Business Law & Taxation Questions and Answers as follows:
1.
Which of the following individuals shall not be subject to the
income tax under Section 24 (A)?
D
|
a.
|
Individual
citizen of the
|
b.
|
Individual
citizen of the
|
|
c.
|
Individual
alien who is a resident of the
|
|
d.
|
Individual
alien who is not a resident of the
|
2.
Which of the following income is not from a related trade,
business or activity of a domestic proprietary educational institution?
A
|
a.
|
Income from rent of available
office spaces in one of the school buildings
|
b.
|
Income from the hospital where
medical graduates are trained for residency
|
|
c.
|
Income from the canteen situated
within the school campus
|
|
d.
|
Income from bookstore situated
within the school campus
|
3.
How much is the annual community tax for individuals?
D
|
a.
|
P 25
|
c.
|
P 10
|
b.
|
P 20
|
d.
|
P 5
|
4.
Under this system there is a merger of all the properties of the
husband and the wife owned by them at the time of the celebration of the
marriage, or those acquired thereafter.
B
|
a.
|
Conjugal
partnership of gains
|
b.
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Absolute
community of properties
|
|
c.
|
Complete
separation of properties
|
|
d.
|
None
of the choices
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5.
Which is not an essential characteristic of tax?
A
|
a.
|
Limited as to amount
|
b.
|
Proportionate in character
|
|
c.
|
Payable in money
|
|
d.
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Regular payment
|
6.
A contract of sale is not a
D
|
a.
|
Principal
contract
|
c.
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Consensual
contract
|
b.
|
Nominate
contract
|
d.
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Real contract
|
7.
“I promise to pay P or his
order the sum of P 10,000.00 30 days after the death of X.” This is an
instrument payable:
A
|
a.
|
At a
determinable future time
|
b.
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On
Demand
|
|
c.
|
Upon
the fulfillment of a condition
|
|
d.
|
At
an indefinite time, hence, non-negotiable
|
8.
A corporation acquires
juridical personality
C
|
a.
|
Upon the filing of the articles of
incorporation
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b.
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Upon the filing of the by-laws
|
|
c.
|
Upon the issuance of the certificate of
incorporation
|
|
d.
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Within 30 days from receipt of notice
of the issuance of the certificate of incorporation
|
9.
It is the right of the
mortgagor to redeem the property that was mortgaged after it was sold.
B
|
a.
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Equity of
redemption
|
c.
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Right of
subrogation
|
b.
|
Right of
redemption
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d.
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Right of
pre-emption
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10. A with violence in her eyes
intimidated her husband B to sell his exclusive property to her. The contract
of sale is
B
|
a.
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Rescissible
|
c.
|
Unenforceable
|
b.
|
Voidable
|
d.
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Void
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11.
Which of the above will be subject to a 25% civil penalty of the
tax or of the deficiency tax?
D
|
a.
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Willful neglect to file the return
within the period prescribed by the Tax Code or rules and regulations
|
b.
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A false or fraudulent return is
willfully made
|
|
c.
|
A person who is not VAT-registered
issues an invoice or receipt showing
his TIN, followed by the word "VAT"
|
|
d.
|
Failure to file any
return and pay the tax due thereon as required under the provisions of the
Tax Code or rules and regulations on the date prescribed
|
12.
Which of the following statements is INCORRECT?
D
|
a.
|
The amount of “de minimis”
benefits conforming to the ceiling prescribed in the Tax Code shall not be
considered in determining the P30,000 ceiling of “other benefits” included in
the exempt 13th month and other benefits;
|
b.
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If the employer pays more than the
ceiling prescribed for “de minimis” benefits, the excess shall be taxable to
the employee receiving the benefits only if such excess is beyond the P30,000
ceiling.
|
|
c.
|
Any amount given by the employer
as benefits to its employees, whether classified as de minimis or fringe
benefits, shall constitute as deduction upon such employer;
|
|
d.
|
Representation and
transportation allowance which are fixed in amounts and regularly received by
the employees as part of their monthly compensation shall be treated as
taxable fringe benefits if received by managerial and supervisory employees.
|
13.
