Name: I. Identification __________ 1.

It is the imposition of financial charges or other levies upon a tax payer by a state such that failure to pay is punishable by law. __________ 2. The country to have the first known taxation system. __________ 3. Referred to as tax collectors of the first known taxation system. __________ 4. First commodity taxed in (No. 2 answer). __________ 5. This book in the bible stated the emergence of taxation in biblical times. __________ 6. Two commodities imported during the Manila-Acapulco Galleon trade. __________ 7. __________ 8. One could be exempted from the polo by paying a fee called __________. __________ 9. A tagalong word where Bandala is derived. It refers to a round stock of rice stalks. __________ 10. A large tract of land given to a person as a reward for a meritorious act. __________ 11. It is a fee or charge imposed by the government on income, wealth, and profit of persons and businesses as well as property owned. __________ 12. It is a tax on all yearly profits arising from property, profession, trades or offices or as a tax on a persons income, emoluments, profits and the like. __________ 13. It is a business tax imposed on persons or entities who sell or lease goods, properties or services in the course of trade or business whose gross annual sales or receipts do not exceed P550, 000 and are not VAT-registered. __________ 14. It is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers which are made by law as equivalent to testamentary disposition. __________ 15. It is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. __________ 16. It is a business tax imposed and collected from the seller in the course of trade or business on every sale of properties (real or

personal) lease of goods or properties (real or personal) or vendors of services. It is an indirect tax, thus, it can be passed on to the buyer. Purposes of Taxation __________ __________ __________ __________ II. True or False 1. The Lifeblood Theory of Taxation stated that without revenue raised from taxation, the government will not survive, resulting in detriment to society. 2. Article VI, Section 28, Paragraph 3 states about the people required to pay taxes. 3. Tribute is a residence tax during the Precolonial Times. 4. Sin Tax is an illegal means of imposing fees on commodities. 5. Tax is the main source of revenues for the government. III. Answer as directed. 1. What is the VAT of a commodity worth Php 100? (2 pts.)

2. Without the VAT, what would be the original price of a commodity worth Php 150? (2 pts.)

3. BIR stands for: