TAXATION

Question 1

is the process by which the government collects revenue in order to pay for its expenses (T)

Answer 1

TAXATION

Question 2

is defined as the tax on the net income or the entire income realized in one taxable year (IT)

Answer 2

INCOME TAX

Question 3

taxable on all income earned inside and outside Philippines (CotP)

Answer 3

CITIZENS OF THE PHILIPPINES

Question 4

taxable only on income earned in the Philippines (NRC)

Answer 4

NON-RESIDENT CITIZEN