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Introduction to Taxation Exam: Comprehensive Review with 100+ Questions and Answers Fundamentals of Taxation Exam: Detailed Questions, Rationales, and Answers for Beginners Taxation 101 Exam Preparation:$27.99
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Introduction to Taxation Exam: Comprehensive Review with 100+ Questions and Answers Fundamentals of Taxation Exam: Detailed Questions, Rationales, and Answers for Beginners Taxation 101 Exam Preparation:
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Course
Introduction to Taxation
Institution
Introduction To Taxation
Introduction to Taxation Exam: Comprehensive Review with 100+ Questions and Answers
Fundamentals of Taxation Exam: Detailed Questions, Rationales, and Answers for Beginners
Taxation 101 Exam Preparation:
Introduction to Taxation Exam: Comprehensive Review with
100+ Questions and Answers 2024 -2025
Fundamentals of Taxation Exam: Detailed Questions, Rationales,
and Answers for Beginners
Taxation 101 Exam Preparation:
As to tax payments measures, which of the following threshold for the qualification as large
taxpayer is incorrect?
a. Annual income tax payments of P1M
b. Annual value added tax payments of P1M
c. Quarterly percentage tax payments of P200,000
d. Annual documentary stamp tax of P1M
D
Which is taxable item of income?
a. Increase in numbers of a herd of animals
b. Compensation for personal injuries
c. Moral damages
d. Interest on moral damages
Which is not subject to income tax?
a. Donation
b. Sale of service
c. Sales of goods
d. Barter of goods
,A
The total consideration received from the sale of service constitute
a. Return on capital
b. Return of capital
c. Either a or b
d. Both a and b
A
When paid for, which of the following items may involve a return on capital?
a. House and lot
b. Life
c. Dignity
d. Health
D
The total consideration received from the sale of goods at a gain represents
a. Return on capital
b. Return of capital
c. Either a or b
d. Both a and b
B
The total consideration received from the sale of goods at a loss represents
a. Return on capital
b. Return of capital
, c. Either a or b
d. Both a and b
B
Why is income subject to taxation?
a. Income is the most prevalent source of a taxpayer's wealth.
b. Income is the best measure of taxpayers' ability to pay tax.
c. Rich people tend to have more income than the poor.
d. Any of these.
B
Which is not an item of gross income because of the absence of an undertaking from the
taxpayer?
a. Proceeds of a life insurance policy
b. Forgiveness of indebtedness as an act of gratuity
c. Revaluation surplus on properties
d. Service fees
B
Which is subject to income tax?
a. Proceeds of life insurance policy received by the family of the insured
b. Excess of proceeds over the premiums paid received by the taxpayer
c. Life insurance proceeds received by the corporation from the insurance of a deceased
officer
d. None of these
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