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D. All of These

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Lucy Heartfilia
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17 views1 page

D. All of These

Uploaded by

Lucy Heartfilia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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CHAPTER 2 Theory Page 42

1. Which is subject to value added tax?


a. Sheep
b. Sheep wool
c. Cut sheep meat
d. All of these

2. Which agricultural product is VAT-exempt on importation?


a. Charcoal
b. Wood
c. Lumber
d. Corn

5. The maximum allowable amount of standard deduction is


a. P200,000
b. P500,000
c. P5,000,000
d. P10,000,000
C

6. What is the maximum amount of deductible casualty losses?


a. None
b. P500,000
c. P1,000,000
d. 10% of gross estate
A

1. A non-VAT registered service provider shall pay


a. 3% percentage tax on its gross receipts
b. 12% VAT on its value added
c. 12% VAT on its export sales or receipts
d. 3% percentage tax on its export sales

2. Which must be present to construe the existence of a business?


a. Regularity of transaction
b. Offering of services or goods to the public for a profit
c. Actual presence of profit during the period
d. Both A or

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