1.A taxpayer is required to issue a BIR-registered receipt or commercial/sales invoice at the point of sale if the goods sold or service rendered amounts to?
A. P100 or more
C. more than P3M.
B. P1,000 or more
D. regardless of the amount
2. You are a business owner. According to tax laws, you are required to retain and preserve
the receipts or sales invoices from your sales and purchases tor a period of ___?
A. 3years.
B. 5years.
C. 10 years.
D. forever and ever
3. Which of the following violations is penalized with the 50% surcharge in addition to interest?
A. late filing and payment
B. failure to pay the correct amount of tax
C. filing a fraudulent return
D. late payment of deficiency tax
4. It occurs when the taxpayer avoid paying his or her taxes using illegal means.
A. tax avoidance
B. tax evasion
C. tax dodging
D. B & C
5. Which of the following statements is correct?
A. tax avoidance is illegal and punishable by law through monetary fines and/or imprisonment
B. monetary fines or penalties consists of a 20% or 50% surcharge and then interest twice the legal interest rate
C. filing with the wrong RD0 is penalized with the 50% surcharge
D. unauthorized printing of BIR receipts is punishable by monetary sanction and imprisonment
6. knowledge of tax laws can help you legally avoid taxes through careful tax planning. This is called ___
A. tax evasion
B. tax dodging
C. tax avoidance
D. tax-smart
7. The VAT rate is
A. 3%
B. 10%
C. 12%
D. none of these
8. The percentage tax rate is usually
A. 3%
B. 10%
C. 12%
D . 15%