MIDTERM QUIZ.

1
OFFICE Ad 9

1. It is tax imposed on gift or the transfer without consideration of property between two or more persons who are
living at the time the transfer is made.
2. The total amount of gifts less the allowable deductions and specific exemptions.
3. What do you call a person who is not a brother, sister, spouse, ancestor and lineal descendant or a relative by
consanguinity in the collateral line, not within the 4th degree of relationship?
4. It is the excess of the output tax on sale, etc. of goods, properties or services over the input tax on important and
local purchases.
5. These are taxes measured by a certain percentage of the gross selling price or gross value in money of goods sold,
bartered, exchange, or imported or gross receipts or earnings derived by any person engaged in the sale of
services.
6. It means all amounts received by the prime or principal contractor and diminished by any amount paid to any
subcontractor under a subcontract arrangement.
7. It is a kind of excise tax imposed based on weight or volume capacity or any other physical unit of measurement
8. How is petroleum product computed based on excise stocks?
9. It is a tax on documents, instruments and papers evidencing the acceptance, assignment, sale or transfer of an
obligation, rights or property incident there too.
10. These are taxes levied by a government on goods exported from or imported into the country.
11. It means a book of rates, a schedule of fees imposed on goods exported from or imported into a country.
12. The offices charged with administration and enforcement of the law are the ______ and ____
13. It is the duty imposed on imported articles or their containers, which have not been properly marked in any
official language of the Philippines, as to indicate the name of the country or origin of the article.
14. These are fees imposed on vessels entering into or departing from a port of entry of the Philippines.
15. What do you call the charges assessed on articles for storage in customs premises, cargo sheds and warehouses of
the government?
16. It refers to any drug which produces insensibility, stupor, melancholy or dullness of mind with delusions and
which may be habit forming and includes opium, opium derivatives and synthetic opiates.
17. It is no longer required for purposes of travel.
18. What does MV UC means?
19. What does LTO stands for?
20. It is an act of liberality whereby a person disposes gratuitously a thing, or right in favor of another who accepts it.
21. It refers to the total amount of gifts, less the allowable deductions and specific exemptions.
22. It means the value added tax due on the sale or lease of taxable goods, properties or services by a VAT registered
person or person required to register under the law.
23. Define EF PS.
24. Give the meaning of BSP.
25. These products are taxed based on the net retail price per bottle for sparkling wines and proof for still wines.
26. These are fees assessed against a vessel for mooring or birthing at a pier, wharf or river at any port in the
Philippines.
27. These are charges imposed on all imported and exported articles and baggages of passengers for their handling,
receiving and custody.
28. These are tax imposed upon producers and importers of narcotic drugs.
29. What does the DOTC means?
30. The travel tax shall be collected by the carriers or their agents issuing the tickets, and the carriers shall remit their
collection to the___________.