Applied Economics

MINDANAO MISSION ACADEMY Semi-Final

Accountancy, Business and Management Examination
January 30-31, 2020

Name:_____________________________________ Section: ______________ Score:_____________________

General instructions
º No calculator, no exam
º No borrowing/exchanging of calculators while taking the exam
º Ask directly from the teacher in-charge if you have questions
º Talking to your seatmates is considered cheating

I. Identification: Identify what is being described in each statement.

1. It refers to the process of keeping some amount from the current income for the purpose of taking care of future and wants.
____________________________
2. a body of rules passed by the legislature by which the government acquires a claim on tax payers to
convey, transfer and pay to the public authority.________________________
3. Committing money for the purpose of assets, based on a careful analysis of risks and rewards anticipated
over a period of one year or more._________________________________
4. Committing money for the purpose of assets, based on a careful analysis of risks and rewards anticipated
over a period of one year or more._____________________________
5. An inherent power of the state to raise income and to demand enforced contributions for public
purposes._______________________________
6. The legislative branch that is mandated to comprehend the assessment and collection of all national
internal revenue taxes, fees and charges so as to promote a sustainable economic
growth.__________________________________
7. A tax referred to as Eisphora was imposed only in times of war in ______________________
8. He introduced the inheritance tax to provide retirement funds for the
military._________________________
9. A body of rules passed by the legislature by which the government acquires a claim on tax payers to
convey, transfer and pay to the public authority.________________________
10. Tax imposed on the gains presumed to have been realized by the seller for the sale, exchange or other
disposition of real property located in the Philippines, classified as capital
assets.____________________________

II. Word Box: identify the words in Box A and classify them whether it is a Compulsory savings or a
Voluntary Savings by writing below each category in Box B.

PNB Time Deposit RCBC Savings PagIbig contribution

BOX A Philhealth GSIS Contribution SSS contribution
St. Peter Life Plan PhilAm Life insurance BPI Bonds Motor insurance

BOX B
Compulsory Savings Voluntary Savings

III. Enumeration: supply what is needed in each item

a. What are the characteristics of a sound tax?
1. 3.
2. 4.
b. What are the different types of investments?
1.
2.
3. Scenario:
4.
IV. Problem Solving: - After graduating in the Senior high School, you
Applied Economics