General Sales Tax Characteristics Quiz
12 Questions
2 Views

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 is the main characteristic of General Sales Tax?

  • It is imposed on goods only
  • It is a direct tax
  • It is imposed on income when it is spent or utilized (correct)
  • It is assessed on an ad-valorem basis

    • Which basis does General Sales Tax use for imposing tax on certain services?

  • Elective basis (correct)
  • Common basis
  • Value-added basis
  • Ad-valorem basis

    • When is General Sales Tax levied?

  • At the time of import/export
  • At the time of advertising goods
  • At the time of purchase of goods & services (correct)
  • At the time of manufacturing goods

    • What does ad-valorem basis mean in the context of General Sales Tax?

    <p>Value-added tax is calculated based on the value of some taxable goods &amp; all taxable services</p> Signup and view all the answers

    What is the basis for imposing General Sales Tax on all manufactured goods except those exempted by law?

    <p>Common basis</p> Signup and view all the answers

    In the context of General Sales Tax, what does ad-valorem basis refer to?

    <p>A tax based on the value of taxable goods and services</p> Signup and view all the answers

    What type of tax is General Sales Tax in relation to income spending or utilization?

    <p>Indirect tax</p> Signup and view all the answers

    When is General Sales Tax levied in relation to the sale or purchase of goods and services?

    <p>During the sale or purchase</p> Signup and view all the answers

    Which characteristic best describes General Sales Tax?

    <p>It uses both common basis and elective basis for imposing tax.</p> Signup and view all the answers

    What does the ad-valorem basis refer to in the context of General Sales Tax?

    <p>Value-added tax calculated based on the value of some taxable goods and all taxable services.</p> Signup and view all the answers

    What is the main difference between the common basis and elective basis of General Sales Tax?

    <p>Common basis covers all goods and services, while elective basis applies only to specified goods and services.</p> Signup and view all the answers

    In relation to income spending or utilization, what type of tax is General Sales Tax?

    <p>Indirect tax imposed on income when it is utilized.</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser