Understanding Taxation Principles Quiz
30 Questions
1 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 nature of payment of tax, according to the text?

  • Charitable donation
  • Donation
  • Enforced contribution (correct)
  • Voluntary contribution

In what form is tax generally payable?

  • Property
  • Gifts
  • Money (correct)
  • In-kind payments

What is the purpose of the manufacturer paying the Tax and not adding it to the product's price?

  • To avoid paying taxes
  • To reduce production costs
  • To improve the product quality
  • To increase market share (correct)

Why should payment of taxes be based on the ability to pay theory?

<p>To promote equality (A)</p> Signup and view all the answers

What does 'Exemption' refer to in the context of the text?

<p>Having the freedom not to pay a specific tax (B)</p> Signup and view all the answers

Who can levy taxes, according to the text?

<p>'The law-making body of the State' (D)</p> Signup and view all the answers

Which government agency is responsible for collecting taxes as mentioned in the text?

<p>Bureau of Internal Revenue (BIR) (B)</p> Signup and view all the answers

Why does Congress have limitations in imposing taxes?

<p>Due to separation of powers principle (A)</p> Signup and view all the answers

When should an individual taxpayer file BIR Form 1700 according to the text?

<p>On or before April 15 of each year (D)</p> Signup and view all the answers

Who needs to file BIR Form 1701 according to the text?

<p>Mixed income earners, estates, and trusts (C)</p> Signup and view all the answers

Which of the following is NOT considered a source of tax laws?

<p>'Taxpayer Preferences' (C)</p> Signup and view all the answers

What is the purpose of having exceptions listed on BIR Form 1700?

<p>To identify individuals who are not required to file the form (A)</p> Signup and view all the answers

What type of tax is imposed upon an individual residing within a specified territory without regard to their property or occupation?

<p>Capitation Tax (B)</p> Signup and view all the answers

Which type of tax is imposed on real or personal property in proportion to its value?

<p>Property Tax (B)</p> Signup and view all the answers

What type of tax is classified as a tax on exercising certain rights and privileges?

<p>Excise Tax (A)</p> Signup and view all the answers

In which type of tax does both the incidence and burden fall on the same person?

<p>Direct Tax (D)</p> Signup and view all the answers

What tax is demanded from one person with the expectation that this person will indemnify themselves at the expense of another?

<p>Indirect Tax (D)</p> Signup and view all the answers

Where does the local government's power to tax come from?

<p>Constitutional grant (A)</p> Signup and view all the answers

Which of the following is NOT an element of a sound tax system according to Tabag (2022)?

<p>Political Favoritism (D)</p> Signup and view all the answers

What does theoretical justice in a tax system primarily focus on?

<p>Equitable distribution of tax burden based on ability to pay (C)</p> Signup and view all the answers

Which of the following is an aspect typically considered in the determination of taxes by the legislature?

<p>Situs of Taxation (B)</p> Signup and view all the answers

What does fiscal adequacy in a sound tax system ensure?

<p>Sufficient government revenue to meet expenditures and public needs (B)</p> Signup and view all the answers

In the context of taxation, what does administrative feasibility mainly emphasize?

<p>Convenient and effective administration of tax laws (B)</p> Signup and view all the answers

Which of the following is NOT a classification of taxes as mentioned in the text?

<p>Heritage Tax (A)</p> Signup and view all the answers

When should BIR Form 1702-RT Annual Income Tax Return be filed by corporations, partnerships, and other non-individual taxpayers subject only to REGULAR Income Tax Rate?

<p>15th day of the 4th month following the close of the taxpayer’s taxable year (D)</p> Signup and view all the answers

Which of the following is NOT subject to REGULAR Income Tax Rate according to the text?

<p>Foreign corporations engaged in trade or business in the Philippines (B)</p> Signup and view all the answers

What is the tax rate for corporations, partnerships, and other non-individual taxpayers subject to REGULAR Income Tax Rate mentioned in the text?

<p>20% (D)</p> Signup and view all the answers

Which type of entities are specifically mentioned as exceptions to filing BIR Form 1702-RT Annual Income Tax Return in the text?

<p>Joint ventures for construction projects (A)</p> Signup and view all the answers

Where can one find information about Corporate Recovery and Tax Incentives for Enterprises Act according to the text?

<p><a href="http://www.bir.gov.ph">www.bir.gov.ph</a> (C)</p> Signup and view all the answers

Which reference provides Quicknotes in Taxation according to the text?

<p>GIC Enterprises &amp; Co., Inc. (A)</p> Signup and view all the answers

More Like This

Use Quizgecko on...
Browser
Browser