Multiple Choice – Problems 1 1. Mrs.

Belle, self-employed, generated the following receipts during the year: Proceeds of heal

1 C
2 B
3 A
4 B
5 A
during the year: Proceeds of health insurance 300,000 Receipts from business advisory services 250,000 Receipts of rentals from boardin
0 Receipts of rentals from boarding house 100,000 What is the total amount subject to business tax? a. P150,000 b. P250,000 c. P350,000
P150,000 b. P250,000 c. P350,000 d. P650,000 2. A person engaged in business sold the following properties: Sales of goods held for sale
rties: Sales of goods held for sale 200,000 Sale of personal residence 2,000,000 Sale of personal car 500,000 Compute the sales in the cou
,000 Compute the sales in the course of business subject to business tax. a. P0 b. P200,000 c. P2,200,000 d. P2,700,000 3. Mr. Julio, empl
0 d. P2,700,000 3. Mr. Julio, employed, received the following from his employer: Proceeds of property insurance 200,000 Proceeds of ba
insurance 200,000 Proceeds of bank loan 300,000 Compensation income 500,000 What is the amount subject to business tax? a. P0 b. P2
ubject to business tax? a. P0 b. P200,000 c. P300,000 d. P500,000 4. Mr. Jun Kim, a security broker, effected the sales of several securities
cted the sales of several securities of Kim Jong-un. The following relates to the sale: Sales Commission Sale of s