DAMASO, Jennalyn T. 7.

D
ACT191 8. A
BABUSTAX 9. C
10. A
11. A
I.
12. A
1. False 13. D
2. True
3. False
4. False III.
5. True 1. D
6. True 2. D
7. True 3. B
8. False 4. A
9. True 5. B
10. False 6. D
11. No, Mr. Chris and his wife are tax 7. B.
separately. 8. A.
12. Yes, Nora is subject to VAT because her 9. A.
gross sale and receipts exceeded P 10. D.
3,000,000. 11. C.
13. Taxpayers who are qualified to 12. A.
optionally register has ten (10) days before 13. D.
the beginning of the calendar quarter to 14. C.
apply for VAT registration.
14. The radio or television broadcasting IV.
company’s VAT registration will be 1. A.
irrevocable lifetime. 2. D.
15. No, CLD’s gross sales excluding VAT 3. A.
exempted transactions did not exceed P 4. B.
3,000,000. 5. A.
16. Among the four, no one is subject to 6. C.
VAT because none of them exceeded P
3,000,000. V.
1. D.
II. 2. A.
3. C.
1. C 4. A.
2. D 5. B.
3. D 6. B.
4. C 7. A.
5. D
6. D
Exercises: 43. B
1. D 44. C
2. D
3. D
4. D
5. D
6. C
7. C
8. C
9. C
10. D
11. D
12. C
13. B
14. A
15. A
16. C
17. C
18. C
19. C
20. D
21. B
22. B
23. D
24. D
25. D
26. A
27. D
28. D
29. B
30. A
31. B
32. D
33. C
34. B
35. D
36. D
37. C
38. A
39. D
40. A
41. C
42. A