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Chap22 Exercises Essay

5565 words - 23 pages

EXERCISE 22-1. TRUE OR FALSE QUESTIONS

1. Sale of goods and services which are subject to Other Percentage Tax cannot be subject also to a value-added tax.

2. Persons or transactions which are subject to Other Percentage tax may still be subject to income tax.

3. Persons or transactions which are exempt from income tax may nevertheless be subject to Other Percentage Tax.

4. A person whose gross annual sales or receipts do not exceed P1,919,500 may, nevertheless be subject to value-added tax.

5. A person whose gross annual sales or receipts do not exceed P1,919,500 may, nevertheless be subject to Other Percentage Tax.

6. A person whose gross annual sales or ...view middle of the document...

Videoke bars, music lounges and KTV bars are subject to value-added tax because they fall within the classification of restaurant.

15. A boxing fight between Juan “Speedy Jhonny” and Manuel “Manny Bagal”, both Filipinos, at the Elorde Boxing Gym shall not require the operator of the amusement place to pay amusement tax to the government.

16. In an amusement place, the gross sales by the canteen which is being operated by a lessee of the place shall exempt the latter from the payment amusement tax.

17. Sale of shares of stock which are listed and traded in the local Stock Exchange is subject business tax.

18. Sale of shares of stock which are not listed and traded in the local Stock Exchange is not subject to business tax.

19. Primary offering of shares is an offering by the issuer corporation office of its unissued stocks, while secondary offering of shares is made by shareholders of their securities.

20. Overseas communication tax is paid on a quarterly basis while common carrier’s tax is made on a monthly basis.

EXERCISE 22-2. MULTIPLE CHOICE QUESTIONS

1. A person subject the percentage tax may no longer be subject to
a.
b. Value-added tax
c. Income tax
d. Excise tax on business
e. Community tax

2. Charlie is an operator of parking lots. What business tax is due on his income from the business?
f.
a. Broker’s tax
b. Common carrier’s tax
c. Caterer’s tax
d. Value-added tax


3. Which of the following is not true? The percentage tax
a. Is a sale tax on sale of services.
b. May be imposed on a sale of good.
c. May be imposed together with the value-added tax.
d. May be imposed together with the excise tax.

4. All of the following, except one, are not subject to percentage tax.
a. Stock, real estate, customs or immigration broker
b. Services rendered by professionals
c. Services rendered by finance companies
d. Services rendered by lending investors

5. Subject to other percentage tax
a. Marginal income earners
b. Crop insurance
c. Business subject to VAT
d. CPAs engaged in the practice of their profession

6. Which of the following statements is true?

I. Common carriers engaged in air transport operations are subject to common carrier’s tax.
II. Owners of calesa are subject to common carrier’s tax.

a. I only
b. II only
c. Both I and II
d. Neither I nor II

7. One of the following is subject to value-added tax
a. Long distance telephone from Manila to Iloilo.
b. Overseas call from Zamboanga City to New York City.
c. Services rendered by cabarets and other disco houses.
d. Domestic carrier of passengers by land.

g.
8. Admissions feed to cockpits and race tracks are subject to
h.
a. Tax on paid admission
b. Tax on gross receipts
c. Tax on winnings
d. None

9. Which of the following taxes is not...

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