Diagnostic Test_Taxation

What does "TRAIN" law stand for?

• Tax Reform for Acceleration and Inclusion Law

• Tax Recreation for Acceleration and Inclusion Law

• Tax Reform for Acceleration and Independent Law

• Tax Reform for Association and Inclusion Law

It is the process by which the government collects revenue in order to pay for its expenses.

• Financing

• Accounting

• Auditing

• Taxation

It is defined as the tax on the net income or the entire income realized in one taxable year

• Payroll tax

• Income tax

• Sales tax

• Property tax

Who is/are required to pay income tax in the Philippines? (Tick all possible answers)

• A citizen of the Philippines, living in the Philippines, is taxable on all income earned inside and outside the Philippines

• A non-resident citizen is taxable only on income earned in the Philippines

• An OFW is taxable only on income earned in the Philippines

• A foreigner living in the Philippines that earned income in the Philippines

It is a person or organization subject to pay a tax

• Department of Health

• Taxpayer

• Bangko Sentral ng Pilipinas

• Bureau of Internal Revenue

A government agency that collects more than half of the total revenues of the government.

• COA

• CHED

• PNP

• BIR

What does BIR stand for?

• Bureau of Internal Revenue

• Bureau of Income Reform

• Bureau of Implementation on Revenue

• Bureau of Instant Revenue

It is a compensation-earner who at the same time is engaged in business or practice of the profession

• Self-employed

• Employee

• Business Owner

• Mixed-Income Earner

The first P250,000 in the taxable income of compensation earners will be exempted from the Personal Income Tax (PIT) under the proposed Tax Reform for Acceleration and Inclusion Act (TRAIN)

• True

• False

The taxes collected by the government are for public use only.

• True

• False