Question 1

Which of the following is not a business tax?

Accepted Answer

Income tax

Answer

Value-added tax

Answer

Other percentage tax

Answer

Excise tax

Question 2

What term refers to a type of transferin which the transferor received no consideration, monetary or otherwise?

Accepted Answer

Gratuitous

Answer

Onerous

Answer

Donation

Answer

Succession

Question 3

Which of the following is subject to business tax?

Accepted Answer

Proceeds from sale of items classified as inventory

Answer

Gain on sale of capital assets

Answer

Net profit

Answer

Proceeds from sale of shares of stocks classified as capital asset

Question 4

Sale of residential lot with gross selling price exceeding what amount is subject to VAT?

Accepted Answer

₱ 1,500,000

Answer

₱ 1,000,000

Answer

₱ 2,000,000

Answer

₱ 2,500,000

Question 5

Sale of residential house and lot with gross selling price exceeding what amount is subject to VAT?

Accepted Answer

₱ 2,500,000

Answer

₱ 1,000,000

Answer

₱ 1,500,000

Answer

₱ 2,000,000

Question 6

Installment sale of residential house and lot with gross selling price exceeding what amount is subject to VAT?

Accepted Answer

₱ 1,000,000

Answer

₱ 2,500,000

Answer

₱ 2,000,000

Answer

₱ 1,500,000

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