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General Sales Tax Characteristics Quiz

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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?

Value-added tax is calculated based on the value of some taxable goods & all taxable services Signup and view all the answers

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

Common basis Signup and view all the answers

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

A tax based on the value of taxable goods and services Signup and view all the answers

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

Indirect tax Signup and view all the answers

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

During the sale or purchase Signup and view all the answers

Which characteristic best describes General Sales Tax?

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

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

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

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

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

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

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