceeding P3,000,000. He shall pay
a. Excise tax
b. Value-added tax
c. Percentage tax CORRECT
d. Percentage and excise tax
A cellular company had the following receipts:

P2 million from domestic calls
P3 million from incoming calls to the Philippines
P2.5 million from outgoing calls abroad
a. P0
b. P250,000 CORRECT
c. P165,000
d. P75,000
Mariano Ponce had annual sales not exceeding P10 million a year. During the
month, it posted a revenue of P2 million, out of which P1.8 million was
collected. The percentage tax due is
a. P54,000 CORRECT
b. P36,000
c. P0
d. P60,000
Gregoria Transporters, a transportation contractor, transports employees of

Amita Industries to and from Ilagan City to a distant plant in San Mariano City.
In March, Gregoria Transporters was paid P300,000 by Amita Industries. The
percentage tax due is
a. P36,000
b. P15,000
c. P9,000 CORRECT
d. P0
Padre Zamora, a VAT taxpayer, is an operator of four buses plying the route
including P30,000 freight and charges for passenger baggage. The percentage tax
due is
a. P0
b. P9,600 WRONG
c. P8,700 CORRECT
d. P10,50 WRONG
Felipe Airlines, an international air carrier, collected a total of P300,000

from transporting passengers during the month. It also collected a total of
P5,000,000 from transporting mails and baggage. The percentage tax due is
a. P150,000 CORRECT
b. P0
c. P1,050,000
d. P900,000

tickets:
a. P3,800
b. P5,760
c. P4,584 CORRECT
d. P0
Graciano Ferries transports passengers and land vehicles between Batangas and
Mindoro. Graciano usually had an average annual receipts of P5,000,000. During
the month, it earned a total of P400,000 from customers. The percentage tax is
a. P138,000
b. P12,000 WRONG
c. P150,000 CORRECT
d. P0 WRONG
Mr. Galicano owns 1,000,000 shares representing 40% of the outstanding stocks of
Amita Corporation, a closely-held corporation, which is conducting an initial
public offering. Mr. Galicano sold 700,000 shares during the initial public
offering for P100 per share.
After the initial public offering, Mr. Galicano further sold his remaining
300,000 shareholdings for P90 per share.
What is the IPO tax due from Mr. Galicano on the sale of the 300,000 shares?
a. P162,000 CORRECT
b. P540,000
c. P270,000
d. P161,000 WRONG
What is the IPO tax due from Mr. Galicano?
a. P350,000
b. P700,000
c. P1,400,000 CORRECT
d. P2,800,000
Andres, a VAT-registered taxpayer, reported P200,000 sales last month. His

annual sales never exceeded P3,000,000. Compute his percentage tax.
a. P6,000
b. P54,000
c. P24,000
d. P0 CORRECT
Melchora has two taxis which were both grounded during the month of March due to
the enhanced community quarantine. The applicable presumptive quarterly gross
receipt for each tax was P3,600. What is the percentage tax due for March 2020?
a. P108 WRONG
b. P72 CORRECT
c. P0
d. P216 WRONG
Rafael Airlines is a domestic airliner with annual receipts exceeding P50

million. During the month, it generated the following receipts: Passengers, P5
million; Cargoes and baggage, P1.5 million. The percentage tax due is
a. P195,000 WRONG
b. P45,000 WRONG
c. P0 CORRECT
d. P150,000

a. P1,500 CORRECT
b. P18,000
c. P12,000
d. P0
Palma Bank had the following summary of receipts:

a. P160,000
b. P220,000
c. P180,000 CORRECT
d. P200,000

a. P4,500 CORRECT
b. P5,100
c. P600
d. P360
a. P20,000
b. P36,000
c. P24,000 CORRECT
d. P30,000

offering?
a. P60,000
b. P120,000 CORRECT
c. P240,000
d. P0

a. P6,000 CORRECT
b. P0
c. P5,400 WRONG
d. P6,600

tickets:
a. P3,800
b. P4,584
c. P5,760 WRONG
d. P0
tax is
a. P0
b. P10,500
c. P8,700 WRONG
d. P9,600 CORRECT
a. P3,600 and P0
b. P3,900 and P3,600
c. P0 and P0
d. P3,900 and P0 CORRECT

a. P48,000
b. P12,000 CORRECT
c. P24,000
d. P0

a. P110,000 CORRECT
b. P100,000
c. P70,000
d. P80,000

funds:
a. P50,000 CORRECT
b. P40,000 WRONG
c. P0
d. P91,000
wo taxis which were both grounded during the month of March due to the enhanced
community quarantine. The applicable presumptive quarterly gross receipt for
each tax was P3,600. What is the percentage tax due for March 2020?
a. P72
b. P0
c. P216 WRONG
d. P108
due is
a. P80,000 CORRECT
b. P0
c. P200,000
d. P120,000

a. P18,000 WRONG
b. P12,000
c. P0
d. P1,500
a. P54,000 CORRECT
b. P99,000
c. P0
d. P144,000

a. P60,000
b. P51,000 CORRECT
c. P75,000
d. P15,000

a. P0
b. P133,200 CORRECT
c. P74,000 WRONG
d. P111,000
during a month:
a. P4,200
b. P4,320 WRONG
c. P2,880 CORRECT
d. P7,200 WRONG

Juan, P1,200,000
Diego, P3,500,000
a. Both Juan and Diego CORRECT
b. Juan only
c. Diego only
a. P4,800
b. P0
c. P1,200 CORRECT
d. P2,000
Palma Bank had the following summary of receipts

a. P200,000
b. P220,000
c. P160,000 WRONG
d. P180,000

a. Mrs. Dipatuan is exempt from business tax.
b. Mr. Dipatuan shall pay percentage tax.
c. Mr. Dipatuan is exempt from business tax.
d. Mrs. Dipatuan shall pay percentage tax. WRONG

Receipts from professional practice P100,000
a. P0
b. P400,000
c. P350,000 CORRECT
d. P550,000
a. P0
b. P4,800
c. P6,000 CORRECT
d. P4,500

a. P4,061
b. P4,275
c. P0
d. P4,500 CORRECT
a. P2,000
b. P1,200 CORRECT
c. P4,800
d. P0
Soliman Corporation, a publicly-listed company, is planning to increase its

public ownership by issuing additional 1,000,000 shares for P10 per share. The
new shares will increase the outstanding shares of Soliman to 2,500,000. What is
the IPO tax?
a. P0 CORRECT
b. P100,000 WRONG
c. P400,000 WRONG
d. P200,000 WRONG

a. Excise tax
b. Value-added tax
c. Percentage tax CORRECT
d. Percentage and excise tax

a. P0
b. P250,000 CORRECT
c. P165,000
d. P75,000
Mariano Ponce had annual sales not exceeding P10 million a year. During the
month, it posted a revenue of P2 million, out of which P1.8 million was
collected. The percentage tax due is
a. P54,000 CORRECT
b. P36,000
c. P0
d. P60,000

a. P36,000
b. P15,000
c. P9,000 CORRECT
d. P0
due is
a. P0
b. P9,600 WRONG
c. P8,700 CORRECT
d. P10,50 WRONG

a. P150,000 CORRECT
b. P0
c. P1,050,000
d. P900,000

tickets:
a. P3,800
b. P5,760
c. P4,584 CORRECT
d. P0
a. P138,000
b. P12,000 WRONG
c. P150,000 CORRECT
d. P0 WRONG
a. P162,000 CORRECT
b. P540,000
c. P270,000
d. P161,000 WRONG
a. P350,000
b. P700,000
c. P1,400,000 CORRECT
d. P2,800,000

a. P6,000
b. P54,000
c. P24,000
d. P0 CORRECT
a. P108 WRONG
b. P72 CORRECT
c. P0
d. P216 WRONG

a. P195,000 WRONG
b. P45,000 WRONG
c. P0 CORRECT
d. P150,000

a. P1,500 CORRECT
b. P18,000
c. P12,000
d. P0

a. P160,000
b. P220,000
c. P180,000 CORRECT
d. P200,000
Select one:
a. Tobacco rolls
b. Refined sugar
c. Soymilk
d. Ground coffee
Feedback
The correct answer is: Tobacco rolls
Question 2
Correct
Mark 1.00 out of 1.00
Not flaggedFlag question
Question text
Select one:
a. Producer
c. Importer
d. Any of these
Feedback
The correct answer is: Any of these
Question 3
Correct
Question text
Which is subject to payment of excise taxes?
Select one:
a. Removal of damaged liquor
b. Removal of tobacco products entirely unfit for chewing or smoking
c. Removal of bunker fuel for the production of excisable products
d. Removal of petroleum coke to be used as fuels of power plants
Feedback
The correct answer is: Removal of bunker fuel for the production of excisable
products
Question 4
Correct
Question text
excise tax?
Select one:
a. P20,000
b. P0
c. P100,000
d. P50,000
Feedback
The correct answer is: P0
Question 5
Correct
Question text
To an operator of a domestic sea transport vessel, which of the following is
vatable?
Select one:
a. Fares from passengers
b. Fares from baggage
c. Fares from cargoes and mails
d. All of the above
Feedback
The correct answer is: All of the above
Question 6
Incorrect
Question text
Select one:
a. P100,000
b. P40,000
c. P0
d. P200,000
Feedback
P2M x 5%
The correct answer is: P100,000

Question 7
Correct
Question text
The stock transaction tax is withheld and remitted by
Select one:
a. The owner of stocks
b. The buyer of the stocks
c. The Philippine Stock Exchange
d. The stockbroker
Feedback
The correct answer is: The stockbroker
Question 8
Correct
Question text
Select one:
a. P75,000
b. P165,000
c. P0
d. P250,000
Feedback
Question 9
Correct
Question text
Select one:
d. All of the above.
Feedback
The correct answer is: All of the above.
Question 10
Correct
Question text
Select one:
b. Cigarettes
c. Cigar
d. Yacht
Feedback
The correct answer is: Cigarettes
Question 11
Incorrect
Question text
Select one:
a. Automobiles used exclusively within freeport zones shall be exempt from
excise tax.
c. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for
purposes of excise tax.
d. To be considered a hybrid vehicle, a vehicle must be able to run using solely
electric motor.
Feedback
The correct answer is: Buses, trucks, cargo vans and jeepneys shall be
considered as automobiles for purposes of excise tax.
Question 12
Correct
Question text
A jeepney operator with gross receipts from passenger fares exceeding P3,000,000
in any 12-month period is subject to
Select one:
a. 8% percentage tax
b. 0% VAT
c. 3% percentage tax
d. 12% VAT
Feedback
The correct answer is: 3% percentage tax
Question 13
Correct
Question text
The tax base of percentage tax on agent of a foreign insurance company not
allowed to do business in the Philippines is
Select one:
a. Gross sales
b. Gross receipts
c. Remittances to the foreign insurance company by the agent
d. Premiums received from within the Philippines for the foreign insurance
company
Feedback
The correct answer is: Premiums received from within the Philippines for the
foreign insurance company
Question 14
Correct
Question text
Interest income
Interest income
� 1-3 year loan P1,200,000
� 3-5 year loan 800,000
� 6-8 year loan 600,000
� 8-10 year loan 400,000
Total P3,000,000
Select one:
a. P70,000
b. P100,000
c. P110,000
d. P80,000
Feedback
Question 15
Incorrect
Question text
To be subject to the general percentage tax, a taxable person must not be
Select one:
a. VAT-registered
b. Non-VAT-registered
c. Operating below the VAT threshold
d. All of the above
Feedback
The correct answer is: VAT-registered
Question 16
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
What is the total excise tax due?
Select one:
a. P300,000
b. P340,000
c. P600,000
d. P0
Feedback
P3M x 20% x 50%

Question 17
Correct
Question text
Select one:
a. Direct tax
b. Indirect tax
c. Tax on domestic consumption
d. National tax
Feedback
The correct answer is: Direct tax
Question 18
Correct
Question text
million.
Select one:
a. P600,000
b. P3,000,000
c. P0
d. P1,200,000
Feedback
P6M x 20% = P1.2M
The correct answer is: P1,200,000

Question 19
Correct
Question text
Select one:
a. P0
b. P400,000
c. P350,000
d. P550,000
Feedback
Question 20
Correct
Question text
due is
Select one:
a. P0
b. P10,50
c. P9,600
d. P8,700
Feedback
Question 21
Correct
Question text
The percentage tax for operators of racetracks is
Select one:
a. 30%
b. 15%
c. 18%
d. 10%
Feedback
The correct answer is: 30%
Question 22
Correct
Question text
goods shall be paid
Select one:
a. Within 15 days from importation
b. Within 10 days after removal of the goods from Customs
c. Before removal of the goods from Customs
d. Upon sale of the goods to the Customs territory
Feedback
The correct answer is: Before removal of the goods from Customs
Question 23
Correct
Question text
Select one:
a. P6,000
b. P54,000
c. P24,000
d. P0
Feedback
Question 24
Correct
Question text
Which of the following overseas call is not subject to percentage tax?
Select one:
a. Overseas calls by Pedro, a minimum wage earner.
b. Overseas calls transmitted by PilTalk Company, a call center company located
in Cauayan City.
c. Overseas calls transmitted by the City of Ilagan.
d. Overseas calls transmitted by the board of directors of Smart Communications.
Feedback
The correct answer is: Overseas calls transmitted by the City of Ilagan.
Question 25
Correct
Question text
Select one:
a. P3,000,000
b. P0
c. P600,000
d. P1,200,000
Feedback
P6M x 20% x 50%
Question 26
Correct
Question text
Select one:
a. P120,000
b. P252,000
c. P0
d. P264,000
Feedback
(P2M x 105%) x 12%

Question 27
Correct
Question text
professional fees?
Select one:
a. P204,000
b. P200,000
c. P210,000
d. P100,000
Feedback
P2M x 10%
a year.

Question 28
Correct
Question text
Which of the following is subject to 2% percentage tax?
Select one:
a. Life insurance policy premiums collected by a resident foreign insurance
company.
b. Life insurance policy premiums collected by an agent of resident foreign
insurance company.
c. Insurance policy premium collected by an agent of a non-resident foreign
insurance company.
d. Premium on insurance policy taken directly by the owner of the property
insured.
Feedback
The correct answer is: Life insurance policy premiums collected by a resident
foreign insurance company.
Question 29
Correct
Question text
due is
Select one:
a. P80,000
b. P120,000
c. P200,000
d. P0
Feedback
Question 30
Correct
Question text
tickets:
Select one:
a. P0
b. P4,584
c. P5,760
d. P3,800
Feedback


Select one:
a. P1,200,000
b. P1,100,000
c. P1,320,000
d. P1,000,000
Feedback
(P1,000,000 + P200,000) x 110%

Question 2
Correct
Question text
Select one:
a. producer of the goods.
b. owner having possession thereof.
c. last seller.
d. buyer and seller equally.
Feedback
The correct answer is: owner having possession thereof.
Question 3
Correct
Question text
Select one:
a. The person who is in possession of the same
b. Producer of the goods
c. First buyer of the goods
d. Seller of the goods
Feedback
The correct answer is: First buyer of the goods
Question 4
Correct
Question text
Select one:
b. Dental gold alloys or gold tooth filling
c. Pearl
d. Gold-plated frames or mountings for eyeglasses
Feedback
The correct answer is: Pearl
Question 5
Correct
Question text
Agents of foreign insurance are subject to
Select one:
a. 3% premiums tax
b. 4% premiums tax
c. 2% premiums tax
d. 5% premiums tax
Feedback
The correct answer is: 4% premiums tax
Question 6
Correct
Question text
Select one:
a. Property � the goods produced or manufactured
certain articles
Feedback
The correct answer is: Property � the goods produced or manufactured
Question 7
Correct
Question text
The 3% common carrier�s tax on international carriers on their transport of
cargoes from the Philippines to other countries is imposed upon
I. International air carrier doing business in the Philippines
II. International shipping doing business in the Philippines
Select one:
a. Both I and II
b. I only
c. Neither of I and II
d. II only
Feedback
The correct answer is: Both I and II
Question 8
Correct
Question text
Statement 1: The percentage of block sale in primary offering is determined
using the outstanding shares after the IPO.
Statement 2: The percentage of stock sale in secondary offering is determined
using the outstanding shares before the IPO.
Select one:
a. Both statements are correct
b. Statement 1 only
c. Statement 2 only
d. Both statements are incorrect
Feedback
The correct answer is: Both statements are correct
Question 9
Correct
Question text
The IPO tax is payable by
Select one:
a. The buyers of IPO shares
b. The stockbroker
c. Both the buyer and issuing corporation
d. The issuing corporation
Feedback
The correct answer is: The issuing corporation
Question 10
Correct
Question text
The percentage tax rates on services specifically subject to percentage tax
ranges from
Select one:
a. 1% to 3%
b. 1% to 30%
c. � of 1%to 3%
d. 60% of 1% to 30%
Feedback
The correct answer is: 60% of 1% to 30%
Question 11
Correct
Question text
funds:
Select one:
a. P50,000
b. P91,000
c. P40,000
d. P0
Feedback
Question 12
Correct
Question text
million.
Select one:
a. P3,000,000
b. P1,200,000
c. P600,000
d. P0
Feedback
P6M x 20% = P1.2M

Question 13
Correct
Question text
professional fees?
Select one:
a. P204,000
b. P200,000
c. P210,000
d. P100,000
Feedback
P2M x 10%
a year.

Question 14
Correct
Question text
excise tax?
Select one:
a. P0
b. P100,000
c. P20,000
d. P50,000
Feedback
Question 15
Correct
Question text
business taxes.
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are correct
Feedback
Question 16
Correct
Question text
Select one:
a. P4,800
b. P6,000
c. P4,500
d. P0
Feedback
Question 17
Correct
Question text
Select one:
a. P0
b. P400,000
c. P550,000
d. P350,000
Feedback
Question 18
Correct
Question text
Select one:
a. P5,100
b. P4,500
c. P600
d. P360
Feedback
Question 19
Correct
Question text
Select one:
a. Rizal shall file the return where it warehouses its products.
c. One return shall be filed for each factory or place of production.
d. Rizal can choose to file the return at any of the RDOs having location of the
plants.
Feedback
The correct answer is: One return shall be filed for each factory or place of
production.
Question 20
Correct
Question text
Select one:
a. P216
b. P0
c. P108
d. P72
Feedback
Question 21
Correct
Question text
Select one:
a. P60,000
b. P50,000
c. P57,143
d. P53,571
Feedback
(P1.2M/112%) x 5%

Question 22
Correct
Question text
Which is a VAT-exempt receipt to a bus operator?
Select one:
a. Receipts from passengers
b. Receipt from cargoes
c. Receipt from baggage
d. Receipt from mails
Feedback
The correct answer is: Receipts from passengers
Question 23
Correct
Question text
Which domestic carrier is specifically subject to percentage tax?
Select one:
a. All of the above
b. Common carrier by sea
c. Common carrier by land
d. Common carrier by air
Feedback
The correct answer is: Common carrier by land
Question 24
Incorrect
Question text
the excise tax?
Select one:
a. P53,571
b. P51,202
c. P60,000
d. P57,143
Feedback
(P1.2M/112%) x 5%/105%

Question 25
Correct
Question text
Select one:
b. Yacht
c. Cigarettes
d. Cigar
Feedback
Question 26
Correct
Question text
Franchise grantees of telephone, telegraph and other communication equipment are
subject to percentage tax on
I. Overseas dispatch of message
II. Domestic dispatch of message
Select one:
a. Neither I nor II
b. II only
c. Both I and II
d. I only
Feedback
The correct answer is: I only
Question 27
Correct
Question text
Select one:
a. P264,000
b. P120,000
c. P0
d. P252,000
Feedback
(P2M x 105%) x 12%

Question 28
Correct
Question text
Select one:
a. Vanity tax
b. Sumptuary tax
c. Green tax
d. Sin tax
Feedback
The correct answer is: Sin tax
Question 29
Correct
Question text
Select one:
a. P350,000
b. P2,800,000
c. P700,000
d. P1,400,000
Feedback
Question 30
Correct
Question text
Select one:
a. Value-added tax
b. Excise tax
c. Percentage and excise tax
d. Percentage tax
Feedback
The correct answer is: Percentage tax
million.
Select one:
a. P600,000
b. P0
c. P1,200,000
d. P3,000,000
Feedback
Question 2
Correct
Question text
AMT, Inc. produced and withdrawn 1,000,000 units of excisable goods X which is
subject to P1/unit excise tax. AMT uses goods X to manufacture Y which is sold
domestically and abroad. 50,000 units of Y was produced out of which 30,000
units were exported.
Which is incorrect?
Select one:
a. Excise tax is payable only on the 400,000 units of goods X.
b. AMT shall pay P1 million in excise tax.
c. AMT shall claim tax credit or refund of P600,000.
d. None of the above.
Feedback
The correct answer is: Excise tax is payable only on the 400,000 units of goods
X.
Question 3
Correct
Question text
Select one:
a. Prostitution
b. Precious metals
d. Quarry resources
Feedback
The correct answer is: Prostitution
Question 4
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
Select one:
a. P0
b. P600,000
c. P300,000
d. P340,000
Feedback
P3M x 20% x 50%

Question 5
Correct
Question text
professional fees?
Select one:
a. P210,000
b. P204,000
c. P200,000
d. P100,000
Feedback
P2M x 10%
a year.

Question 6
Correct
Question text
The gross receipts tax does not apply to
Select one:
a. Urban banks
b. Commercial banks
c. Rural banks
d. Credit cooperatives
Feedback
The correct answer is: Credit cooperatives
Question 7
Correct
Question text
Rentals of property, real or personal, received by bank and non-bank financial
intermediaries performing quasi-banking functions are
Select one:
a. Subject to 12% VAT
b. Subject to gross receipts tax of 5%
c. Subject to 3% percentage tax is annual gross receipts do not exceed
P3,000,000
d. Subject to gross receipts tax of 7%
Feedback
The correct answer is: Subject to gross receipts tax of 7%
Question 8
Correct
Question text
These refers to things produced and prepared in marketable state by simple
treatment processes of washing or drying without undergoing any chemical change
or process or manufacturing by the lessee, concessionaire or owner
Select one:
a. Mineral products
b. Minerals
c. Quarry resources
d. Metallic minerals
Feedback
The correct answer is: Quarry resources
Question 9
Correct
Question text
offering?
Select one:
a. P60,000
b. P0
c. P240,000
d. P120,000
Feedback
Question 10
Correct
Question text
Select one:
a. P252,000
b. P0
c. P264,000
d. P120,000
Feedback
(P2M x 105%) x 12%

Question 11
Correct
Question text
Select one:
a. P0
b. P4,500
c. P6,000
d. P4,800
Feedback
Question 12
Correct
Question text
Select one:
a. P360
b. P600
c. P4,500
d. P5,100
Feedback
Question 13
Correct
Question text
To an operator of a domestic aircraft, which is vatable?
Select one:
a. Fares from passengers
b. Fares from baggage
c. Fares from cargoes and mails
d. All of the above
Feedback
Question 14
Correct
Question text
Select one:
a. Cigar
b. Cigarettes
c. Yacht
d. Distilled spirits
Feedback
Question 15
Correct
Question text
Which winning is subject to percentage tax?
Select one:
a. Winnings from derby
b. Winnings from lotto
c. Winnings from horserace
d. Winnings from gambling
Feedback
The correct answer is: Winnings from horserace
Question 16
Correct
Question text
Select one:
a. Before the removal of the goods
b. Within 15 days from the removal of the goods
d. Upon sale of the goods
Feedback
The correct answer is: Within 15 days from the removal of the goods
Question 17
Correct
Question text
Total Costs
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
The sales of these cars are subject to 10% excise tax.
Select one:
a. P4,350,000
b. P3,000,000
c. P4,550,000
d. P4,000,000
Feedback
(P12.5M + P30M) x 110% x 10%

Question 18
Correct
Question text
due is
Select one:
a. P8,700
b. P9,600
c. P10,50
d. P0
Feedback
Question 19
Correct
Question text
Select one:
b. Manufacturer of plastic
c. Hospitals for performing cosmetic surgery
d. Manufacturer of vinegar
Feedback
The correct answer is: Hospitals for performing cosmetic surgery
Question 20
Correct
Question text
Select one:
a. Del Pilar
b. Bonifacio
c. Benjamin
d. None of them
Feedback
The correct answer is: None of them
Question 21
Correct
Question text
The percentage tax is
Select one:
a. A tax on sale of services
b. Imposed on sale of goods
c. Imposed together with the excise tax
d. All of the above
Feedback
Question 22
Correct
Question text
Select one:
a. P0
b. P150,000
c. P138,000
d. P12,000
Feedback
Question 23
Correct
Question text
Select one:
a. Excise taxes are imposed at the point of consumption.
b. Excise tax normally don�t have a deadline of payment.
c. Excise tax is payable on top of value-added tax but not of percentage tax.
d. Business for subsistence are exempt from excise tax.
Feedback
The correct answer is: Excise tax normally don�t have a deadline of payment.
Question 24
Correct
Question text
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
Select one:
a. P20,000
b. P36,000
c. P24,000
d. P30,000
Feedback
Question 25
Correct
Question text
the excise tax?
Select one:
a. P57,143
b. P53,571
c. P51,202
d. P60,000
Feedback
(P1.2M/112%) x 5%/105%

Question 26
Correct
Question text
excise tax?
Select one:
a. P100,000
b. P20,000
c. P50,000
d. P0
Feedback
Question 27
Correct
Question text
funds:
Select one:
a. P91,000
b. P40,000
c. P50,000
d. P0
Feedback
Question 28
Correct
Question text
Select one:
b. 3% percentage tax
c. 0% VAT
d. 12% VAT
Feedback
Question 29
Correct
Question text
Agents of foreign insurance are subject to
Select one:
a. 5% premiums tax
b. 3% premiums tax
c. 2% premiums tax
d. 4% premiums tax
Feedback
The correct answer is: 4% premiums tax
Question 30
Correct
Question text
A domestic carrier which is also engaged in international transport operation is
subject to
Select one:
a. VAT
b. Excise tax
c. VAT and percentage tax
d. Percentage tax
Feedback
The correct answer is: VAT
Select one:
a. P3,900 and P0
b. P3,600 and P0
c. P3,900 and P3,600
d. P0 and P0
Feedback
The correct answer is: P3,900 and P0
Question 2
Correct
Question text
Select one:
b. 0% VAT
c. 12% VAT
d. 8% percentage tax
Feedback
Question 3
Correct
Question text
Select one:
a. P600
b. P360
c. P4,500
d. P5,100
Feedback
Question 4
Correct
Question text
A domestic transportation contractor by land is engaged in the transport of
passengers, goods and cargoes. If the contractor is not VAT-registered, what
business taxes is he liable for?
Select one:
a. 3% tax on VAT-exempt persons on gross receipts from transport of goods and
cargoes and 3% common carrier�s tax on gross receipts from transport of
passengers.
b. 12% value added tax
c. 12% VAT on gross receipts from transport of goods and cargoes and 3% common
carrier�s tax on gross receipts from transport of passengers
d. 3% common carrier�s tax
Feedback
The correct answer is: 3% tax on VAT-exempt persons on gross receipts from
transport of goods and cargoes and 3% common carrier�s tax on gross receipts
from transport of passengers.
Question 5
Correct
Question text
Select one:
a. Liquors
b. Sweetened beverages
c. Tobacco leaves
d. Marijuana
Feedback
The correct answer is: Marijuana
Question 6
Correct
Question text
The premiums tax on life insurance applies to
Select one:
a. Excess of premiums on variable contracts
b. Refunded premium
c. Re-insurance premium
d. Direct premium
Feedback
The correct answer is: Direct premium
Question 7
Correct
Question text
Select one:
a. P3,000,000
b. P1,200,000
c. P0
d. P600,000
Feedback
P6M x 20% x 50%

