3/7/2020 Quiz 001: Attempt review

Dashboard / My courses / BL-TAX-6253-LEC-1922S / Week 1: Business Taxes / Quiz 001

Attempts 1, 2, 3, 4
Started on Sunday, 16 February 2020, 12:38 PM
State Finished
Completed on Sunday, 16 February 2020, 12:57 PM
Time taken 18 mins 42 secs
Marks 5.00/10.00
Grade 50.00 out of 100.00

Question 1 Gross Receipts Tax (GRT) is a business tax. Who pays GRT?
Incorrect

Mark 0.00 out of Select one:

1.00
a. Bank

b. Insurance company

c. Franchise holder

d. Hotel operator 

The correct answer is: Bank

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Hotel operator Answer saved

3 16/02/20, 12:57 Attempt finished Incorrect 0.00

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3/7/2020 Quiz 001: Attempt review

Question 2 Mr. Koh is an importer of cigarettes from China. He sold the cigarettes to the Philippines at a later date. He is subject to
Correct the value-added tax. What other tax is he obliged to pay?
Mark 1.00 out of
1.00 Select one:
a. Property tax

b. Percentage tax

c. Excise tax 

d. Income tax

The correct answer is: Excise tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Excise tax Answer saved

3 16/02/20, 12:57 Attempt finished Correct 1.00

Question 3 What tax should Engr. Penaverde pay as a building contractor?

Incorrect

Mark 0.00 out of Select one:

1.00
a. Excise tax

b. Value-added tax

c. Percentage tax 

d. Contractor's tax

The correct answer is: Value-added tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Percentage tax Answer saved

3 16/02/20, 12:57 Attempt finished Incorrect 0.00

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Question 4 What business tax is due on Willie who is an operator of parking lots?
Incorrect

Mark 0.00 out of Select one:

1.00
a. Value added tax 

b. Caterer's tax

c. Common carrier's tax

d. Broker's tax

The correct answer is: Common carrier's tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Value added tax Answer saved

3 16/02/20, 12:57 Attempt finished Incorrect 0.00

Question 5 Which is not replaced by VAT?

Correct

Mark 1.00 out of Select one:

1.00
a. Compensating tax

b. Contractor's tax

c. Sales tax on original sale

d. Common carrier's tax 

The correct answer is: Common carrier's tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Common carrier's tax Answer saved

3 16/02/20, 12:57 Attempt finished Correct 1.00

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3/7/2020 Quiz 001: Attempt review

Question 6 Which pays the gross receipts tax (GRT)?

Incorrect

Mark 0.00 out of Select one:

1.00
a. Insurance company

b. Bank

c. Franchise holder

d. Hotel operator 

The correct answer is: Bank

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Hotel operator Answer saved

3 16/02/20, 12:57 Attempt finished Incorrect 0.00

Question 7 Which is NOT included as transactions considered "in the course of trade or business" subject to the business taxes?
Incorrect

Mark 0.00 out of Select one:

1.00
a. Isolated sale services of goods or services for a gross selling price or receipts of Php 800, 000

b. Regular conduct or pursuit of a commercial or an economic activity by a non-stock, non-profit private organization

c. Regular conduct or pursuit of a commercial or an economic activity by a stock private organization

d. Isolated services in the Philippines by non-resident foreign individuals 

The correct answer is: Isolated sale services of goods or services for a gross selling price or receipts of Php 800, 000

Response history
Step Time Action State Marks

1 16/02/20, Started Not yet

12:38 answered

2 16/02/20, Saved: Isolated services in the Philippines by non-resident foreign Answer saved
12:57 individuals

3 16/02/20, Attempt finished Incorrect 0.00

12:57

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Question 8 What tax should a lessor of real property and personal property (cars) pay?
Correct

Mark 1.00 out of Select one:

1.00
a. Value-added tax 

b. Excise tax

c. Common carrier's tax

d. Percentage tax

The correct answer is: Value-added tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Value-added tax Answer saved

3 16/02/20, 12:57 Attempt finished Correct 1.00

Question 9 An individual becomes subject to the value added tax for the first time can have an input tax out of the inventory of
Correct goods, material and supplies on hand at the time he became accountable. What do we call this tax?
Mark 1.00 out of
1.00 Select one:
a. Transitional input tax 

b. Value added tax deemed paid

c. Presumptive input tax

d. Prepaid input tax

The correct answer is: Transitional input tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Transitional input tax Answer saved

3 16/02/20, 12:57 Attempt finished Correct 1.00

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3/7/2020 Quiz 001: Attempt review

Question 10 Which is NOT a major business internal revenue tax in the Tax Code?
Correct

Mark 1.00 out of Select one:

1.00
a. Excise tax

b. Percentage tax

c. Income tax 

d. Value added tax

The correct answer is: Income tax

Response history
Step Time Action State Marks

1 16/02/20, 12:38 Started Not yet answered

2 16/02/20, 12:57 Saved: Income tax Answer saved

3 16/02/20, 12:57 Attempt finished Correct 1.00

◄ Lesson 1: Business Taxes Jump to... Lesson 2: Percentage Taxes ►

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