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    Busi Tax 3

    Uploaded by

    Jason Malik
    This document contains 30 multiple choice questions and answers related to value-added tax (VAT) and business tax concepts in the Philippines. Specifically, it tests the reader's understanding of VATable and exempt sales categories, gross receipts thresholds for business tax, and other tax principles. The correct answers provided indicate the total VATable sales, exempt sales, and amounts subject to business tax for different business scenarios involving retailers, restaurants, hospitals, airlines, and commercial leasing.

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    Busi Tax 3

    Uploaded by

    Jason Malik
    51 views2 pages
    This document contains 30 multiple choice questions and answers related to value-added tax (VAT) and business tax concepts in the Philippines. Specifically, it tests the reader's understanding of VATable and exempt sales categories, gross receipts thresholds for business tax, and other tax principles. The correct answers provided indicate the total VATable sales, exempt sales, and amounts subject to business tax for different business scenarios involving retailers, restaurants, hospitals, airlines, and commercial leasing.

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    BusiTax3.docx

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    This document contains 30 multiple choice questions and answers related to value-added tax (VAT) and business tax concepts in the Philippines. Specifically, it tests the reader's understanding of VATable and exempt sales categories, gross receipts thresholds for business tax, and other tax principles. The correct answers provided indicate the total VATable sales, exempt sales, and amounts subject to business tax for different business scenarios involving retailers, restaurants, hospitals, airlines, and commercial leasing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    51 views2 pages

    Busi Tax 3

    Uploaded by

    Jason Malik
    This document contains 30 multiple choice questions and answers related to value-added tax (VAT) and business tax concepts in the Philippines. Specifically, it tests the reader's understanding of VATable and exempt sales categories, gross receipts thresholds for business tax, and other tax principles. The correct answers provided indicate the total VATable sales, exempt sales, and amounts subject to business tax for different business scenarios involving retailers, restaurants, hospitals, airlines, and commercial leasing.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    You are on page 1of 2

    Question 21

    A ‘sari-sari’ store registered as a VAT-taxpayer had the following sales:


    Sales of newspapers P 20,000
    Sales of fish and meat 30,000
    Sales of fruits and vegetables 10,000

    Sales from snacks and soft drinks 15,000

    Sales from general merchandise 80,000

    Total P 155,000

    How much is the total VATable sales?


    Correct answer: P95,000

    Question 22
    Consultants are exempt from VAT because their services are like employment.
    Correct answer: False

    Question 23
    A restaurant reported the following revenues and receipt in May:
    Rice and Viands P 120,000
    Soft drinks 10,000
    Snacks 30,000
    Total P 160,000

    Compute the exempt sales.


    Correct answer: P0

    Question 24
    The leasing of residential units is exempt from VAT if the annual rentals do not exceed P15,000 per unit.
    Correct answer: False

    Question 25
    Vethany Hospital reported P20,000,000 gross receipts from patient service revenue and an additional P10,000,000 form
    other accessory hospital services which include P5,000,000 sales of medicine. Which of the following is the amount
    subject to business tax?
    Correct answer: P5,000,000

    Question 26
    The sale of processed agricultural products is VATable.
    Correct answer: True

    Question 27
    The sale of fertilizers, seeds, and pesticides are all exempt from VAT.
    Correct answer: False

    This study source was downloaded by 100000864310599 from CourseHero.com on 03-24-2023 00:46:39 GMT -05:00

    https://www.coursehero.com/file/94694903/BusiTax3docx/
    Question 28
    A domestic airline had the following receipts during the month:

    Passenger fares P 5,000,000


    Cargoes, mails, and excess baggage 2,000,000
    Total P 7,000,000

    Which is the total amount subject to business tax?


    Correct answer: P7,000,000

    Question 29
    A farm supply dealer made the following sales during the month:
    Fertilizer P 45,000
    Hybrid corn and rice seeds 65,000
    Pesticides 120,000
    Water pumps and hand tractors 240,000
    Total P 470,000

    Compute the sales subject to business tax.


    Correct answer: P360,000

    Question 30
    Sidewalk Mall leases commercial spaces to various businesses on its mall. Receipts for the month are as follows:
    Spaces with rental below P12,800/month P 1,200,000
    Spaces with rental above P12,800/month 1,800,000
    Total P 3,000,000

    Which of the following is the amount exempt from business tax?


    Correct answer: P0

    This study source was downloaded by 100000864310599 from CourseHero.com on 03-24-2023 00:46:39 GMT -05:00

    https://www.coursehero.com/file/94694903/BusiTax3docx/
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