Question 8
Correct
Question text
Select one:
a. Percentage and excise tax
b. Percentage tax
c. Excise tax
d. Value-added tax
Feedback
Question 9
Correct
Question text
passengers, goods and cargoes. If the contractor is VAT-registered, what
Select one:
a. 12% VAT on gross receipts from transport of goods and cargoes and 3% common
b. 3% tax on VAT-exempt persons on gross receipts from transport of goods and
passengers.
c. 12% value added tax
d. 3% common carrier�s tax
Feedback
The correct answer is: 12% VAT on gross receipts from transport of goods and
passengers
Question 10
Correct
Question text
Select one:
a. Del Pilar
b. Bonifacio
c. Benjamin
d. None of them
Feedback
The correct answer is: None of them
Question 11
Correct
Question text

Select one:
a. P1,100,000
b. P1,200,000
c. P1,000,000
d. P1,320,000
Feedback
(P1,000,000 + P200,000) x 110%

Question 12
Correct
Question text
business taxes.
Select one:
a. Statement 2 only
b. Both statements are correct
d. Statement 1 only
Feedback
Question 13
Correct
Question text
Which of the following is not percentage tax-exempt?
I. Businesses with annual gross sales of P100,000 and below.
II. Overseas calls made by the Philippine government.
III. Overseas messages transmitted by any embassy and consular offices of a
foreign government.
Select one:
a. II only
b. None of the above items.
c. I, II and III
d. I only
Feedback
The correct answer is: None of the above items.
Question 14
Correct
Question text
excise tax?
Select one:
a. P100,000
b. P50,000
c. P0
d. P20,000
Feedback
Question 15
Correct
Question text
Juan, P1,200,000
Diego, P3,500,000
Select one:
a. Diego only
b. Both Juan and Diego
c. Juan only
Feedback
The correct answer is: Both Juan and Diego
Question 16
Correct
Question text
A tax on the right or privilege to enter places of amusement
Select one:
a. Value added tax
b. Income tax
c. Franchise tax
d. Amusement tax
Feedback
The correct answer is: Amusement tax
Question 17
Correct
Question text
Which of the following products is subject to both ad valorem and specific tax?
Select one:
b. Automobiles
c. Cigars and cigarettes
d. Distilled spirits, cigars and cigarettes
Feedback
The correct answer is: Distilled spirits, cigars and cigarettes
Question 18
Correct
Question text
professional fees?
Select one:
a. P100,000
b. P204,000
c. P200,000
d. P210,000
Feedback
P2M x 10%
a year.

Question 19
Correct
Question text
Total Costs
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
Select one:
a. P4,000,000
b. P4,350,000
c. P3,000,000
d. P4,550,000
Feedback
(P12.5M + P30M) x 110% x 10%

Question 20
Correct
Question text
funds:
Select one:
a. P91,000
b. P50,000
c. P40,000
d. P0
Feedback
Question 21
Correct
Question text
Excise taxes that are imposed based on weight or volume capacity or other
physical unit or measurement are called
Select one:
a. Quantitative tax
b. Ad valorem tax
c. Specific tax
d. Metrical tax
Feedback
The correct answer is: Specific tax
Question 22
Correct
Question text

Select one:
a. P100,000
b. P0
c. P40,000
d. P200,000
Feedback
P2M x 5%

Question 23
Correct
Question text
Select one:
a. Both I and II
b. I only
c. II only
d. Neither I nor II
Feedback
Question 24
Correct
Question text
Select one:
a. P6,000
b. P0
c. P4,800
d. P4,500
Feedback
Question 25
Correct
Question text
landed costs.
Select one:
b. Statement 2 only
d. Statement 1 only
Feedback
Question 26
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
Select one:
a. P340,000
b. P300,000
c. P0
d. P600,000
Feedback
P3M x 20% x 50%

Question 27
Correct
Question text
Select one:
b. Yacht
c. Cigarettes
d. Cigar
Feedback
Question 28
Correct
Question text
Select one:
a. Green tax
b. Vanity tax
c. Sumptuary tax
d. Sin tax
Feedback
Question 29
Correct
Question text
From booking agencies in
Philippines
Abroad
Total
Passengers
P2,000,000
P3,000,000
P5,000,000
Cargoes and baggage
500,000
1,200,000
1,700,000
Total
P2,500,000
P4,200,000
P6,700,000
Select one:
a. P51,000
b. P60,000
c. P15,000
d. P75,000
Feedback
Question 30
Correct
Question text
Which of the following is not subject to the 3% percentage tax?
Select one:
a. International shipping carrier doing business in the Philippines.
b. Franchise grantees of city gas and water utilities.
c. Domestic carriers by land and keepers of garage.
d. International air carrier doing business in the Philippines.
Feedback
The correct answer is: Franchise grantees of city gas and water utilities
A right or privilege granted by the State to a person, individual or corporation

to operate a public utility such as radio broadcasting, television station,
electric light system, telephone company, gas and water utilities
Select one:
a. Common carriers
b. Lending investors
c. Franchise
d. Dealers in securities
Feedback
The correct answer is: Franchise
Question 2
Correct
Question text

Select one:
a. P1,200,000
b. P1,320,000
c. P1,000,000
d. P1,100,000
Feedback
(P1,000,000 + P200,000) x 110%
Question 3
Correct
Question text
Select one:
a. P6,000
b. P0
c. P4,800
d. P4,500
Feedback
Question 4
Correct
Question text
Select one:
a. Cigarettes
b. Distilled spirits
c. Cigar
d. Yacht
Feedback
Question 5
Correct
Question text
excise tax?
Select one:
a. P20,000
b. P100,000
c. P0
d. P50,000
Feedback
Question 6
Correct
Question text
If the block sale of primary shares exceeds 1/3 of the outstanding shares after
the IPO sale, the IPO tax is
Select one:
a. 1%
b. 2%
c. 4%
d. 60% of 1%
Feedback
Question 7
Correct
Question text
Select one:
a. P60,000
b. P50,000
c. P57,143
d. P53,571
Feedback
(P1.2M/112%) x 5%

Question 8
Correct
Question text
Select one:
a. Property � the goods produced or manufactured
b. Privilege � the right to transport certain goods
certain articles
d. Person � the owner or producer of certain goods
Feedback
The correct answer is: Property � the goods produced or manufactured
Question 9
Correct
Question text
Shares of stock held as investment when sold through the local stock exchange
shall be subject to
Select one:
a. Value-added tax of 12% based on gross income
b. Percentage tax of 6/10 of 1% based on gross selling price or gross value in
money
c. Percentage tax on initial public offering of 4%, 2% or 1% based on gross
selling price or gross value in money
d. Capital gains tax of 15% on capital gain
Feedback
The correct answer is: Percentage tax of 6/10 of 1% based on gross selling price
or gross value in money
Question 10
Correct
Question text
Select one:
b. Excise tax is payable on top of value-added tax but not of percentage tax.
c. Business for subsistence are exempt from excise tax.
d. Excise tax normally don�t have a deadline of payment.
Feedback
Question 11
Correct
Question text
Select one:
a. P1,200,000
b. P3,000,000
c. P600,000
d. P0
Feedback
P6M x 20% x 50%

Question 12
Correct
Question text
Select one:
a. Neither I nor II
b. Both I and II
c. II only
d. I only
Feedback
Question 13
Correct
Question text
Which of the following services is subject to excise tax?
Select one:
a. Collagen induction therapy
b. Dermal fillers
c. Invasive cosmetic procedures and surgeries
d. Acupuncture rejuvenation therapy
Feedback
The correct answer is: Invasive cosmetic procedures and surgeries
Question 14
Correct
Question text
Select one:
a. P48,000
b. P12,000
c. P0
d. P24,000
Feedback
Question 15
Correct
Question text
Select one:
a. Before the removal of the goods
b. Upon sale of the goods
d. Within 15 days from the removal of the goods
Feedback
The correct answer is: Within 15 days from the removal of the goods
Question 16
Incorrect
Question text
Select one:
a. Mrs. Dipatuan shall pay percentage tax.
b. Mrs. Dipatuan is exempt from business tax.
c. Mr. Dipatuan shall pay percentage tax.
d. Mr. Dipatuan is exempt from business tax.
Feedback
The correct answer is: Mrs. Dipatuan is exempt from business tax.
Question 17
Correct
Question text
The premiums tax on insurance premium is
Select one:
a. 3%
b. 2%
c. 4%
d. 5%
Feedback
Question 18
Correct
Question text
Which statement is not correct?
Select one:
a. The percentage taxes are not allowed by law to be shifted to the customer or
clients.
b. An isolated transaction not in the course of business will not result in a
liability for a percentage tax.
c. The percentage taxes are paid on a quarterly basis.
d. The percentage taxes are basically on sales of services.
Feedback
The correct answer is: The percentage taxes are not allowed by law to be shifted
to the customer or clients.
Question 19
Correct
Question text
What is the threshold alcohol content that when exceeded shall reclassify wines
into distilled spirits?
Select one:
a. 30%
b. 10%
c. 25%
d. 14%
Feedback
Question 20
Correct
Question text
Select one:
a. P120,000
b. P264,000
c. P252,000
d. P0
Feedback
(P2M x 105%) x 12%

