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FABM2121 Fundamentals of Accountancy Q2 Long Quiz 002

This document appears to be a 20 question quiz on business taxation. It includes multiple choice questions about various types of taxes like value-added tax, excise tax, income tax, and transfer tax. It also asks questions that distinguish terms like freight in, freight out, output tax, and input tax. The quiz aims to test understanding of key concepts in business taxation.

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Christian Tero
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1K views6 pages

FABM2121 Fundamentals of Accountancy Q2 Long Quiz 002

This document appears to be a 20 question quiz on business taxation. It includes multiple choice questions about various types of taxes like value-added tax, excise tax, income tax, and transfer tax. It also asks questions that distinguish terms like freight in, freight out, output tax, and input tax. The quiz aims to test understanding of key concepts in business taxation.

Uploaded by

Christian Tero
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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10/20/21, 3:45 AM Q2 Long Quiz 002

Home / My courses /
BAED-FABM2121-2112S /
Week 19: Business Taxation /
Q2 Long Quiz 002

Question 1
Answer saved

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It is the one recorded by the seller upon the sale of the good or service.

Select one:
a. Value-Added Tax
b. R-VAT
c. Output Tax
d. Input Tax
Clear my choice

Question 2
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FOB shipping point means that if the good is lost or damaged while in transit, such shall be borne by the buyer.

Select one:
True

False

Question 3
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Which is NOT a major type of tax

Select one:
a. Transfer tax
b. Business tax
c. Donor's tax
d. Income tax

Clear my choice

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10/20/21, 3:45 AM Q2 Long Quiz 002

Question 4
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Freight in refers to costs incurred in transporting inventory that are sold.

Select one:
True

False

Question 5
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It is the most common type of business tax.

Select one:
a. Excise Tax
b. Value-Added Tax
c. Sin Tax
d. Percentage tax

Clear my choice

Question 6
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You always pay for it.

Select one:
a. Value-Added-Tax
b. Excise Tax
c. All of the choices
d. Percentage Tax
Clear my choice

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Question 7
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This kind of tax system is the easiest to compute.

Select one:
a. Income Tax
b. Proportionate Tax
c. Regressive Tax
d. Progressive Tax

Clear my choice

Question 8
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These are imposed on the privilege to sell products and services.

Select one:
a. Luxury Tax
b. Value-Added Tax
c. Percentage Tax
d. Excise Tax
Clear my choice

Question 9
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A manufacturing business does not need to alter completely the materials they purchased before selling it to the public.

Select one:
True

False

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10/20/21, 3:45 AM Q2 Long Quiz 002

Question 10
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These are caused by timing differences and errors committed by the depositor or the bank.

Select one:
a. Differences in the Cash in Bank and the Current Account
b. None of the choices
c. Preparation of Bank reconciliation
d. Issuance of Bank Statement

Clear my choice

Question 11
Answer saved

Marked out of 1.00

It is the most common business tax in the country.

Select one:
a. Value-Added Tax
b. Donor's Tax
c. Percentage Tax
d. Excise Tax
Clear my choice

Question 12
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Freight in is included as part of the total cost of inventory purchased.

Select one:
True

False

Question 13
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Freight refers to costs incurred for transportation.

Select one:
True

False

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Question 14
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Value-added taxes fall under _________________.

Select one:
a. Transfer Tax
b. Income Tax
c. Business Tax
d. Personal deductions

Clear my choice

Question 15
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In a proportionate tax system, when an individual earns more, the taxable income _________________.

Select one:
a. Increases
b. Depending on the situation
c. Decreases
d. Same
Clear my choice

Question 16
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Credit is the normal balance of purchases.

Select one:
True

False

Question 17
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Purchase have discounts.

Select one:
True

False

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Question 18
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The bank on the other hand keeps record of the depositor's transactions in a _____________.

Select one:
a. Savings Account
b. Cash in a Bank Account
c. Deposit Account
d. Current Account

Clear my choice

Question 19
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These are imposed on properties or rights transferred by one entity to another entity.

Select one:
a. Sin Tax
b. Business Tax
c. Income Tax
d. Transfer Tax
Clear my choice

Question 20
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Freight out is included in the cost of goods.

Select one:
True

False

◄ Week 019 - Module Business Taxation

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