On which situation does the designation of the beneficiary is considered irrelevant in determining whether or not the proceeds from life insurance should be included as part of the gross estate of the decedent?Select one:a.When the designation is irrevocableb.When the designation is revocablec.When the beneficiary is the decedent himselfd.When the beneficiary is a third personClear my choiceQuestion 22Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich properties or transfers are not exempt from estate tax under a special law?Select one:a.The transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryb.The transmission from the first heir, legatee, or done in favor of another beneficiary in accordance with the desire of the predecessorc.Grants and donations to the Intramuros administrationd.The merger of the usufruct in the owner of the naked titleClear my choiceQuestion 23Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is/are TRUE?I. An individual subject to execise tax is also subject to value-added tax.II. An individual subject to value-added tax is also subject to percentage tax.Select one:a.II onlyb.Both statements are incorrectc.I and IId.I only Clear my choiceQuestion 24Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?Select one:a.Expenses, losses, indebtedness, and taxesb.Property previously taxedc.Share of surviving spouse in the net conjugal estated.Standard deductionClear my choiceQuestion 25Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following acquisitions or transfers of properties is deemed taxable under estate taxation?Select one:a.All bequests, devises, legacies or transfers to social welfare, cultural and charitable institutionsb.Transmission from the first heir or done in favor of another beneficiary in accordance with the desire of the predecessorc.Transmission or delivery of the inheritance or legacy by the fiduciary heir or legatee to the fideicommissaryd.The merger of u usufruct in the owner of the naked titleClear my choiceQuestion 26Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following is not an example of good or properties?a.patentb.Doctor`s visitsc.trademarkd.copyrightClear my choiceQuestion 27Not yet answeredMarked out of 1.00Flag questionTipsQuestion textLetty is a restaurant owner. What business tax is due on his business?Select one:a.Caterer's taxb.Value added taxc.Common carrier's taxd.Broker's taxClear my choiceQuestion 28Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDon Bodgie, a Filipino decedent, left the following properties:   I. Car, Manila  -- Php 275, 000   II. House and lot, Manila – Php 3, 500, 000   III. Shares of stocks, Chicago, USA – Php 125, 000   IV. Accounts receivable, insolvent debtor – Php 100, 000   V. Accounts receivable, with situs in the USA – Php 150, 000   VI. Amount received by heirs from decedent’s employer under R.A. 4917 – Php 200, 000What is the taxable gross estate?Select one:a.Php 4, 150, 000b.Php 4, 350, 000 c.Php 4, 150, 000 d.Php 3, 900, 000 Clear my choiceQuestion 29Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt is the transfer, use or consumption not in the course of business of goods or properties originally intended for sale or for use in the course of businessa.Transactions Deemed Saleb.Consultative Sellingc.Insight Sellingd.Social SellingClear my choiceQuestion 30Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT a requisite for casualty losses to be allowed as deduction from gross estate?Select one:a.Not fully compensated for by insurance and not claimed as deduction in the decedent's income tax returnb.Must be incurred during the settlement of the estate but not later than the last day as required by the law for the payment of estate tax duec.Must be arising from fire, storms, shipwreck or other casualties or from robbery, theft or embezzlementd.Fully compensated for by insurance and claimed as deduction in the decedent's income tax return

Which proceeds of life insurance policy is NOT included as part of the gross estate?Select one:a.Proceeds of life insurance payable to an heir who is designated subject to revocation by the decedentb.Proceeds of life insurance receivable by the heirs under a group insurance policy taken out by the employer of the decedentc.Proceeds of life insurance receivable by the executor of the decedent's estate, who is irrevocably designated by the decedentd.Proceeds of life insurance receivable by the estate of the deceased which is designated as beneficiary subject to revocationClear my choiceQuestion 52Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is allowable as deduction from the gross estate of a nonresident, not a citizen of the Philippines decedent?Select one:a.Standard deductionb.Family home allowancec.Transfers for public used.Medical expensesClear my choiceQuestion 53Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe executor of a married decedent provided the following data about his estate:I. Properties within the Philippines, Php 1, 250, 000II. Properties outside the Philippines, Php 2, 500, 000III. Actual funeral expenses in the Philippines, Php 45, 000IV. Actual funeral expenses outside the Philippines, Php 30, 000 Assuming that the decedent was a citizen or resident of the Philippines, How much is the deductible funeral expenses?Select one:a.Php 75, 000 b.Php 45, 000 c.Php 100, 000d.Php 187, 500 Clear my choiceQuestion 54Not yet answeredMarked out of 1.00Flag questionTipsQuestion textUnfortune Insurance Corp. provided the data for the final quarter of 2013 as follows:Total Insurance Premiums collectible                  Php 1, 875, 000The breakdown of the above premiums is as follows:            Life insurance premiums                                                         75 %            Non-life insurance premiums                                                   25 %During the quarter, life insurance premium collected                      62 % Find the percentage tax due (rounded off to the nearest one peso) . Select one:a.Php 23, 407. 50b.Php 43, 594c.Php 72, 656. 50d.Php 29, 062. 50Clear my choiceQuestion 55Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich of the following judicial expenses is not deductible?Select one:a.Court expenses for the settlement of the estate, whether testamentary or intestateb.Expenses on the anniversary of the death of the deceasedc.Attorney's or legal feesd.Compensation of the executor or administrator of the estateClear my choiceQuestion 56Not yet answeredMarked out of 1.00Flag questionTipsQuestion textA diseased persona.Decedentb.Mortalc.Humand.LivingClear my choiceQuestion 57Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much minimum quarterly gross receipt must be considered for the public utility bus - Not exceeding 30 passengers 3,600 before implementing percentage tax?a.Php 3,900.00b.Php 3,700.00c.Php 3,800.00d.Php 3,600.00Clear my choiceQuestion 58Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow many percent if the prior decedent died more than one (1) year but not more than two (2) years prior to the death of the decedent, or if the property was transferred to him by gift within the same period prior to his deatha.90%b.70%c.100%d.80%Clear my choiceQuestion 59Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhat business tax is due on the restaurant business of Mr. Laudico?Select one:a.Broker's taxb.Value added taxc.Caterer's taxd.Common carrier's taxClear my choiceQuestion 60Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is an example of excise tax?Select one:a.Real propertyb.Incomec.Salesd.Transfer

Which proceeds of life insurance policies is exempted from estate tax?I. Life insurance on the life of Elizia, appointing her sister as the irrevocable beneficiary.II. Life insurance on the life of Elizia, appointing her brother as the revocable beneficiary.III. Life insurance on the life of Elizia, appointing her executor as the irrevocable beneficiary.IV. Life insurance on the life of Elizia, appointing her children as the beneficiary. The policy does not say as to whether the appointment is revocable or irrevocable.Select one:a.I onlyb.All of themc.I and IVd.II and III

Which is not included as part of gross estate for purposes of determining the net estate subject to estate tax?Select one:a.Capital of the surviving spouseb.Conjugal assets of the spousesc.Share of decedent in properties jointly owned with a third persond.Exclusive assets of the decedent

Which is not included as part of gross estate for purposes of determining the net estate subject to estate tax?Select one:a.Conjugal assets of the spousesb.Exclusive assets of the decedentc.Share of decedent in properties jointly owned with a third persond.Capital of the surviving spouseClear my choiceQuestion 32Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich deductions from the gross estate is allowable provided that the amount shall not be over Php 1,000,000?Select one:a.Standard deductionsb.Family home allowancec.Funeral expensesd.Medical expensesClear my choiceQuestion 33Not yet answeredMarked out of 1.00Flag questionTipsQuestion textDone not involving, occurring in, or forming part of a legal proceedinga.Sociedad Anonimab.Inter vivosc.Mortis causad.ExtrajudiciallyClear my choiceQuestion 34Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe following are the amounts of total invoice  costs/prices:Mr. A, a non-VAT taxpayer, sells to Mr. B, a VAT taxpayer   Php 27, 500Mr. B, a VAT taxpayer, sells to Mr. C, a VAT taxpayer   Php 44, 000Mr. C, a VAT taxpayer, sells to Mr. D, a VAT taxpayer and an exporter   Php 77, 000Mr. D, a VAT taxpayer, exports   Php 137, 500Compute for the value added tax of Mr. B.Select one:a.Php 1, 650 b.Php 1, 500 c.Php 5, 280d.Php 3, 000 Clear my choiceQuestion 35Not yet answeredMarked out of 1.00Flag questionTipsQuestion textCompute for Net VAT Payable on VAT "inclusive" Sales/Receipts:Total Value Sales (VAT inclusive) = Php 95,000.00Total Purchase with VAT receipts (VAT inclusive) = Php 37,000.00a.Php 6,216.28b.Php 6,214.38c.Php 6, 214.28d.Php 6,215.28Clear my choiceQuestion 36Not yet answeredMarked out of 1.00Flag questionTipsQuestion textHow much is the inspection fee for cigarettes?Select one:a.Php 0.10 per thousand sticks or fraction thereofb.Php 0.03 per kilogram or fraction thereofc.Php 0.50 per thousand pieces or fraction thereofd.Php 0.02 per kilogram or fraction thereofClear my choiceQuestion 37Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich refers to the tax on the right of the deceased individual to transmit his estate to his lawful heirs and beneficiaries?Select one:a.Income taxb.Property taxc.Donor's taxd.Estate taxClear my choiceQuestion 38Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means taking all units as a whole.a.Uncombinedb.Particularc.Individuald.AggregateClear my choiceQuestion 39Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIt means the regular conduct or pursuit of a commercial or an economic activity, including transactions incidental thereto, by any person regardless of whether or not the person engaged therein is a nonstock, nonprofit private organization (irrespective of the disposition of its net income and whether or not it sells exclusively to members or their guests), or government entity.a.in the course of compensation and benefitsb.in the course of trade and businessc.in the course of agricultured.in the course of real estateClear my choiceQuestion 40Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhich is NOT exempted from the excise tax?Select one:a.Petroleum products from exempt entities or agencies covered by tax treaties, conventions and other international agreements for their use or consumptionb.None of the abovec.Petroleum products sold to international carriers of Philippine or foreign registry on their use or consumption outside the Philippinesd.Petroleum products from entities which are by law exempt from direct and indirect taxes

Non-probate property refers to property that is: Blank______.Multiple choice question.designated for a special estate tax rateclaimed by more than one beneficiaryin the decedent's estate and designated specifically for the decedent's surviving spousenot included in the decedent's estate