Question 21
Correct
Question text
Gross receipts from
Passengers
Baggage
Total
Incoming voyages
P2,000,000
P1,500,000
P3,500,00
Outgoing voyages
3,000,000
1,800,00
4,800,000
Total
P5,000,000
P3,300,000
P8,300,000
How much is the percentage tax due?
Select one:
a. P144,000
b. P0
c. P54,000
d. P99,000
Feedback
Question 22
Correct
Question text
Select one:
a. P111,000
b. P0
c. P133,200
d. P74,000
Feedback
Question 23
Correct
Question text
A tax on the right or privilege to enter places of amusement
Select one:
a. Income tax
b. Value added tax
c. Amusement tax
d. Franchise tax
Feedback
The correct answer is: Amusement tax
Question 24
Correct
Question text
Select one:
a. P550,000
b. P0
c. P350,000
d. P400,000
Feedback
Question 25
Incorrect
Question text
Select one:
a. Sin products
b. Mineral products
c. Petroleum products
d. Non-essential goods
Feedback
The correct answer is: Mineral products
Question 26
Correct
Question text
Select one:
a. P4,800
b. P1,200
c. P2,000
d. P0
Feedback
Question 27
Incorrect
Question text
million.
Select one:
a. P3,000,000
b. P600,000
c. P1,200,000
d. P0
Feedback
P6M x 20% = P1.2M

Question 28
Correct
Question text
Select one:
a. P40,000
b. P200,000
c. P0
d. P100,000
Feedback
P2M x 5%

Question 29
Correct
Question text
Select one:
b. Hospitals for performing cosmetic surgery
c. Manufacturer of plastic
d. Manufacturer of vinegar
Feedback
Question 30
Correct
Question text
Statement 1: The tax on life insurance premiums is 2% based upon the total
premiums collected whether such premiums are paid in money, notes, credits or
any substitute for money.
Statement 2: The tax on agents of foreign insurance companies is 10% based upon
the total premiums collected.
Select one:
a. Statements 1 & 2 are true.
b. Statement 1 is false but statement 2 is true.
c. Statements 1 & 2 are false.
d. Statement 1 is true but statement 2 is false.
Feedback
The correct answer is: Statement 1 is true but statement 2 is false.
Select one:
a. P72
b. P108
c. P0
d. P216
Feedback
Question 2
Correct
Question text
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
Select one:
a. P24,000
b. P30,000
c. P36,000
d. P20,000
Feedback
Question 3
Correct
Question text
The gross receipts tax on long-term interest income is
Select one:
a. 3%
b. 5%
c. 7%
d. 1%
Feedback
Question 4
Correct
Question text
Select one:
a. Wholesaler
b. Producer
c. Consumer
d. Importer
Feedback
The correct answer is: Producer
Question 5
Correct
Question text
Which of the following is subject to amusement tax on gross receipts
Select one:
a. Owners of winning racehorses
b. Lessees of karaoke TV houses
c. Owners of winning cocks in the cockpits
d. Lessors of bowling alleys
Feedback
The correct answer is: Lessees of karaoke TV houses
Question 6
Correct
Question text
professional fees?
Select one:
a. P204,000
b. P100,000
c. P200,000
d. P210,000
Feedback
P2M x 10%
a year.

Question 7
Correct
Question text
Select one:
a. Direct tax
b. Tax on domestic consumption
c. National tax
d. Indirect tax
Feedback
Question 8
Correct
Question text
Which of the following boxing events is not exempt from amusement tax?
Select one:
a. Oriental championship
b. Asian championship
c. World championship
d. National championship
Feedback
The correct answer is: National championship
Question 9
Correct
Question text

Select one:
a. P252,000
b. P0
c. P264,000
d. P120,000
Feedback
(P2M x 105%) x 12%

Question 10
Correct
Question text
million.
Select one:
a. P0
b. P1,200,000
c. P600,000
d. P3,000,000
Feedback
Question 11
Correct
Question text
due is
Select one:
a. P8,700
b. P0
c. P9,600
d. P10,50
Feedback
Question 12
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
Select one:
a. P340,000
b. P300,000
c. P600,000
d. P0
Feedback
P3M x 20% x 50%

Question 13
Correct
Question text
Excise tax on locally produced excisable goods shall be paid
Select one:
a. Within 15 days from the removal of the goods
b. Before the removal of the goods
d. Upon sale of the goods
Feedback
The correct answer is: Before the removal of the goods
Question 14
Correct
Question text
during a month:
Total collections
P 240,000
Less:
Fuel
P 100,000
Other car supplies
24,000
Driver�s salaries
20,000
144,000
Net income
P 96,000
Select one:
a. P4,200
b. P4,320
c. P7,200
d. P2,880
Feedback
Question 15
Correct
Question text
Select one:
a. P4,500
b. P600
c. P5,100
d. P360
Feedback
Question 16
Incorrect
Question text
Which is part of gross receipts for purposes of premiums tax on life insurance?
I. Checks
II. Bills and coins
III. Promissory notes
Select one:
a. I and III only
b. II and III only
c. I, II and III
d. I and II only
Feedback
The correct answer is: I, II and III
Question 17
Correct
Question text
Which of the following statements is correct?
I. The gross revenue for freight or cargo and mail shall be determined based
on the revenue realized from the carriage thereof.
II. The amount realized for mails, shall on the other hand, be determined
based on the amount as reflected in the cargo manifest of the carrier.
Select one:
a. Both I and II
b. I only
c. Neither I nor II
d. II only
Feedback
Question 18
Correct
Question text

Select one:
a. P1,320,000
b. P1,000,000
c. P1,100,000
d. P1,200,000
Feedback
(P1,000,000 + P200,000) x 110%

Question 19
Correct
Question text
From which of the following sources is the gross receipt of an international
carrier subject to percentage tax?
Select one:
a. Incoming transport of passengers
b. Incoming transport of cargoes
c. Outgoing transport of passengers
d. Outgoing transport of cargoes
Feedback
The correct answer is: Outgoing transport of cargoes
Question 20
Correct
Question text
Select one:
a. First buyer of the goods
b. The person who is in possession of the same
c. Producer of the goods
d. Seller of the goods
Feedback
The correct answer is: First buyer of the goods
Question 21
Correct
Question text
Which is incorrect with respect to the requisites of exemption of receipts from
professional boxing?
Select one:
a. Both contenders must be Filipinos
b. The promoter must be a Filipino citizen or a corporation with at least 60%
owned by Filipinos
c. The competition must be a world or oriental championship
d. All of the above
Feedback
The correct answer is: Both contenders must be Filipinos
Question 22
Correct
Question text
Select one:
a. Buses, trucks, cargo vans and jeepneys shall be considered as automobiles for
purposes of excise tax.
c. Automobiles used exclusively within freeport zones shall be exempt from
excise tax.
d. To be considered a hybrid vehicle, a vehicle must be able to run using solely
electric motor.
Feedback
The correct answer is: Buses, trucks, cargo vans and jeepneys shall be
considered as automobiles for purposes of excise tax.
Question 23
Correct
Question text
Select one:
a. P0
b. P6,600
c. P5,400
d. P6,000
Feedback
Question 24
Correct
Question text
The excise tax on locally-produced or manufactured products that are exported
shall be claimed by the producer as
Select one:
a. Tax refund
b. Expense
c. Tax refund or tax credit
d. Tax credit
Feedback
The correct answer is: Tax refund or tax credit
Question 25
Correct
Question text
Excise tax shall apply to certain goods intended for:
I. Domestic consumption
II. Foreign consumption
Select one:
a. II only
b. I only
c. Neither I nor II
d. Both I and II
Feedback
Question 26
Correct
Question text
Select one:
a. P3,900 and P0
b. P0 and P0
c. P3,900 and P3,600
d. P3,600 and P0
Feedback
The correct answer is: P3,900 and P0
Question 27
Correct
Question text
the excise tax?
Select one:
a. P51,202
b. P60,000
c. P53,571
d. P57,143
Feedback
(P1.2M/112%) x 5%/105%

Question 28
Correct
Question text
Select one:
a. Soymilk
b. Tobacco rolls
c. Ground coffee
d. Refined sugar
Feedback
Question 29
Correct
Question text
Which is not specifically subject to common carrier�s tax?
Select one:
a. Bus
b. Taxi
c. Jeepney
d. Truck
Feedback
The correct answer is: Truck
Question 30
Correct
Question text
Total Costs
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
Select one:
a. P4,550,000
b. P4,000,000
c. P3,000,000
d. P4,350,000
Feedback
(P12.5M + P30M) x 110% x 10%
The premiums tax on life insurance applies to
Select one:
a. Refunded premium
b. Re-insurance premium
c. Excess of premiums on variable contracts
d. Direct premium
Feedback
The correct answer is: Direct premium
Question 2
Correct
Question text
Select one:
a. P252,000
b. P120,000
c. P0
d. P264,000
Feedback
(P2M x 105%) x 12%

