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RTOSI Income Tax Pretest

Quiz by Ron Matthew Amago

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20 questions
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  • Q1
    Which of the following is not an income tax on corporation?
    Regular corporate income tax
    Minimum corporate income tax
    Stock transaction tax
    Gross income tax
  • Q2
    The minimum corporate income tax of a domestic or resident service corporation is:
    15% of gross receipts
    2% of gross receipts
    2% of gross income
    15% of gross income
  • Q3
    Which of the following is taxable?
    Prize won as a MVP in professional basketball league amounting Php 5,000.00
    Agricultural land inherited
    Prize exceeding Php 10,000.00
    Award for being promoted in the company
  • Q4
    A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines.
    True or False
  • Q5

    In year 2023, domestic corporation had the following data:

    SALES Php 10,000,000.00 COST OF SALES 2,500,000.00 BUSINESS EXPENSES 2,500,000.00

    The income tax due of the corporation is:

  • Q6
    Tax Credits/Payments are consists of the following, except.
    Net Operating Loss - Carry Over (NOLCO)
    Creditable Taxes Withheld for Quarters 1 to 4 Supported by BIR Form 2307 (CWT)
    Excess Tax credits from previous year
    Tax payments for the First 3 Quarters
  • Q7
    Which of the following is taxable based on income from all sources, within and outside the Philippines?
    Domestic Corporation
    Non-resident Foreign Corporations
    All of the choices
    Resident Foreign Corporations
  • Q8

    Ampie Corporation, already in its 5th year of operation as of 2022, has the following data for 2022: 

    Sales 2,300,000.00

    Interest Income (net of final tax) 15,000.00

    Cost of Sales 480,000.00

    Operating Expenses 1,750,000.00

    The income tax payable in 2022 was:

  • Q9
    Once the election to avail of the Optional Standard Deduction (OSD) is signified in the original return, it is revocable for the taxable year for the which the return is made.
    True or False
  • Q10
    In pursuant to Section 4 of Bayanihan II under RR 25-2020, on which taxable years may the business or enterprise can be carried over its net operating losses as a deduction from gross income for the next five consecutive taxable years following the year of such loss.
    2019,2020, & 2021
    2020, 2021 & 2022
    2020 & 2021
    2021 & 2022
  • Q11
    The following describes a deduction , except:
    It is not a receipt
    It has the effect of reducing the amount against which the income tax will be based
    It is the privilege from a charge or burden to which others are subjected
    It is charged against a taxpayers gross income to arrive at taxable income
  • Q12

    Statement 1- Exclusions are items or amounts allowed to be subtracted from gross income to arrive at the taxable income.

    Statement 2- Deductions from gross income are not presumed.

    False, True
    False, False
    True, True
    True, False
  • Q13

    The taxpayer is a domestic corporation:

    Gross sales - P 9,350,000.00 Sales returns and allowances - 250,000 Sales discounts - 100,000 Other income - 200,000 Cost of sales - 3,000,000 Operating expenses with vouchers and receipts - 4,000,000 Operating expenses without vouchers and receipts - 500,000 Interest income from savings deposit - 80,000 Interest income from deposit under FCDS - 125,000

    Royalty income-passive - 100,000

    How much is the taxable income using itemized deduction?

  • Q14
    This is not a requisite for business expense to be deductible
    It must be ordinary and necessary
    It must be paid during the taxable year
    The withholding tax otherwise required have been deducted and remitted to the BIR
    It must be reasonable
  • Q15

    Statement 1: The taxpayer has the burden of justifying the allowance of any deduction.

    Statement 2: Deductions are strictly construed against the government.

    Only statement 2 is correct
    Both statements are correct
    Only statement 1 is correct
    Both statements are incorrect

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