Taxation Reviewer

Topics: Tax, Taxation in the United States, Debt Pages: 13 (2758 words) Published: August 26, 2013
Business Law & Taxation

EASY ROUND

1. Which of the following individuals shall not be subject to the income tax under Section 24 (A)? |D |a. |Individual citizen of the Philippines residing therein; | | |b. |Individual citizen of the Philippines who residing outside the Philippines including overseas contract workers; | | |c. |Individual alien who is a resident of the Philippines; | | |d. |Individual alien who is not a resident of the Philippines. |

2. Which of the following income is not from a related trade, business or activity of a domestic proprietary educational institution? |A |a. |Income from rent of available office spaces in one of the school buildings | | |b. |Income from the hospital where medical graduates are trained for residency | | |c. |Income from the canteen situated within the school campus | | |d. |Income from bookstore situated within the school campus |

3. How much is the annual community tax for individuals?
|D |a. |P 25 |c. |P 10 | | |b. |P 20 |d. |P 5 |

4. Under this system there is a merger of all the properties of the husband and the wife owned by them at the time of the celebration of the marriage, or those acquired thereafter. |B |a. |Conjugal partnership of gains | | |b. |Absolute community of properties | | |c. |Complete separation of properties | | |d. |None of the choices |

5. Which is not an essential characteristic of tax?
|A |a. |Limited as to amount | | |b. |Proportionate in character | | |c. |Payable in money | | |d. |Regular payment |

6. A contract of sale is not a
|D |a. |Principal contract |c. |Consensual contract | | |b. |Nominate contract |d. |Real contract |

7. “I promise to pay P or his order the sum of P 10,000.00 30 days after the death of X.” This is an instrument payable: |A |a. |At a determinable future time | | |b. |On Demand | | |c....
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