Question 3
Correct
Question text
Shares of stock held as investment when sold not through the local stock
exchange shall be subject to
Select one:
a. Percentage tax on initial public offering of 4%, 2% or 1% based on gross
selling price or gross value in money
b. Percentage tax of 6/10 of 1% based on gross selling price or gross value in
money
c. Value-added tax of 12% based on gross income
d. Capital gains tax of 15% on capital gain
Feedback
The correct answer is: Capital gains tax of 15% on capital gain
Question 4
Correct
Question text
What is the business tax liability of gas and water utility companies with gross
receipts not exceeding P10 million?
Select one:
b. 2% percentage tax
c. VAT
d. No business tax
Feedback
Question 5
Incorrect
Question text
Select one:
a. All metallic products
b. All mineral products, coal and coke.
c. All mineral products
d. Coal and coke
Feedback
The correct answer is: All mineral products
Question 6
Correct
Question text
Select one:
a. P1,500
b. P18,000
c. P12,000
d. P0
Feedback
Question 7
Correct
Question text
due is
Select one:
a. P0
b. P80,000
c. P200,000
d. P120,000
Feedback
Question 8
Correct
Question text
Select one:
a. Marijuana
b. Liquors
c. Tobacco leaves
d. Sweetened beverages
Feedback
The correct answer is: Marijuana
Question 9
Incorrect
Question text
Which is the correct percentage tax on the following service providers?
Select one:
a. Keepers of garage � 5%
b. Franchisees of water utility � 3%
c. Life insurance companies � 5%
d. Operators of jai-alai and horseraces � 30%
Feedback
The correct answer is: Operators of jai-alai and horseraces � 30%
Question 10
Correct
Question text
Which winning is subject to percentage tax?
Select one:
a. Winnings from gambling
b. Winnings from derby
c. Winnings from horserace
d. Winnings from lotto
Feedback
The correct answer is: Winnings from horserace
Question 11
Correct
Question text
Select one:
a. P15,000
b. P0
c. P9,000
d. P36,000
Feedback
Question 12
Correct
Question text
Interest income on short-term loans
P2,000,000
Interest income on long-term loans
1,000,000
Rent income on ROPOA
800,000
Service fees and gains
200,000
Select one:
a. P160,000
b. P180,000
c. P200,000
d. P220,000
Feedback
Question 13
Correct
Question text
million.
Select one:
a. P600,000
b. P3,000,000
c. P1,200,000
d. P0
Feedback
P6M x 20% = P1.2M

Question 14
Correct
Question text
Select one:
b. Non-essential goods
c. Sin products
d. Mineral products
Feedback
Question 15
Correct
Question text
Which of the following boxing events is not exempt from amusement tax?
Select one:
a. National championship
b. Oriental championship
c. Asian championship
d. World championship
Feedback
The correct answer is: National championship
Question 16
Correct
Question text
Select one:
b. Excise tax normally don�t have a deadline of payment.
c. Excise tax is payable on top of value-added tax but not of percentage tax.
d. Business for subsistence are exempt from excise tax.
Feedback
Question 17
Correct
Question text
Select one:
a. P4,500
b. P0
c. P6,000
d. P4,800
Feedback
Question 18
Correct
Question text
Select one:
a. P40,000
b. P200,000
c. P0
d. P100,000
Feedback
P2M x 5%

Question 19
Correct
Question text
Gross receipts from
Passengers
Baggage
Total
Incoming voyages
P2,000,000
P1,500,000
P3,500,00
Outgoing voyages
3,000,000
1,800,00
4,800,000
Total
P5,000,000
P3,300,000
P8,300,000
How much is the percentage tax due?
Select one:
a. P99,000
b. P0
c. P54,000
d. P144,000
Feedback
Question 20
Correct
Question text
Which could not be considered a vanity tax
Select one:
a. Tax imposed upon champagne
b. Tax imposed upon automobiles
c. Tax imposed upon jewelry
d. Tax imposed upon cosmetic surgery
Feedback
The correct answer is: Tax imposed upon champagne
Question 21
Correct
Question text
Which of the following overseas call is not subject to percentage tax?
Select one:
a. Overseas calls transmitted by the board of directors of Smart Communications.
b. Overseas calls transmitted by PilTalk Company, a call center company located
in Cauayan City.
c. Overseas calls transmitted by the City of Ilagan.
d. Overseas calls by Pedro, a minimum wage earner.
Feedback
The correct answer is: Overseas calls transmitted by the City of Ilagan.
Question 22
Correct
Question text
Select one:
a. P57,143
b. P60,000
c. P53,571
d. P50,000
Feedback
(P1.2M/112%) x 5%

Question 23
Correct
Question text
Select one:
a. P3,000,000
b. P0
c. P600,000
d. P1,200,000
Feedback
P6M x 20% x 50%

Question 24
Correct
Question text
funds:
Select one:
a. P40,000
b. P0
c. P91,000
d. P50,000
Feedback
Question 25
Correct
Question text
million.
Select one:
a. P3,000,000
b. P600,000
c. P1,200,000
d. P0
Feedback
Question 26
Correct
Question text
Filing of an excise tax bond is required on
Select one:
a. Excise tax on metallic minerals and mineral products
b. Excise tax on indigenous petroleum or natural gas
c. Excise tax on non-metallic minerals and mineral products
d. Excise tax on mineral products
Feedback
The correct answer is: Excise tax on metallic minerals and mineral products
Question 27
Correct
Question text
Select one:
a. Yacht
b. Distilled spirits
c. Cigar
d. Cigarettes
Feedback
Question 28
Correct
Question text
I. Locally produced
II. Imported
Select one:
a. II only
b. Both I and II
c. I only
d. Neither I nor II
Feedback
Question 29
Correct
Question text
the excise tax?
Select one:
a. P60,000
b. P53,571
c. P51,202
d. P57,143
Feedback
(P1.2M/112%) x 5%/105%

Question 30
Correct
Question text
Which is a VAT-exempt receipt to a bus operator?
Select one:
a. Receipts from passengers
b. Receipt from mails
c. Receipt from baggage
d. Receipt from cargoes
Feedback
The correct answer is: Receipts from passengers
aterno Flights, an international carrier, recorded the following receipts during

a month for outgoing flights:
From booking agencies in
Philippines
Abroad
Total
Passengers
P2,000,000
P3,000,000
P5,000,000
Cargoes and baggage
500,000
1,200,000
1,700,000
Total
P2,500,000
P4,200,000
P6,700,000
Select one:
a. P15,000
b. P60,000
c. P75,000
d. P51,000
Feedback
Question 2
Correct
Question text
Statement 1: All initial public offerings are subject to IPO tax
Statement 2: A follow-through offering is exempt from IPO tax
Select one:
a. Statement 1 only
b. Both statements are correct
c. Statement 2 only
Feedback
The correct answer is: Statement 2 only
Question 3
Correct
Question text
Select one:
a. P5,400
b. P6,000
c. P6,600
d. P0
Feedback
Question 4
Correct
Question text
Taxes imposed to restrain luxury
Select one:
a. Vanity tax
b. Sumptuary tax
c. Green tax
d. Sin tax
Feedback
The correct answer is: Sumptuary tax
Question 5
Correct
Question text
Which of the following does not properly describe excise tax on certain goods or
services?
Select one:
a. Estate tax
b. Vanity tax
c. Environment tax
d. Sin tax
Feedback
The correct answer is: Estate tax
Question 6
Correct
Question text
Total Costs
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
Select one:
a. P3,000,000
b. P4,550,000
c. P4,000,000
d. P4,350,000
Feedback
(P12.5M + P30M) x 110% x 10%

Question 7
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
Select one:
a. P300,000
b. P0
c. P340,000
d. P600,000
Feedback
P3M x 20% x 50%

Question 8
Correct
Question text
Select one:
a. Cigarettes are subject to specific taxes.
b. All excisable automobiles are subject to specific tax.
c. All excisable petroleum products are subject to specific taxes.
d. All excisable jewelries are subject to ad valorem tax.
Feedback
The correct answer is: All excisable automobiles are subject to specific tax.
Question 9
Correct
Question text
Select one:
a. Statement 1 only
b. Statement 2 only
c. Both statements are correct
Feedback
Question 10
Correct
Question text
Select one:
a. P161,000
b. P162,000
c. P270,000
d. P540,000
Feedback
Question 11
Correct
Question text
Which is incorrect with respect to the requisites of exemption of receipts from
professional boxing?
Select one:
a. Both contenders must be Filipinos
b. The promoter must be a Filipino citizen or a corporation with at least 60%
owned by Filipinos
c. The competition must be a world or oriental championship
d. All of the above
Feedback
The correct answer is: Both contenders must be Filipinos
Question 12
Correct
Question text
Select one:
a. P0
b. P54,000
c. P6,000
d. P24,000
Feedback
Question 13
Correct
Question text
Select one:
a. producer of the goods.
b. buyer and seller equally.
c. last seller.
d. owner having possession thereof.
Feedback
The correct answer is: owner having possession thereof.
Question 14
Correct
Question text
professional fees?
Select one:
a. P204,000
b. P200,000
c. P210,000
d. P100,000
Feedback
P2M x 10%
a year.

