
Motivation - Income and Business taxation 2nd Quarter
Quiz by Mary Mildred De Jesus
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10 questions
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- Q11. Income TaxA tax on a person’s income derived from employment, business, trade, practice of profession, or from property, after excluding the deductions allowed under the law.A tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.Income earned without actively working for it.Is the process by which a government, through its lawmaking body, imposes charges on its inhabitants to raise money for public use.30s
- Q22. Business TaxIs imposed on “any person who, in the ordinary course of business, sells, barters, exchanges, leases goods or properties, renders services, and any person who imports goods.Is imposed on “any person who, in the ordinary course of business, sells, barters, exchanges, leases goods or properties, renders services, and any person who imports goods.Salaries or wages received by the employee as “take-home pay” is already net of the related income tax.A tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.30s
- Q33. Passive IncomeIt occurs when a taxpayer minimizes his/her exposure to taxes through legal meansIs gross income minus the deductions allowed by law.A tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.Income earned without actively working for it.30s
- Q44. Value-Added TaxA tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.It occurs when a taxpayer minimizes his/her exposure to taxes through legal meansSalaries or wages received by the employee as “take-home pay” is already net of the related income tax.Is imposed on “any person who, in the ordinary course of business, sells, barters, exchanges, leases goods or properties, renders services, and any person who imports goods.30s
- Q55. Percentage TaxIs gross income minus the deductions allowed by law.A business that is exempt from paying VATIs the process by which a government, through its lawmaking body, imposes charges on its inhabitants to raise money for public use.A tax on a person’s income derived from employment, business, trade, practice of profession, or from property, after excluding the deductions allowed under the law.30s
- Q66. Tax AvoidanceIt occurs when a taxpayer avoids paying his/her taxes using illegal meansA tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.Income earned without actively working for it.It occurs when a taxpayer minimizes his/her exposure to taxes through legal means30s
- Q77. Tax EvasionIt occurs when a taxpayer minimizes his/her exposure to taxes through legal meansA tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.Income earned without actively working for it.It occurs when a taxpayer avoids paying his/her taxes using illegal means30s
- Q88. Withholding TaxesSalaries or wages received by the employee as “take-home pay” is already net of the related income tax.A business that is exempt from paying VATIs gross income minus the deductions allowed by law.Is imposed on “any person who, in the ordinary course of business, sells, barters, exchanges, leases goods or properties, renders services, and any person who imports goods.30s
- Q99. Taxable IncomeA tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.Income earned without actively working for it.Is gross income minus the deductions allowed by law.It occurs when a taxpayer avoids paying his/her taxes using illegal means30s
- Q1010. TaxationA tax on the production, sale, or consumption of goods and services, leasing of property, or other business activities.A business that is exempt from paying VATIs the process by which a government, through its lawmaking body, imposes charges on its inhabitants to raise money for public use.A tax on a person’s income derived from employment, business, trade, practice of profession, or from property, after excluding the deductions allowed under the law.30s