Penalties and/or interest imposed on the taxpayer may be abated
or cancelled on the ground that the imposition thereof is unjust and excessive,
except when:
A
|
a.
|
The taxpayer is declared insolvent
or bankrupt.
|
b.
|
The filing of the return or
payment of the tax is made at the wrong venue.
|
|
c.
|
The taxpayer’s mistake in payment
of his tax is due to erroneous written official advice of a revenue officer.
|
|
d.
|
The assessment is brought about or
a result of the taxpayer’s non-compliance with the law due to a difficult
interpretation of the said law.
|
14.
The actual residential home of the decedent and his family at the
time of his death, as certified by the Barangay Captain of the locality where
the family home is situated, has a fair market value of P3,000,000. The family
home is part of the common property of the spouses. How much is the family home
deduction?
B
|
a.
|
P1,500,000
|
c.
|
P750,000
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b.
|
P1,000,000
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d.
|
P500,000
|
15.
A negotiable instrument that is
not dated will be considered dated as at the time of
D
|
a.
|
Acceptance
|
c.
|
Last
endorsement
|
b.
|
First
endorsement
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d.
|
Issuance
|
16.
A delinquent stockholder is not
entitled to the following rights, except the right:
C
|
a.
|
To
be voted
|
b.
|
To
vote or be represented in the meetings of stockholders
|
|
c.
|
To
dividends
|
|
d.
|
He
is not entitled to all the rights of a stockholder
|
17.
Three of the following
partnership contracts are void. Which
one is not?
C
|
a.
|
A
universal partnership of present property between husband and wife
|
b.
|
A
universal partnership of profits between a man and a woman living together as
husband and wife without the benefit of marriage
|
|
c.
|
A
particular partnership between husband and wife
|
|
d.
|
A
universal partnership between a private individual and a public officer
|
18.
The following are modes of
extinguishing an agency, except:
D
|
a.
|
Death,
civil interdiction, insanity or insolvency of the principal or agent
|
b.
|
Accomplishment
of the purpose of the agency
|
|
c.
|
Expiration
of the period for which the agency was constituted
|
|
d.
|
Continued
losses on the part of the principal or agent
|
20. Three of the following instances will render an offer ineffective
before acceptance is conveyed. Which one
will not?
D
|
a.
|
Civil
interdiction of either party
|
c.
|
Insanity of
either party
|
b.
|
Insolvency of
either party
|
d.
|
Intoxication
of either party
|
21. The taxpayer's 2003 percentage tax
return is required to be filed through the authorized agent bank under the
jurisdiction of RDO East Makati. Without
prior authorization from the Commissioner, the taxpayer files the return and
pays the tax through an authorized agent bank under the jurisdiction of RDO Davao
City
How much is the total
amount due on June 30, 2004
A
|
a.
|
P 154,155.25
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c.
|
P 25,000.00
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b.
|
P 129,155.25
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d.
|
None of the choices
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22.
Which of the following shall not be subject to income tax?
I-
|
Pedro Reyes, an official of
Corporation X, asked for an “early retirement” because he was emigrating to
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II-
|
Juan Cruz, another official of the
same company was separated for occupying a redundant position. He was given
P500,000 as separation pay.
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III-
|
Jose Bautista was separated due to
his failing eyesight. He was given
P500,000 as separation pay.
|
All the three (3) were
not qualified to retire under the BIR-approved pension plan of the corporation.
D
|
a.
|
I, II and III
|
c.
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I only
|
b.
|
I and II
|
d.
|
II and
III only
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23.
This refers to the control number issued by authorized agent
bank (AAB) to the taxpayer and BIR to acknowledge that the taxpayer's account
has been successfully debited electronically in payment of his tax liability.
