FABM

Question 1

the center of any business is its ____

Answer 1

profit

Question 2

types of taxes

Answer 2

income tax
transfer tax
business taxes

Question 3

• individuals personal earnings
  -tax on a person’s income, emoluments, profits

Answer 3

INCOME TAX

Question 4

imposed on properties or rights TRANSFERRED by ONE ENTITY to ANOTHER entity

Answer 4

transfer tax (donor tax and estate tax “after death”)

Question 5

paid by entities that CONDUCT BUSINESS

Answer 5

business taxes

Question 6

amount of required contribution from the person and property charged by the government to sustain the needs of its territory

Answer 6

tax

Question 7

can either be progressive, regressive or proportional

Answer 7

tax systems

Question 8

3 BUSINESS TAXES

Answer 8

1. VALUE ADDED TAX (VAT)
2. PERCENTAGE TAX
3. EXISE TAX

Question 9

most common type of business tax
common transaction

Answer 9

VAT
input (shouldered by buyer)
output (recorded by the seller)

Question 10

___% should be added in VAT

Answer 10

12%

Question 11

applied only on certain business

Answer 11

PERCENTAGE TAX

Question 12

produce in Philippines for domestic sale
imported into Philippines

Answer 12

Excise tax

Question 13

produce in Philippines for domestic sale
imported into Philippines

Answer 13

Excise tax

Question 14

taxes imposed on the earnings of business deriving in country

Answer 14

BUSINESS TAX

Question 15

taxes imposed on the earnings of business deriving in country

Answer 15

BUSINESS TAX