Question 1
1 / 1 pts
A person with vatable sales or receipts not exceeding the VAT threshold may register
as non-VAT taxpayer
Correct!
True
False
Question 2
1 / 1 pts
A person with vatable sales or receipts not exceeding the VAT threshold may register
as VAT taxpayer
Correct!
True
False
Question 3
1 / 1 pts
The VAT threshold applicable to professional practitioners is 3,000,000
Correct!
True
False
Question 4
1 / 1 pts
Exempt sales shall not be billed with an output VAT
Correct!
True
False
Question 5
1 / 1 pts
A sale to the government shall not be billed with output VAT since it is exempt from
VAT.
True
Correct!
False
Question 7
1 / 1 pts
The export sale of a VAT taxpayer is an exempt sale.
True
Correct!
False
Question 9
1 / 1 pts
A non-VAT registered person who invoiced VAT on his sale shall be subject to 12%
VAT without the benefit of an input VAT, 3% percentage tax and 25% surcharge.
True
Correct!
False
50% surcharge
Question 10
1 / 1 pts
Exempt sales which are billed as regular sales should be considered as regular vatable
sales
Correct!
True
False
Question 11
1 / 1 pts
The VAT applies on receipts or sales other than those exempted and those specifically
subject to percentage tax
Correct!
True
False
Question 12
1 / 1 pts
The VAT payable on a VAT registrable person is the amount of VAT without benefit of
input VAT plus 3% percentage tax.
True
Correct!
False
Question 13
1 / 1 pts
No input VAT traceable to exempt sales can be claimed as tax credit
Correct!
True
False
Question 15
1 / 1 pts
A VAT registered person shall be subject to final withholding VAT of 12% on sales to
the government.
True
Correct!
False
5%
Question 16
1 / 1 pts
The threshold for franchise grantees of electricity is 10,000,000.
True
Correct!
False
Question 17
1 / 1 pts
The VAT payable on any person is always 3% of the value added on the sale of goods.
True
Correct!
False
Question 18
1 / 1 pts
The claimable input VAT on government sales is 7% of the sales
Correct!
True
False
Question 20
1 / 1 pts
The VAT threshold for franchise grantees of gas and water is 10,000,000
Correct!
True
False
Question 21
1 / 1 pts
There is no way VAT payable could be negative in a particular month or quarter.
True
Correct!
False
Question 22
1 / 1 pts
A registrable person is exempt from VAT.
True
Correct!
False
Question 23
1 / 1 pts
A VAT registered person is exempt from VAT on VAT exempt sales
Correct!
True
False
Question 24
1 / 1 pts
The VAT threshold for selling of goods or services is 3,000,000
Correct!
True
False
Question 27
1 / 1 pts
A VAT registered person is liable to VAT on exempt sales and services specifically
subject to percentage tax.
True
Correct!
False
Question 29
1 / 1 pts
A person who commences business with an expectation to exceed the VAT threshold
must register as a VAT taxpayer
Correct!
True
False
Question 30
1 / 1 pts
A non VAT taxpayer shall not bill VAT on his sale
Correct!
True
False
Question 1
1 / 1 pts
Who is the one statutorily liable for the payment of VAT?
Buyer or seller
Seller
Consumer
Buyer
Question 2
1 / 1 pts
Which of the following taxes describes the value added tax?
Personal tax
Indirect tax
Sales tax
Income tax
Question 3
1 / 1 pts
Which of the following is incorrect?
A vatable article may be subject to vat
A vatable article may be exempt from vat
A taxpayer may have two businesses where one is subject to vat and the other is
subject to percentage tax
Manufacturers and importers of goods are subject to excise tax
Question 4
1 / 1 pts
Which of the following is not a business tax?
Value added tax
Income tax
Percentage tax
Excise tax
Question 5
1 / 1 pts
Registration of taxpayers under the vat system may be classified as, except
None of the choices
Mandatory but registration
Optional vat registration
Mixed vat registration
Question 6
1 / 1 pts
The following data were provided by spouses Mary Jean and Gerry. In 2020, Gerry's
gross receipt from his practice of profession was 2,850,000 while her wife Mary Jean,
has gross sales of to 2,200,000 derived from her trading business. Assuming they are
not vat registered, will they be subject to vat?
Yes, because their gross receipts/sales are not specifically exempt from vat as provided
in the tax code.
Yes, because their aggregate gross receipts/sales exceeded the vat threshold of 3
million.
None of the choices
No, because for purposes of vat threshold husband and wife shall be considered as
separate taxpayers.
Question 7
1 / 1 pts
Jenny is a certified public accountant. She applied for work and was hired by a firm
which is engaged in business process outsourcing, handling accounting work for US
entities. She was paid for her services. How should Jenny treat such payment for
business tax purposes?
It is a zero-rated transaction
Subject to percentage tax
Exempt from VAT and percentage tax
Subject to 12% VAT
Question 11
1 / 1 pts
What is the general lock in period for those who voluntarily register as VAT taxpayers?
3 years
5 years
Perpetual
1 year
Question 12
1 / 1 pts
To franchise grantees of radio or television, the VAT registration shall be
Irrevocable perpetually
Revocable in 3 years
Irrevocable in three years
Revocable in one year
Question 13
1 / 1 pts
Which is not vatable as a separate entity?
Spouse
Subsidiary company
Parent company
Branch
Question 16
1 / 1 pts
What is the business tax payable by a person who is a VAT registrable?
The output VAT
Output VAT plus 3% percentage tax
Output VAT less input VAT
The input VAT
Question 18
1 / 1 pts
Which is not a sales category for VAT taxpayers?
Sales to the government
Exempt sales
Zero rated sales
Sales to nonprofit institution
Question 19
1 / 1 pts
Which is subject to withholding VAT?
Regular sales of real properties
Zero rated sales
Sales to the government
Exempt sales
Question 20
1 / 1 pts
A VAT taxpayer cannot claim input VAT credit on
Zero rated sales
Regular sales
Exempt sales
Government sales
Question 23
1 / 1 pts
The sale of a residential lot was invoiced at 1,680,000.
What is the output vat?
201,600
200,000
180,000
0