C
|
a.
|
Filing
Reference Number
|
b.
|
Acknowledgment
Number
|
|
c.
|
Confirmation
Number
|
|
d.
|
Taxpayer's
Information Number
|
24.
A taxpayer paid excessive tax on April 15, 2000. On December 20,
2001, she filed a written claim for refund. Her claim was denied by the BIR and
she received the denial on March 15, 2002.
She filed a motion for reconsideration with the BIR on March 31, 2002. On April 10, 2002, she received the final
denial of the BIR. What will be the
taxpayer’s remedy?
C
|
a.
|
File another motion for
reconsideration with the BIR within 30 days after the receipt of the final
denial
|
b.
|
File an appeal with the Court of
Tax Appeals on or before May 10, 2002
|
|
c.
|
File an appeal with the Court of
Tax Appeals on or before April 15, 2002
|
|
d.
|
The taxpayer has no more remedy
against the final denial
|
25.
A VAT subject real estate dealer sold a residential lot on
January 15, 2014. The following
information was made available on the terms of the sale:
Gross
selling price
|
P
3,000,000
|
Initial
payments on January 15, 2014
|
750,000
|
Balance
to be paid in equal installment,
installments starting February 15, 2014
|
2,250,000
|
The zonal value of the
residual lot was P3,500,000.
How much was the output
tax on January 15, 2014 using 12% VAT rate?
C
|
a.
|
P 420,000
|
c.
|
P 105,000
|
b.
|
P 360,000
|
d.
|
None of the choices
|
26.
Payment made to a third person is valid to extinguish the obligation of
the debtor to the creditor in the following cases, except:
A
|
a.
|
After payment to the creditor, the third person acquires the
creditor’s right.
|
b.
|
When the creditor ratifies the payment to the third person.
|
|
c.
|
When through the creditor’s
conduct, the debtor was led to believe that the third person had authority to
receive payment.
|
|
d.
|
When the third person is subrogated to the rights of the creditor.
|
27.
N, R and J solidarily bound themselves to deliver to S a Honda
motorcycle valued at P 60,000. The obligation was not fulfilled through the
fault of J. Thereupon, S filed an action in court against N and the court
awarded P 72,000 to S representing the value of the motorcycle plus damages.
Which of the following situation is valid?
D
|
a.
|
If N pays S the P 72,000, N can collect R and J P 24,000 each
|
b.
|
S has to collect P 24,000 each from N, R and J to satisfy the court’s
award of P 72,000
|
|
c.
|
N can refuse to pay the
penalty because it should be charged against J, the guilty party
|
|
d.
|
If S succeeds in collecting
the P 72,000 from N, N in turn can collect from R P 20,000 and from J P
32,000
|
28.
P authorized A, a minor, to sell his car for P 1,000,000 in cash. A
sold the said car to X on installment at a lesser price of P 900,000. P is now
repudiating the contact with X on the ground that he is not bound to since X
contracted with a minor who exceeded his authority. Decide.
A
|
a.
|
P is liable under the contract
because it is enough that the principal is capacitated since he is the one
entering into the contract.
|
b.
|
P is not liable for the sale
on installments since it is unenforceable because his agent acted beyond his
powers.
|
|
c.
|
P is not liable because the agent is a minor with whom X contracted
|
|
d.
|
P is liable provided the sale is in cash for P 1,000,000.
|
29.
A gets a loan of P 1,000,000 from B which becomes due on October 1, 2008
and mortgaged his house as security for the debt. On June 30, 2008, the
mortgaged house completely destroyed the fire through the fault of C. A week
later, B demanded payment from A. Is B’s demand valid?
