Professional Documents
Culture Documents
Administration
Yes
No
Yes
Yes
15. It has the executive supervision and control over tax administration
a. Bureau of Internal Revenue
b. Bureau of Customs
c. Department of Finance
d. Court of Justice
16. Which of the following is classified as income?
a. Damage recovery due to physical injuries
b. Return of capital
c. Excess of selling price over cost of assets sold
d. Gift received
17. Which of the following is not a characteristic of income?
a. Increase in taxpayers wealth
b. Return of taxpayers wealth
c. Realization or receipt of gain
d. Earnings constructively received
18. Which of the following is taxable with income tax at its gross
amount when earned within the Philippines?
a. Professional Fee
c. Business Income
b. Compensation Income
d. Royalty Income
19. Which of the following income is/are earned through employee and
employer relationship?
I.
Professional Fee
II.
Wages
III.
Pension Pay
IV.
Capital Gain
a. I, II, III only
c. II and III only
b. I and II only
d. II only
20. Statement1: Remuneration for casual labor not in the course of an
employers trade or business is not considered as taxable
compensation income/
Statement 2: Additional benefits received by the employee for the
convenience of the employer are not taxable income of the employee.
a. Only statement 1 is correct.
c. Both statements are
correct.
b. Only statement 2 is correct.
d. Both statements are incorrect.
21. Which of the following is a taxable compensation income?
a. Separations pay due to resignation.
b. Retirement pay under BIR approved retirement plan.
c. Separations pay due to disability.
Residency
Within
Outside
Within
Outside
Business Income
No
Yes
No
Yes
41. Statement 1: If both husband and wife are earning income, only on
them could claim for the additional personal exemption.
Statement 2: the husband is the rightful claimant of addition personal
exemption, unless he waives his rights in favour of his wife.
a. Only statement 1 is correct
b. Both statements are correct
c. Only statement 2 is correct
d. Both statements are incorrect
42. Statement 1: A tax credit will reduce the taxable income.
Statement 2: A tax credit will be available when there is foreign
income tax paid by resident Filipino for income earned without.
a. Only statement 1 is correct
b. Both statements are correct
c. Only statement 2 is correct
d. Both statements are incorrect
43. One of the following is not creditable against the total computed
per ITR.
a. Final withholding tax
b. Foreign income tax paid by resident citizen
c. Creditable withholding tax on compensation
d. Income tax paid for the first three quarters for the business
income earned.
44. Statement 1: An alien who shall reside in the Philippines with no
definite intention as to his stay is a resident of the Philippines.
Statement 2: A foreigner who has acquired residency in the Philippines
shall only become a non-resident alien when he actually departs with
the intention of abandoning his residency in the Philippines.
a. Only statement 1 is correct
c. P5,000,000
d. P7,000,000
P1,500,000
P2,100,000
64. The income tax still due and payable if Tacurong is a resident
foreign corporation
a. P120,000
b. P 72,000
c. P 30,000
d. P 18,000
65. Which of the following is a party in a joint venture?
a. Partners
b. Co-owners
c. Co-venturers
d. Shareholders
66. The share of a partner in the income of a commercial partnership is
a. Subject to final tax of 10%.
b. Subject to creditable tax of 10% if the amount is P720, 000and
below and 15%if the amount is more than P720, 000.
c. Subject to normal tax of individual taxpayer
d. Tax-exempt
J, a partner of a general professional partnership, showed the following
income and losses:
Net income from trading business as sole proprietor
Share from net loss of the partnership
P500,000
200,000
P500,000
200,000
5%
P30,000
P70,000
P140,000
P250,000
P500,000