• Ateneo de Zamboanga University

• MANAGEMENT TAX01

ATENEO DE ZAMBOANGA UNIVERSITY

SCHOOL OF MANAGEMENT AND ACCOUNTANCY

Name: Score________ Rating: _______

TAX02 (A) TRANSFER AND BUSINESS TAXATION HOME EXAM

APRIL 13, 2022

INSTRUCTION- Write your name on the space provided on the questionnaire. Read every statement very

carefully and follow instruction strictly. DO NOT WRITE ANYTHING ON THE QUESTIONAIRE UNLESS

OTHERWISE PROVIDED HEREIN. VIOLATION OF INSTRUCTIONS WILL RESULT TO DEDUCTION ON THE

SCORE.

TEST I- TRUE OR FALSE (15 points)

Write True if the statement is correct and False if the statement is incorrect on the space provided for

before each number. ERASURES ARE NOT ALLOWED AND WILL NOT BE GIVEN POINTS.

True 1 Business taxes are imposed on the onerous transfer of goods, properties or services.

True 2 Total landed cost as tax based is applicable only to imported goods.

True 3 Business taxes are usually included in the price of goods and services of the seller but are remitted

by seller to the government.

False 4 The annual registration fee of every business establishment is One Thousand Pesos (P1,000) Only.

True 5 The primary purpose or motive of every business establishment is profit or livelihood.

True 6 The importation of any agricultural or marine products in their original form is VAT exempt.

True 7 Seller of services are taxable on gross receipts.

False 8 There are only two tax rates under the value-added tax system, 12% and 4%.

True 9 Percentage tax on domestic carrier is also known as common carrier tax.

True 10 Franchise is a law that authorizes a person, whether natural or juridical, to do business involving

public utility.

True 11 Amusement tax for cockpits, night clubs and cabaret are 18% of gross receipts.

True 12 Ad Valorem tax is based on the selling price or any other specified value of goods.

True 13 Buttocks augmentation is an invasive cosmetic procedure subject to excise tax.

True 14 Documentary stamp tax is imposed on certain transactions that are supported by documents.

True 15 Community Tax is a tax imposed on a person-whether natural or juridical entity- who resides in a

particular community within a particular period.