C
|
a.
|
No, the destruction of the house was not thru the fault of A.
|
b.
|
No, the obligation is one with
a definite period which is deemed intended for the benefit of both the debtor
and creditor
|
|
c.
|
Yes, the debt becomes
demandable unless A can give another security equally satisfactory
|
|
d.
|
Yes, the debt becomes
demandable even if A can give another security equally satisfactory
|
30. One of the following characteristics of dacion en pago is also a characteristic of a contract of sale. Which is it?
D
|
a.
|
There
is a pre-existing credit
|
b.
|
Obligations
are extinguished
|
|
c.
|
There
is less freedom in fixing the price
|
|
d.
|
Ownership
of the object transferred to the other party
|
31.
An obligation where various
prestations are due but the performance of all of them is required in order to
extinguish the obligation is known as:
C
|
a.
|
Alternative
obligation
|
c.
|
Conjunctive
obligation
|
b.
|
Facultative
obligation
|
d.
|
Simple
obligation
|
32.
It is an affirmation of fact or
any promise by the seller relating to the thing which has a natural tendency to
induce the buyer to purchase the same, relying on such promise or affirmation.
C
|
a.
|
Condition
|
c.
|
Warranty
|
b.
|
False
representation
|
d.
|
Seller’s talk
|
33.
Which of the following contacts
is rescissible?
C
|
a.
|
Contracts
entered into during a hypnotic spell
|
b.
|
Contracts
entered into in a state of drunkenness
|
|
c.
|
Contracts
entered into to defraud creditors when the latter cannot collect the claims
due them
|
|
d.
|
Contracts
where both parties are incapable of giving consent
|
34.
Which among the following
contracts is void?
D
|
a.
|
A contract of barter between S, insane,
and B, 17 years old
|
b.
|
A contract of sale where B, the buyer,
twisted the arm of S, the seller, so that S would sign the deed of sale
|
|
c.
|
A contract of sale where B, the buyer,
aimed a gun at the wife of S, so that S would sign the deed of sale
|
|
d.
|
A contract for the sale of a cow which
is suffering from a contagious disease
|
35.
Who among the following is the
holder of a negotiable instrument originally payable to order?
B
|
a.
|
The original payee who has negotiated
the instrument
|
b.
|
The endorsee who is in possession of
the instrument
|
|
c.
|
The possessor of the instrument to whom
the instrument was delivered without any endorsement
|
|
d.
|
The endorsee who has negotiated the
instrument
|
36.
An instrument payable to bearer
may be negotiated through any of the following means, except:
D
|
a.
|
Special
endorsement plus delivery
|
b.
|
Mere
delivery
|
|
c.
|
Blank
endorsement plus delivery
|
|
d.
|
No
delivery is required as long as there is an endorsement, whether blank or
special
|
37.
One of the following is not a
characteristic of contract of partnership.
A
|
a.
|
Real, in that the partners must deliver
their contributions in order for the partnership contract to be perfected
|
b.
|
Principal, because it can stand by
itself
|
|
c.
|
Preparatory, because it a means by
which other contracts will be entered into
|
|
d.
|
Onerous, because the parties contribute
money, property, industry to the common fund
|
38.
Recording in the Registry of
Property in the appropriate book is required for the validity of the contract
of:
A
|
a.
|
Chattel
mortgage
|
c.
|
Conventional
pledge
|
b.
|
Real mortgage
|
d.
|
Antichresis
|
39.
A, B, C and D, joint debtors,
are obliged to give V, W, X, Y and Z, solidary creditors, P 20,000.00
C
|
a.
|
V may collect
from B P 20,000
|
c.
|
V may collect
from B P 5,000
|
b.
|
V may collect
from B P 4,000
|
d.
|
V may collect
from B P 1,000
|
40. The following are modes of extinguishing an agency, except:
D
|
a.
|
Death,
civil interdiction, insanity or insolvency of the principal or agent
|
b.
|
Accomplishment
of the purpose of the agency
|
|
c.
|
Expiration
of the period for which the agency was constituted
|
|
d.
|
Continued
losses on the part of the principal or agent
|
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