FWT Pre-test
Quiz by Genny Fino
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- Q1
Lots being rented when subsequently sold are classified as
Ordinary assets
Capital assets
Liquid assets
Fixed assets
30s - Q2
The term "capital assets" includes
Property used in the trade or business of the taxpayer and subject to depreciation
Stock in trade or other property included in taxpayer's inventory
Real property not used in the trade or business of the taxpayer
Real property primarily used for sale to customers in the ordinary course of trade or business
30s - Q3
What is the tax form used in filing the Quarterly Remittance of Final Taxes Withheld?
1601E
1601F
1601EQ
1601FQ
30s - Q4
Generally, interest income from non-banks sources is subject to final tax.
TRUE
FALSE
30s - Q5
Foreign income is subjected to final tax if the taxpayer is taxable globally.
TRUE
FALSE
30s - Q6
All types of passive income is subject are generally subject to final tax.
TRUE
FALSE
30s - Q7
Royalties, active or passive are subject to final tax.
TRUE
FALSE
30s - Q8
The share in the net income of partners in a business partnership is subject to a final withholding tax.
TRUE
FALSE
30s - Q9
Statement 1 - A gain from sale of shares of a domestic corporation shall be considered derived from the Philippines regardless of where the shares were sold.
Statement 2- A gain from sale of shares of a foreign corporation shall be considered derived from the country where the corporation was created or organized
False, True
True, False
False, False
True, True
45s - Q10
The manual filing of the final withholding tax return for the first two months of the quarter by withholding agent shall be made not later than
25 days from the close of each calendar quarter.
20 days from the close of the month of withholding.
10 days from the close of the month of withholding.
The last day of the month following the close of the taxable quarter of the withholding.
30s - Q11
A corporation organized and created under the laws of a foreign country and is authorized to do business or trade in the Philippines is:
Resident Foreign Corporation
Non-Resident Foreign Corporation
General Co-Partnership
Domestic corporation
30s - Q12
Which of the following is not correct?
Non-resident foreign corporations are taxed on gross income from within and without the Philippines.
The corporate quarterly return shall be filed within 60 days following the close of each of the first three quarters of the taxable year.
MCIT is not applicable to non-resident foreign corporations.
Resident foreign corporations would be taxed on net income from within the Philippines only.
30s - Q13
The following income are subject to final tax, except?
Interest Income received by resident foreign corporation from a Philippine bank.
Cash dividends received by a domestic corporation from a domestic corporation.
Cash dividends received by a non-resident foreign corporation from a domestic corporation.
Royalty income received by a domestic corporation from domestic corporation.
30s - Q14
One of the general principles of income taxation:
A foreign corporation engaged in business in the Philippines is taxable on all income derived from sources within and without the Philippines.
A foreign corporation engaged in business in the Philippines is taxable on all income derived from sources within the Philippines only.
A domestic corporation is taxable on income derived from sources within the Philippines only.
A domestic corporation is taxable on income derived from sources without the Philippines only.
30s - Q15
A corporation which may be classified as either a resident corporation or non-resident corporation is:
Domestic Corporation
Non-profit Hospital
Foreign Corporation
Government owned and controlled corporation
30s