QUIZ NO.

1-MIDTERMS
ECONOMICS AND TAXATION
NAME:_____________________________________
I. Write TRUE if the statement is ABSOLUTELY correct and FALSE if not. If FALSE, expain in not more than t!o
sentences !h" it is !ron# A$% !hat sho&d 'e the correct ans!er. () pts each*
+. LY,A -AIRA$O%, the tr"in# hard champion of the .oice /ids, is prohi'ited to !or0 'eca&se she is a minor.
). %ARRE$ ES1A$TO, a +23"ear od 4ersatie and !ord3cass sin#er, is part of the La'or Force.
2. The pro'em of &nempo"ment arises main" from the fact that the 5o's here in the 1hiippines are ins&fficient.
6. A"aa ,ompan" s&ffered 1 +7, 777, 777.77 osses for the first 8&arter of )7+6. There is a recession.
9. $a4arro3Aa4are: ,orporation o!ned '" Ian and Lo&ie increased its prod&ction '" )7; for the first 8&arter. There is
an expansion.
<. Beca&se of the ac0 of ,hic0en5o", =oi'ee foods s&ffered a oss of +7, 777 for t!o 8&arters from its ann&a saes of
+77, 777, 777. There is th&s, an e4ident recession.
>. %&e to the t"phoon, s&pp" of paa" decreased '&t the peope !ant more rice. %efation ma" set it on rice.
?. After +7 months of sein# I 1hone 9,, the price has increased from 1 29, 777 to 1 <7, 777.
@. -ross $ationa 1rod&ct inc&de the o&tp&t of the forei#ners !or0in# in the 1hiippines.
+7. -ross %omestic 1rod&ct inc&de the o&tp&t from the domestic !or0ers in Aon# /on#.
++. For the #o4ernment to Tax the peope, it sti needs a a!.
+). Taxation is the ife'ood of the nation 'eca&se it does not s&stain its operations.
+2. There is on" one cassification of tax, and that is the $ationa Tax imposed '" the $ationa -o4ernment.
+6. In estate tax, the one taxed is the person and not the estate itsef.
+9. %onations are not taxa'e.
+<. A"perinfation is the s&dden decrease in the prices of #oods.
+>. -ross $ationa 1rod&ct does not inc&de the saar" earned '" .otaire, a Fiipino !or0in# in $e! Yor0, U.S.A.
+?. -ross %omestic 1rod&ct is imited on a per re#ion 'asis (e.#. ARBB, ,AR*
+@. There is no tax on schoo doc&ments.
)7. ,ooperati4es can end mone" to non3mem'ers.