Question 15
Correct
Question text
The taxpayer is a VAT-registered lessor of residential units. Monthly rent per
unit is P16,000 while his gross rental income for the year amounted to
P2,500,000. What is the applicable business tax on his rental income?
Select one:
a. 12% VAT or 3% percentage tax at his option
b. Exempt from VAT or percentage tax
c. 12% VAT
Feedback
Question 16
Incorrect
Question text
Select one:
a. 3%
b. 5%
c. 2%
d. 4%
Feedback
Question 17
Correct
Question text
Statement 1: International air carriers and international shipping carriers
shall not be subject to 12% value added tax but to 3% common carrier�s tax based
on gross receipts derived from their transport of passengers and goods from
Philippines to other countries.
Statement 2: In cases when the Gross Philippine Billings Tax of 2.5% for
international carriers is not applicable, the common carrier�s tax under Sec.
118 of the NIRC shall still apply.
Select one:
a. Statement 1 is false but statement 2 is true.
b. Statements 1 & 2 are false.
c. Statements 1 & 2 are true.
d. Statement 1 is true but statement 2 is false.
Feedback
The correct answer is: Statement 1 is false but statement 2 is true.
Question 18
Correct
Question text
Select one:
Feedback
Question 19
Correct
Question text
excise tax?
Select one:
a. P50,000
b. P100,000
c. P0
d. P20,000
Feedback
Question 20
Correct
Question text
Who shall be liable to the amusement taxes under Section 125 of the Tax Code?
Select one:
a. Lessees of bowling alleys
b. Patrons of amusement places
c. Lessors of amusement places
d. Proprietors, lessees or operators of amusement places
Feedback
The correct answer is: Proprietors, lessees or operators of amusement places
Question 21
Correct
Question text
million.
Select one:
a. P600,000
b. P0
c. P1,200,000
d. P3,000,000
Feedback
Question 22
Correct
Question text
million.
Select one:
a. P3,000,000
b. P0
c. P1,200,000
d. P600,000
Feedback
P6M x 20% = P1.2M

Question 23
Correct
Question text
Which of the following statements is incorrect?
Select one:
a. The 6/10 of 1% stock transaction tax is a final withholding tax on income
b. The 6/10 of 1% tax shall be collected by the broker who made the sale and
shall be remitted within 5 banking days from the date of collection
c. The 6/10 of 1% stock transaction tax is collected whether there is a gain or
loss.
d. The tax paid on sale of shares through local stock exchange and initial
public offering and secondary offering shall not be an allowable deduction for
income tax purposes
Feedback
The correct answer is: The 6/10 of 1% stock transaction tax is a final
withholding tax on income
Question 24
Correct
Question text
tax is
Select one:
a. P8,700
b. P10,500
c. P0
d. P9,600
Feedback
Question 25
Correct
Question text
What is the tax basis on goods subject to ad valorem tax?
Select one:
a. Gross selling price at the place of production
b. Gross selling price of the resellers of the goods
c. Production cost plus a minimum 10% margin
d. Gross selling price at the place or production or in other places if sold by
the owner in other places.
Feedback
The correct answer is: Gross selling price at the place or production or in
other places if sold by the owner in other places.
Question 26
Correct
Question text

Select one:
a. P1,320,000
b. P1,200,000
c. P1,100,000
d. P1,000,000
Feedback
(P1,000,000 + P200,000) x 110%

Question 27
Correct
Question text
Select one:
a. P0
b. P4,500
c. P4,061
d. P4,275
Feedback
Question 28
Correct
Question text
goods shall be paid
Select one:
a. Within 15 days from importation
b. Within 10 days after removal of the goods from Customs
c. Upon sale of the goods to the Customs territory
d. Before removal of the goods from Customs
Feedback
The correct answer is: Before removal of the goods from Customs
Question 29
Correct
Question text
Select one:
a. P900,000
b. P150,000
c. P1,050,000
d. P0
Feedback
Question 30
Correct
Question text
Select one:
a. Manufacturer of vinegar
b. Manufacturer of denatured alcohol
c. Hospitals for performing cosmetic surgery
d. Manufacturer of plastic
Feedback

Select one:
a. P0
b. P100,000
c. P200,000
d. P40,000
Feedback
P2M x 5%

Question 2
Correct
Question text
due is
Select one:
a. P8,700
b. P0
c. P9,600
d. P10,50
Feedback
Question 3
Correct
Question text
One of the following statements is wrong. Operators of transport facilities by
land are
Select one:
a. Subject to percentage tax on gross receipts from transporting passengers.
b. Subject to the value-added tax on gross receipts from transporting
passengers.
c. Subject to the value-added tax on gross receipts from transporting goods and
cargoes.
d. Subject to the value-added tax on gross receipts from renting out its
transportation facilities.
Feedback
The correct answer is: Subject to the value-added tax on gross receipts from
transporting passengers.
Question 4
Correct
Question text
The percentage tax on winnings is imposed on bettors in
Select one:
a. Cockfighting
b. Horse race
c. Boxing
d. Jai-alai
Feedback
The correct answer is: Horse race
Question 5
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000

Select one:
a. P340,000
b. P0
c. P600,000
d. P300,000
Feedback
P3M x 20% x 50%

Question 6
Correct
Question text
Select one:
a. Rizal shall file the return where it warehouses its products.
d. Rizal can choose to file the return at any of the RDOs having location of the
plants.
Feedback
production.
Question 7
Correct
Question text
Select one:
a. P72
b. P0
c. P108
d. P216
Feedback
Question 8
Correct
Question text
Select one:
a. P45,000
b. P150,000
c. P0
d. P195,000
Feedback
Question 9
Correct
Question text
tickets:
Select one:
a. P4,584
b. P5,760
c. P0
d. P3,800
Feedback
Question 10
Correct
Question text
the excise tax?
Select one:
a. P57,143
b. P60,000
c. P53,571
d. P51,202
Feedback
(P1.2M/112%) x 5%/105%

Question 11
Correct
Question text
Select one:
a. 3%
b. 1%
c. 5%
d. 7%
Feedback
Question 12
Correct
Question text
Select one:
b. Dental gold alloys or gold tooth filling
c. Gold-plated frames or mountings for eyeglasses
d. Pearl
Feedback
The correct answer is: Pearl
Question 13
Correct
Question text
A radio or television broadcasting company with annual gross receipts of P11
million shall pay
Select one:
b. VAT
c. No business tax
Feedback
The correct answer is: VAT
Question 14
Correct
Question text
Select one:
a. Gold, chromite, copper, silver or iron
b. Natural gas
c. Indigenous petroleum
d. Diamond and sapphire
Feedback
The correct answer is: Natural gas
Question 15
Correct
Question text

Select one:
a. P1,100,000
b. P1,200,000
c. P1,320,000
d. P1,000,000
Feedback
(P1,000,000 + P200,000) x 110%

Question 16
Correct
Question text
offering?
Select one:
a. P60,000
b. P120,000
c. P0
d. P240,000
Feedback
Question 17
Correct
Question text
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
Select one:
a. P24,000
b. P36,000
c. P20,000
d. P30,000
Feedback
Question 18
Correct
Question text
during a month:
Total collections
P 240,000
Less:
Fuel
P 100,000
Other car supplies
24,000
Driver�s salaries
20,000
144,000
Net income
P 96,000
Select one:
a. P4,200
b. P4,320
c. P2,880
d. P7,200
Feedback
Question 19
Correct
Question text
Select one:
a. Quarry resources
b. Precious metals
d. Prostitution
Feedback
The correct answer is: Prostitution
Question 20
Correct
Question text
passengers, goods and cargoes. If the contractor is not VAT-registered, what
Select one:
a. 12% value added tax
b. 3% common carrier�s tax
c. 12% VAT on gross receipts from transport of goods and cargoes and 3% common
d. 3% tax on VAT-exempt persons on gross receipts from transport of goods and
passengers.
Feedback
The correct answer is: 3% tax on VAT-exempt persons on gross receipts from
transport of goods and cargoes and 3% common carrier�s tax on gross receipts
from transport of passengers.
Question 21
Correct
Question text
Select one:
a. P60,000
b. P53,571
c. P50,000
d. P57,143
Feedback
(P1.2M/112%) x 5%

Question 22
Correct
Question text
Which is specifically subject to percentage tax?
Select one:
a. International carriers
b. Domestic shipping companies
c. Property insurance companies
d. Credit cooperatives
Feedback
The correct answer is: International carriers
Question 23
Correct
Question text
Select one:
a. Mineral oil or gas
b. Coal, peat and bituminous shale or stratified deposits
d. Bitumen or crude asphalt
Feedback
The correct answer is: Bitumen or crude asphalt
Question 24
Correct
Question text
Select one:
a. P252,000
b. P264,000
c. P0
d. P120,000
Feedback
(P2M x 105%) x 12%

