Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

12 Questions

2 Views

Business Taxes Multiple Choice Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What are Business Taxes primarily imposed upon?

Onerous transfers such as sale, barter, exchange or importation

Gratuitous transfers such as donation intervivos and donation mortis causa

Both gratuitous and onerous transfers (correct)

None of the above

Which of the following is not considered a major internal revenue business tax under the tax code?

Income tax (correct)

Excise tax

Value added tax

Percentage tax

Which statement is correct according to the tax code?

Without a business pursued in the Philippines, value added tax cannot be imposed

"In the course of trade or business" means the regular conduct or pursuit of a commercial or an economic activity by any person (correct)

Services rendered in the Philippines by a non-resident foreign person are not considered as being rendered in the course of trade or business

None of the above

Which statement is false regarding transactions subject to business taxes?

Irregular conduct or pursuit of commercial activity by an individual Signup and view all the answers

Business Taxes are imposed upon which type of transfers?

Only onerous transfers such as sale, barter, exchange or importation Signup and view all the answers

Which is considered as being rendered in the course of trade or business under the tax code?

"In the course of trade or business" means the regular conduct or pursuit of a commercial or an economic activity by a non-stock, non-profit private organization or government entity Signup and view all the answers

What is the correct definition of 'trade or business' based on the given text?

Regular conduct or pursuit of a commercial or an economic activity by a non-stock, non-profit private organization Signup and view all the answers

According to the given text, which statement about services rendered in the Philippines is correct?

Both 'a' and 'b' Signup and view all the answers

Which of the following statements about business taxes are correct according to the given text?

Both statements are correct Signup and view all the answers

Based on the given text, what is the definition of 'gross selling price'?

The total amount of money or its equivalent which the purchaser pays to the seller excluding VAT Signup and view all the answers

In the case of sale, barter, or exchange of real property subject to VAT, what does 'gross selling price' refer to based on the given text?

Gross selling price shall mean the consideration stated in the sales document or the fair market value, whichever is higher Signup and view all the answers

According to the given text, which of the following combinations are correct about imposing VAT with other taxes?

All of the above Signup and view all the answers

Study Notes

Business Taxes

Business Taxes are primarily imposed upon goods, properties, and services.
Only revenues from sales, barter, or exchange of goods or properties are subject to business taxes.
The tax code considers a service as being rendered in the course of trade or business if it is done for a fee, remuneration, or consideration.

Types of Transfers

Business Taxes are imposed upon transfers of goods, properties, or services, including sale, barter, or exchange.

Definition of 'Trade or Business'

The correct definition of 'trade or business' is any activity in which a person engages in with continuity, regularity, and profit motive.

Imposition of VAT

In the case of sale, barter, or exchange of real property subject to VAT, 'gross selling price' refers to the total amount of money that is received by the seller.
VAT can be imposed with other taxes, such as local business taxes, but not with excise taxes.

Services Rendered

Services rendered in the Philippines are subject to business taxes, regardless of where the client or customer is located.

Exceptions

Foreign diplomatic missions and other exempt entities are not subject to business taxes.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge of business taxes with this multiple choice quiz. Explore various aspects of internal revenue business taxes and their implications.