1. VAT is imposed on:
I. Sale of goods or properties not in the course of business
Ii. Sale of goods or properties in the course of business
III. Importation of goods or properties in the course of business
iV. Impor
...
1. VAT is imposed on:
I. Sale of goods or properties not in the course of business
Ii. Sale of goods or properties in the course of business
III. Importation of goods or properties in the course of business
iV. Importation of goods or properties not in the course of business
a I and III only.
b. i, III and IV only.
C I, II, and III only.
d. I, II, III, and IV
2. Who is statutorily liable for the payment of VAT?
A. Seller
b. Buyer
C. Seller or buyer, at the option of the government.
d. Seller and buyer
3. Yoona is a student at the Review School of Caring Educators (ReSCAR). She sold her
unused iPhone to her friend for P30,000, and with those amounts she saved P10,000, and
spent P20,000 to buy a cheaper phone. How much is Yoona's VAT payable?
a. 0. Yoona is not engaged in business.
b. 0. is not VAT-registered
C 1,200, computed as 12% of the amount she has saved
d. 3,600, computed as 12% of the price at which her friend bought the phone
4. Statement 1: A privilege store is not subject to VAT
Statement 2: If a store engages in any business activity during a feast that lasted for one week,
it shall be subject to VAT.
a. Only Statement 1 is true
b Only Statement 2 is true.
C. Both statements are true.
d. Both statements are not true.
5. Statement 1 A privilege store operator is not required to file percentage tax returns.
Statement 2: A privilege store operation is not required to file an income tax return
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A+
a Only Statement 1 is true.
B. Only Statement 2 is true
C. Both statements are true
D. Both statements are not true
6. In order to be subject to the requirement of VAT registration, a business must have:
a. Gross sales or receipts exceeding P3,000,000
b. Gross sales or receipts of at least P3,000,000
C. Gross sales or receipts, other than those that are exempt under Section 109, exceeding
3,000,000
d. Gross sales or receipts, other than those that are exempt under Section 109, of at least
3.000.000
7. Which among the following taxpayers can avail of the 8% flat rate of income tax?
a. A non-VAT registered taxpayer whose annual VAT-subject gross sales or receipts exceed
P3,000,000
b. A non-VAT registered taxpayer whose annual VAT-subject gross sales or receipts do not
exceed P3.000.000
C. A VAT registered taxpayer whose annual VAT-subject gross sales or receipts exceed
P3,000,000
d. A VAT registered taxpayer whose annual VAT-subject gross sales or receipts do not exceed
P3,000,000
8. Optional registration for VAT is irrevocable for a period of:
a. One (1) year
b. Three (3) years
c. Five (5) years
d. Seven (7) years
9. Which of the following taxpayers is barred from canceling its optional VAT registration?
a International common carriers
b Operators of amusement places
c. Export-oriented enterprises
d. Radio and television franchisees
10. The VAT on importation is paid:
a The non-resident seller monthly
b. The resident buyer monthly
C. The non-resident seller before release o
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