Question 25
Correct
Question text
landed costs.
Select one:
a. Statement 2 only
b. Both statements are incorrect
c. Statement 1 only
d. Both statements are correct
Feedback
Question 26
Correct
Question text
Which is subject to premiums tax?
Select one:
a. Fire insurance premium
b. Reinsurance premiums
c. Property insurance premiums
d. Health insurance premiums
Feedback
The correct answer is: Health insurance premiums
Question 27
Correct
Question text
Sin taxes is not imposed on
Select one:
a. Cosmetic surgery
b. Wines
d. Cigars
Feedback
The correct answer is: Cosmetic surgery
Question 28
Correct
Question text
excise tax?
Select one:
a. P50,000
b. P20,000
c. P100,000
d. P0
Feedback
Question 29
Correct
Question text
Which statement is not correct?
Select one:
a. The percentage taxes are basically on sales of services.
b. The percentage taxes are paid on a quarterly basis.
c. An isolated transaction not in the course of business will not result in a
liability for a percentage tax.
d. The percentage taxes are not allowed by law to be shifted to the customer or
clients.
Feedback
The correct answer is: The percentage taxes are not allowed by law to be shifted
to the customer or clients.
Question 30
Correct
Question text
Select one:
a. National tax
b. Tax on domestic consumption
c. Direct tax
d. Indirect tax
Feedback
Select one:
a. Sin tax
b. Sumptuary tax
c. Green tax
d. Vanity tax
Feedback
Question 2
Correct
Question text
I. Locally produced
II. Imported
Select one:
a. Neither I nor II
b. Both I and II
c. II only
d. I only
Feedback
Question 3
Correct
Question text
Life
Property
Total
Cash and checks
P1,000,000
P500,000
P1,500,000
Promissory notes
200,000
100,000
300,000
Total
P1,200,000
P600,000
P1,800,000
Select one:
a. P36,000
b. P20,000
c. P24,000
d. P30,000
Feedback
Question 4
Correct
Question text
Which is subject to premiums tax?
Select one:
a. Fire insurance premium
b. Reinsurance premiums
c. Property insurance premiums
d. Health insurance premiums
Feedback
The correct answer is: Health insurance premiums
Question 5
Correct
Question text
million.
Select one:
a. P600,000
b. P3,000,000
c. P1,200,000
d. P0
Feedback
Question 6
Correct
Question text
Select one:
a. Indigenous petroleum
b. Gold, chromite, copper, silver or iron
c. Natural gas
d. Diamond and sapphire
Feedback
The correct answer is: Natural gas
Question 7
Correct
Question text
funds:
Select one:
a. P0
b. P40,000
c. P91,000
d. P50,000
Feedback
Question 8
Correct
Question text
Petroleum products sold to the following shall be subject to excise tax:
Select one:
a. Government agencies and GOCCs
b. Ecozone-enterprises
c. Asian Development Bank
d. International carriers
Feedback
The correct answer is: Government agencies and GOCCs
Question 9
Correct
Question text
Which of the following sales is subject to stock transaction tax?
Select one:
a. The sale by an investor of a list stock through the PSE
b. The sale by an investor of a listed stock directly to buyer
c. The sale by a listed corporation of shares directly to buyer
d. The sale by a listed corporation of shares through the PSE
Feedback
The correct answer is: The sale by an investor of a list stock through the PSE
Question 10
Correct
Question text
Select one:
a. P120,000
b. P264,000
c. P0
d. P252,000
Feedback
(P2M x 105%) x 12%

Question 11
Correct
Question text
Which of the following is not percentage tax-exempt?
I. Businesses with annual gross sales of P100,000 and below.
II. Overseas calls made by the Philippine government.
III. Overseas messages transmitted by any embassy and consular offices of a
foreign government.
Select one:
a. II only
b. I, II and III
c. None of the above items.
d. I only
Feedback
The correct answer is: None of the above items.
Question 12
Correct
Question text
Select one:
a. P48,000
b. P12,000
c. P0
d. P24,000
Feedback
Question 13
Correct
Question text
Select one:
a. 1%
b. 5%
c. 7%
d. 3%
Feedback
Question 14
Correct
Question text
million.
Select one:
a. P3,000,000
b. P1,200,000
c. P0
d. P600,000
Feedback
P6M x 20% = P1.2M

Question 15
Correct
Question text
Select one:
a. Percentage and excise tax
b. Percentage tax
c. Value-added tax
d. Excise tax
Feedback
Question 16
Correct
Question text
No excise tax credit or refund is allowed to the export of which of the
following commodities?
Select one:
b. Mineral products
c. Coal
d. Coke
Feedback
Question 17
Correct
Question text
Total Costs
Total Selling Price
Cars imported
P10,000,000
P12,500,000
Cars produced
30,000,000
31,000,000
Total
P40,000,000
P43,500,00
Select one:
a. P4,000,000
b. P4,550,000
c. P4,350,000
d. P3,000,000
Feedback
(P12.5M + P30M) x 110% x 10%

Question 18
Correct
Question text
Select one:
a. P72
b. P0
c. P108
d. P216
Feedback
Question 19
Correct
Question text
Select one:
a. P0
b. P4,500
c. P4,061
d. P4,275
Feedback
Question 20
Correct
Question text
professional fees?
Select one:
a. P100,000
b. P210,000
c. P200,000
d. P204,000
Feedback
P2M x 10%
a year.

Question 21
Correct
Question text
Select one:
b. Statement 2 only
c. Statement 1 only
Feedback
Question 22
Correct
Question text
the excise tax?
Select one:
a. P57,143
b. P51,202
c. P60,000
d. P53,571
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(P1.2M/112%) x 5%/105%

Question 23
Correct
Question text
Select one:
a. 4%
b. 2%
c. 3%
d. 5%
Feedback
Question 24
Correct
Question text
Car models
Wholesale prices
BSA electric car
P5,000,000
MBA bus
4,000,000
CPA SUV
3,000,000
CTS Jeep
1,500,000
CAT motorbikes
1,000,000
Total
P14,500,000
Select one:
a. P300,000
b. P340,000
c. P0
d. P600,000
Feedback
P3M x 20% x 50%

Question 25
Correct
Question text
A bank repossessed and sold a car to a buyer for P1,000,000. The cost of the car
is P700,000. The sale is
I. Subject to value-added tax
II. Subject to gross receipts tax of 7%
III. Subject to regular corporate income tax
Select one:
a. I and II only
b. I, II and III
c. II and III only
d. I and III only
Feedback
The correct answer is: II and III only
Question 26
Correct
Question text
Select one:
a. Only one consolidated return needs to be filed in Manila.
b. Rizal can choose to file the return at any of the RDOs having location of the
plants.
d. Rizal shall file the return where it warehouses its products.
Feedback
production.
Question 27
Correct
Question text
Select one:
Feedback
Question 28
Correct
Question text
tickets:
Select one:
a. P4,584
b. P3,800
c. P5,760
d. P0
Feedback
Question 29
Correct
Question text
Which is not exempt from the overseas communication tax?
Select one:
a. PEZA-registered entities
b. Government
c. Diplomatic services
d. News services
Feedback
The correct answer is: PEZA-registered entities
Question 30
Correct
Question text
Select one:
a. Tobacco rolls
b. Refined sugar
c. Ground coffee
d. Soymilk
Feedback

Taxfinalquiz 3

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Taxfinalquiz 3

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The tax refund or tax credit on exported products shall not be allowed on

a. All mineral products, coal and coke.

Who is the taxpayer on locally-produced excisable goods?

Who is ultimately liable for the rectification of spirits?

The excise tax on certain excisable goods is a tax on

Who is required to pay the excise tax on excisable goods?

Indigenous petroleum does not include

Petroleum products sold to the following shall be subject to excise tax:

Which statement is false?

Excise tax on locally produced excisable goods shall be paid

Whether metallic or non-metallic mineral product, the excise tax on imported

Statement 1: The regulatory aspect of specific taxes on certain sin products

Which of the following services is subject to excise tax?

The excise tax on certain goods or services is not a

Who will pay excise tax?

Which of the following requires a payment of bond?

Which statement is correct?

Which of the following agricultural products is subject to excise tax?

The term �quarry resources� does not include

These refers to things produced and prepared in marketable state by simple

Which is not a sin product?

The excise tax on locally-produced or manufactured products that are exported

The excise tax on locally-produced or extracted mineral or mineral products

Which is subject to the 20% jewelry tax?

Whether metallic or non-metallic mineral product, the excise tax on imported

Which could not be considered a vanity tax

Which is not subject to excise tax?

Indigenous petroleum does not include

Which could not be considered a green tax?

The excise tax on minerals does not apply to

Filing of an excise tax bond is required on

Who is required to pay the excise tax on excisable goods?

Taxes imposed to restrain luxury

Taxes imposed on substance known to harm health

Which is subject to purely specific tax?

Which statement is false?

Which of the following mineral products is subject to specific tax?

What is the tax basis on goods subject to ad valorem tax?

Who is the taxpayer on locally-produced excisable goods?

Sin taxes is not imposed on

Who will pay excise tax?

Which is subject to payment of excise taxes?

No excise tax credit or refund is allowed to the export of which of the

Which of the following is not considered a taxable sin product?

Amita Company is a VAT-registered car manufacturer. It had the following data on

What is the ad valorem tax?

Your answer is correct.

Miss Tessa, a VAT-registered physician and beautician, conducted an internal abs

Miss Tessa, a VAT-registered physician and beautician, conducted an internal abs

Which statement is false?

Miss Tessa, a VAT-registered physician and beautician, conducted an internal abs

The excise tax on certain excisable goods is a tax on

Dr. Tacac, a VAT-registered surgeon, conducted a cosmetic surgery on Miss Ivana

Dr. Tacac, a VAT-registered surgeon, conducted a cosmetic surgery on Miss Ivana

Amita Company is a VAT-registered car manufacturer. It had the following data on

Production costs, P1,000,000

Marcelo is an operator of a fleet of 10 taxis operated under the �boundary

Panganiban Company is conducting an initial public offering of 2,000,000 shares.

Emilio, a non-VAT-registered operator of jeepney, reported a total receipt of

In a recently completed race, Rivera Astrodome noted the following winning

Fernando Company is a transportation contractor of Amita Delivery Services, a

Ricarte Bank reported the following receipts during the month: