Activity 4

1.Toilet waters and Jewelry are subject to excise tax at a rate of:
(1 Point)
5%
10%
15%
20%
2.Which of the following medical procedure is subject to excise tax?
(1 Point)
Laser and light treatments
Mammoplasty
Facial reconstruction following an accident
Tumor removal
All of the above
None of the above
3.A separate excise tax return shall be filed for each place of production
(1 Point)
True
False
4.Sale of debt instruments in the secondary market is exempt from documentary stamp tax.
(1 Point)
True
False
5.A separate excise tax return shall be filed for each place of sale
(1 Point)
true
false
6.Which of the following is not subject to DST?
(1 Point)
Movie tickets
Lottery tickets
Jai-alai
Horse race tickets
All of the above
None of the above
7.Which of the following is subject to documentary stamp tax?

I. Donation of land
II. Lease of land
III. Mortgage of land
(1 Point)
I only
II only
III only
I and II only
II and III only
I, II and III
8.Issuance of long-term bonds is exempt from documentary stamp tax.
(1 Point)
True 
False
9.What is the document that evidences the payment of taxes, including DST, and will be presented to
the Registry of Deeds in order to effect the taxable transfer of title over the property from the seller
to the buyer?
(2 Points)
tignan sa notes CERTIFICATE AUTHORIZING REGISTRATION
10.The excise tax on sweetened beverage cannot be imposed when the beverage is sold as
concentrate.
(1 Point)
True
False
11.The excise tax on imported goods shall be paid:
(1 Point)
Before entry of goods on Philippine territory
Before release from customs custody
Upon first purchase by a buyer within the customs territory
Thirty (30) days from the close of the taxable quarter when the excisable goods were imported
Option 5
12.The excise tax on invasive cosmetic products and non-essential goods are:
(1 Point)
Both ad valorem taxes
Both specific taxes
Ad valorem taxes and specific taxes, respectively
Specific taxes and ad valorem taxes, respectively
13.Namjoon borrowed P200,000 from the bank with a term of 180 days for the purchase of a
personal computer and executed  a promissory note therefor. If the rate of DST is P1.50 for each
P200.00 how much is the DST due, if any? (round off your answer to the nearest peso.)
(2 Points)
 0 because less than 250,000.

14.Jimin sold his idle land to Jungkook. The land has a zonal value of P3,500,000, an assessed value
of P4,200,000 and appraised value of P4,250,000. Jimin was able to sell it to Jungkook for P4,100,000.
Jungkook paid for the parcel of land in cash. They executed a contract to sell and deed of absolute
sale to this effect.

How much is the capital gains tax due on the transaction?

(2 Points)

3,500,000 * 6% = 210,000
15.How much is the documentary stamp tax due on the transaction?
(2 Points)

4,100,000 * 1.5% = 61,500

Or 4,100,000/1,000 = 4,100 * 15 = 61,500
16.Suppose, the land that was sold by Jimin is his principal residence, and Jimin was able to use the
entire proceeds to acquire a new principal residence in six months, how much is the documentary
stamp tax due on the transaction?
(2 Points)

4,100,000 * 1.5% = 61,500

17.Suppose, the land that was sold by Jimin is his principal residence, and Jimin was able to use the
entire proceeds to acquire a new principal residence in six months, how much is the capital gains tax
due on the transaction?
(2 Points)

O or tax-exempt
18.Suppose, that instead of sale, Jimin donated the parcel of idle land to Jungkook, which of the
following is true?
(1 Point)
The donation is subject to donor's tax, but not to DST
The donation is subject to DST, but not to donor's tax
The donation is not subject to both donor's tax, and DST
The donation is subject to both donor's tax, and DST
19.The issuance of stock dividends is subject to documentary stamp tax on original issue of shares
(1 Point)
True
False
20.It is an excise tax that is imposed based on weight or volume capacity or other physical unit of
measurement.
(1 Point)
 Metrical tax
Ad valorem Tax
Quantitative tax
Specific tax
21.Which of the following does not properly describe excise tax
(1 Point)
National Tax
Local Tax
Regulatory tax
Sin Tax
None of the above
22.One of the following is an example of distilled spirits subject to excise tax:
(1 Point)
Champagne, sparkling wines
Beer, ale , porter
Gin, rum, whisky, brandy
Tuba, basi, tapuy
23.Articles subject to excise tax is no longer subject to VAT
(1 Point)
True
False
24.Failure to stamp a taxable instrument, document or paper will
(1 Point)
Declare the document void
Have no effect
Require to pay penalties and surcharges
Not be admitted in court as evidence
25.The specific tax refers to a form of excise tax which shall be computed based on the selling price
of the goods.
(1 Point)
True
False
26.The excise tax on automobiles and cigarettes are
(1 Point)
Both specific taxes
Both ad valorem taxes
Ad valorem and specific taxes, respectively
Specific taxes and ad valorem taxes, respectively
27.Which of the following is an excisable article?
(1 Point)
Distilled water
Coffee
Milk
Energy drink
All of the above
None of the above
28.Park Chanyeol invested in shares of YB Corporation (a domestic corporation) amounting to
P100,000 with  par value of P80,000. After 3 years, he disposed said shares directly to Oh Sehun for
P250,000. How much is the documentary stamp tax?
(2 Points)

w/ par value
80,000 * .75% = 600