Reference no: EM133088584
Questions -
Q1. Elsa has the following data for 2020 the taxable year:
Gross sales 2,850,000
Collections 1,420,000
If Ms. Elsa is seller of goods, her business tax for the year should be:
a) 42,600 OPT
b) 85,500 OPT
c) 170,400 VAT
d) 342,000 VAT
Q2. If Ms. Elsa is seller of service, her business tax for the year should be:
a) 42,600 OPT
b) 85,500 OPT
c) 170,400 VAT
d) 342,000 VAT
Q3. One of the following is subject to 3% percentage tax:
a) Establishments whose annual gross sales or receipts exceed 3,000,000 and who are VAT registered.
b) Businesses whose annual gross sales or receipts exceed 3,000,000 and who are not VAT registered.
c) VAT registered establishments whose annual gross sales or receipts do not exceed 3,000,000.
d) Establishments whose annual gross sales or receipts do not exceed 3,000,000 and who are not VAT registered.
Q4. A keeper of garage whose gross receipts for 2020 exceed 3,000,000 is subject to:
a) Value added tax
b) Garage sales tax
c) Common carriers tax
d) Franchise tax
Q5. The 3% percentage tax on international carrier is imposed upon:
I. International air carrier doing business in the Philippines
II. International shipping doing business in the Philippines
a) I only
b) II only
c) Both I and II
d) Neither I nor II
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