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    Feasibility Evaluation

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    Ruby De Grano
    This document appears to be a midterm examination for a course on income and business taxation. It contains three sections - a multiple choice section with 10 questions testing knowledge of concepts like types of businesses, VAT, and TRAIN law provisions; a true/false section with 10 statements; and a section asking to enumerate something, though it is not clear what is being asked to enumerate. The exam covers topics related to income tax, VAT, and the TRAIN law and its impact on taxes.

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    Feasibility Evaluation

    Uploaded by

    Ruby De Grano
    42 views1 page
    This document appears to be a midterm examination for a course on income and business taxation. It contains three sections - a multiple choice section with 10 questions testing knowledge of concepts like types of businesses, VAT, and TRAIN law provisions; a true/false section with 10 statements; and a section asking to enumerate something, though it is not clear what is being asked to enumerate. The exam covers topics related to income tax, VAT, and the TRAIN law and its impact on taxes.

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    feasibility evaluation

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    This document appears to be a midterm examination for a course on income and business taxation. It contains three sections - a multiple choice section with 10 questions testing knowledge of concepts like types of businesses, VAT, and TRAIN law provisions; a true/false section with 10 statements; and a section asking to enumerate something, though it is not clear what is being asked to enumerate. The exam covers topics related to income tax, VAT, and the TRAIN law and its impact on taxes.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    42 views1 page

    Feasibility Evaluation

    Uploaded by

    Ruby De Grano
    This document appears to be a midterm examination for a course on income and business taxation. It contains three sections - a multiple choice section with 10 questions testing knowledge of concepts like types of businesses, VAT, and TRAIN law provisions; a true/false section with 10 statements; and a section asking to enumerate something, though it is not clear what is being asked to enumerate. The exam covers topics related to income tax, VAT, and the TRAIN law and its impact on taxes.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    CAVITE STATE UNIVERSITY

    Imus Campus
    Cavite Civic CenterPalico IV, Imus, Cavite
     (046) 471-66-07 / (046) 471-67-70 / (046) 686-23-4
    MIDTERM EXAMINATION INCOME AND BUSINESS TAXATION
    2nd SEMESTER SY 2017-2018

    NAME: __________________________ DATE: _______________

    YEAR & SECTION: _______________ SCORE: ______________

    I. CHOOSE THE CORRECT LETTERS FOR THE STATEMENTS BELOW. STRICTLY NO


    ERASURES! (10pts)
    1. Which of the following is a form of business?
    a. Trading
    b. Manufacturing
    c. Service business
    d. All of the above
    2. Which of the following is not a merchandising business?
    a. Grocery store
    b. Department store
    c. Distributor
    d. Accounting firm
    3. Which of the following is considered as engaged in servicing business
    a. EGV accounting firm
    b. GFROX manufacturing
    c. EDVAL supermarket
    d. VALROX CAR dealer
    4. Which of the following are BIR compliance requirements for those are engaged in business?
    a. Registration with Revenue District Office
    b. Keeping of accounting records
    c. Issuance of invoices and receipts
    d. All of the above
    5. Which of the following is not correct regarding the Taxpayer’s Identification Number?
    a. Only one TIN is allowed for each taxpayer
    b. The TIN is issued every year every time the taxpayer is renewing his registration
    c. The TIN is required to be indicated in every taxpayers tax return
    d. Failure to indicate correct TIN on documents specified to be indicated with TIN shall be subject to applicable criminal sanctions
    6. Which of the following taxes describes a value-added tax?
    a. Income tax
    b. Sales tax
    c. Indirect tax
    d. Personal tax
    7. The annual registration fee for a VAT-registered business is
    a. P 50
    b. P 500
    c. P 1,500
    d. P 5,000
    8. A business tax is generally
    a. Direct tax
    b. Indirect tax
    c. Property tax
    d. None of the above
    9. The books of accounts must be kept in
    a. Any language depending on the preference of the taxpayer
    b. English language only
    c. Native language or English only
    d. Native language, English or Spanish
    10. Implementation date of the TRAIN law
    a. December 19, 2017
    b. January 1, 2018
    c. December 11, 2017
    d. December 31, 2018

    II. TRUE OR FALSE (10pts)

    1. Sale of drugs for diabetes, high cholesterol, and hypertension will be VAT- free starting 2019.TRUE
    2. Socialized and mass housing projects P2million an d below will be VAT-free starting 2020. FALSE
    3. Increase of non-hybrid cars over 600,000 to 1million is 5%. FALSE
    4. A 5% tax will be imposed on cosmetics surgery or medical procedures for purely aesthetic purposes.TRUE
    5. A single tax rate of 5% based on the net value of the estate with a standard deduction of P5million will be imposed.FALSE
    6. TRAIN aims to make the current tax system simpler, fairer, and more efficient.TRUE
    7. Starting January 1, 2018 compensation earners, self-employed and professional taxpayers whose annual taxable incomes are P250,000 and
    below or less than P21,000 a months is exempted from the personal income tax. TRUE
    8. Agricultural products are exempted from VAT.TRUE
    9. Cooperatives are also exempted from VAT. TRUE
    10. Senior citizens are exempted from VAT. TRUE

    III. ENUMERATE THE FOLLOWING


    1.

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