TAXATION

FINAL Exam

Name:_____________________________ block:____date:_____________
General Instructions:
1.PROPERLY LABEL your answer.  
2. This is a 50 items test, read each direction written in every type of test, answer this test in
one hour and 30 Minutes.
I. Identification. Write your answers on the space provided.

1.) It is a Vat which is included in the price when selling vatable goods or
services in your business.
2.) The amount of VAT is presumed not yet included in the tax-based
amount.
3.) It refers to the excise tax which is based on selling price or other
specified value of the goods/articles.
4.) This type of tax is imposed on NON-VAT taxpayers whose transaction
is below VAT threshold.
5.) The amount of VAT is presumed to be already included in the tax-
based amount.
6.) This type of tax is imposed only on limited and specific type of goods.
7.) It is a Vat which is included in the price when you purchase vatable
goods or services in your business.
8.) It is described as trade or commercial activities which are “regularly
engaged in” as means of livelihood or with a viewpoint of obtaining profit.
9.) It refers to the excise tax imposed which is based on weight or volume
capacity or any other physical unit of measurement.
10.) It is a form of sales tax from 0 to 12 percent).