It is a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated termsa.Mortgageb.Carc.Personald.Credit CardClear my choiceQuestion 42Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not an example of Ad Valorem Tax?a.Property taxes on real estateb.Sales Tax on Consumer Goodsc.Income Taxd.Value added tax on the final productClear my choiceQuestion 43Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 77,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 19,000.00a.Php 6,114.29b.Php 6,214.29c.Php 6,314.29d.Php 6,414.29Clear my choiceQuestion 44Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWho shall govern any contribution in cash or in kind to any candidate, political party or coalition of parties for campaign purposes?a.Election Codeb.Department of Trade and Industryc.Higher Education Commissionerd.Internal Revenue OfficerClear my choiceQuestion 45Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is subject to tax besides estate tax?Select one:a.Transfer for insufficient considerationb.Revocable transferc.Bona fide sale for an adequate and full consideration in money or money's worthd.Transfer in contemplation of deathClear my choiceQuestion 46Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIn the case of life insurance proceeds in which the designated beneficiary is a third person, which is relevant in determining whether or not such proceeds should be included as part of the gross estate?Select one:a.Designation of the beneficiaryb.Age of the beneficiaryc.Amount of the proceedsd.Civil status of the decedentClear my choiceQuestion 47Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT a major class of deduction from the gross estate of a resident decedent?Select one:a.Vanishing deductionb.Medical expensesc.Retirement benefits received by the heirs under RA 4917d.Judicial expensesClear my choiceQuestion 48Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is an exemption to the authority to suspend by the Commissioner of Internal Revenue?Select one:a.Failure to file a VAT returnb.Failure to issue receipts or invoicesc.Failure to add VAT to the total invoice priced.Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales or receipts for the taxable quarterClear my choiceQuestion 49Not yet answeredMarked out of 1.00Flag questionTipsQuestion textMr. Lumapas, a VAT-registered individual, furnished the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 Compute for the input taxes. Select one:a.Php 65, 000 b.Php 55, 000 c.Php 53, 000d.Php 66, 000 Clear my choiceQuestion 50Not yet answeredMarked out of 1.00Flag questionTipsQuestion textLifeline, a domestic insurance corporation, posted the following data for the third quarter of 2000:a. Total insurance premiums due and collectible Php 912, 500b. These premiums consist of the following: Life and Disability insurance premium Php 300, 000 Marine insurance premium 212, 500 Heal th & accident insurance premium 250, 000 Property insurance premium 150, 000c. Collection during the quarter on the above premiums were 65 %, 45 %,50 %, and 70 % respectively.How much is the percentage tax due?Select one:a.Php 16, 000 b.Php 9, 750c.Php 6, 250d.Php 26, 031
Question
It is a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated termsa.Mortgageb.Carc.Personald.Credit CardClear my choiceQuestion 42Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not an example of Ad Valorem Tax?a.Property taxes on real estateb.Sales Tax on Consumer Goodsc.Income Taxd.Value added tax on the final productClear my choiceQuestion 43Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 77,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 19,000.00a.Php 6,114.29b.Php 6,214.29c.Php 6,314.29d.Php 6,414.29Clear my choiceQuestion 44Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWho shall govern any contribution in cash or in kind to any candidate, political party or coalition of parties for campaign purposes?a.Election Codeb.Department of Trade and Industryc.Higher Education Commissionerd.Internal Revenue OfficerClear my choiceQuestion 45Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is subject to tax besides estate tax?Select one:a.Transfer for insufficient considerationb.Revocable transferc.Bona fide sale for an adequate and full consideration in money or money's worthd.Transfer in contemplation of deathClear my choiceQuestion 46Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIn the case of life insurance proceeds in which the designated beneficiary is a third person, which is relevant in determining whether or not such proceeds should be included as part of the gross estate?Select one:a.Designation of the beneficiaryb.Age of the beneficiaryc.Amount of the proceedsd.Civil status of the decedentClear my choiceQuestion 47Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT a major class of deduction from the gross estate of a resident decedent?Select one:a.Vanishing deductionb.Medical expensesc.Retirement benefits received by the heirs under RA 4917d.Judicial expensesClear my choiceQuestion 48Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is an exemption to the authority to suspend by the Commissioner of Internal Revenue?Select one:a.Failure to file a VAT returnb.Failure to issue receipts or invoicesc.Failure to add VAT to the total invoice priced.Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales or receipts for the taxable quarterClear my choiceQuestion 49Not yet answeredMarked out of 1.00Flag questionTipsQuestion textMr. Lumapas, a VAT-registered individual, furnished the following information for a taxable month, VAT not included: Domestic sale to consumers Php 350, 000 Domestic sale to export traders Php 100, 000 Direct export sale Php 200, 000 Purchases, total invoice cost, From VAT-registered individuals: Of goods Php 330, 000 Of services Php 220, 000 Compute for the input taxes. Select one:a.Php 65, 000 b.Php 55, 000 c.Php 53, 000d.Php 66, 000 Clear my choiceQuestion 50Not yet answeredMarked out of 1.00Flag questionTipsQuestion textLifeline, a domestic insurance corporation, posted the following data for the third quarter of 2000:a. Total insurance premiums due and collectible Php 912, 500b. These premiums consist of the following: Life and Disability insurance premium Php 300, 000 Marine insurance premium 212, 500 Heal th & accident insurance premium 250, 000 Property insurance premium 150, 000c. Collection during the quarter on the above premiums were 65 %, 45 %,50 %, and 70 % respectively.How much is the percentage tax due?Select one:a.Php 16, 000 b.Php 9, 750c.Php 6, 250d.Php 26, 031
Solution
Question 41: The correct answer is a. Mortgage. A mortgage is a conveyance of or lien against property that becomes void upon payment or performance according to stipulated terms.
Question 42: The correct answer is c. Income Tax. Ad Valorem Tax is a tax based on the value of a transaction or property. It is not applied to income.
Question 43: The correct answer is a. Php 6,114.29. The Net VAT Payable is calculated by subtracting the VAT on purchases from the VAT on sales.
Question 44: The correct answer is a. Election Code. Contributions in cash or in kind to any candidate, political party or coalition of parties for campaign purposes are governed by the Election Code.
Question 45: The correct answer is a. Transfer for insufficient consideration. This is subject to tax besides estate tax.
Question 46: The correct answer is a. Designation of the beneficiary. This is relevant in determining whether or not such proceeds should be included as part of the gross estate.
Question 47: The correct answer is c. Retirement benefits received by the heirs under RA 4917. This is not a major class of deduction from the gross estate of a resident decedent.
Question 48: The correct answer is d. Understatement of taxable sales or receipts by 30 % or more of his correct taxable sales or receipts for the taxable quarter. This is an exemption to the authority to suspend by the Commissioner of Internal Revenue.
Question 49: The correct answer is a. Php 65, 000. The input taxes are calculated by adding the VAT on purchases of goods and services.
Question 50: The correct answer is b. Php 9,750. The percentage tax due is calculated by applying the tax rate to the total insurance premiums due and collectible.
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