Chapter 2

Exercise Drill No. 1

1. Percentage tax
2. Donor’s tax
3. Regressive tax
4. Indirect tax
5. Ad valorem tax
6. Fiscal/General/Revenue
7. National Tax
8. Excise tax or sin tax
9. Estate tax
10. Community tax or residence tax
11. Proportional tax
12. Specific tax
13. Direct tax
14. Regulatory tax
15. Privilege tax

Exercise drill No. 2

1. Revenue
2. Tax
3. Special assessment or special levy
4. Custom duties
5. License
6. Tax
7. Debt
8. Toll
9. Penalty
10. Debt

Exercise Drill No. 3

As to payment
1. Value added tax > P200,000/quarter
2. Excise tax > P1,000,000/ year
3. Income tax > P1,000,000 /year
4. Withholding tax > P1,000,000/year
5. Percentage tax > P200,000/ quarter for the preceding year
6. Documentary stamp tax > P1,000,000/year

As to conditions and operations

1. Gross receipts or sales > P1,000,000,000 in a year
2. Net worth > P300,000,000 at year end
3. Gross purchases > P800,000,000 in the preceding year
Multiple Choice Theory- Part 1
1. A 21.A 41. A
2. B 22. D 42. B
 3. A 23. B 43. A
4. C 24. A 44. D
5. C 25. B 45. A
6. D 26. B
7. B 27. D
8. A 28. B
9. B 29. B
10. D 30. C
11. A 31. A
12. C 32. D
13. B 33. D
14. B 34. C
15. B 35. C
16. C 36. D
17. C 37. B
18. D 38. A
19. D 39. D
20. D 40. D

Multiple Choice Theory- Part 2

1. A 6. D 11. A
2. C 7. C 12. C
3. C 8. C 13. D
4. A 9. D 14. D
5. D 10. B

Multiple Choice Theory- Part 3

1. D 12. A
2. B 13. D
3. C 14. D
4. A 15. C
5. A 16. D
6. B 17. C
7. B 18. A
8. D 19. C
9. B 20. B
10. C 21. D
11. A 22. D