COMPLETGE EXAM FOR FUNDAMENTALS OF TAXATION

Taxation - CORRECT ANSWER-is the process of collecting fees or taxes from the individuals who earn income from compensation or business profits to raise revenues for govn. expenditures and other services nature of taxation - CORRECT ANSWER-is the relationship or cycle that shows how the govn. and its citizens benefit from each other through taxation principle of taxation - CORRECT ANSWER-states that taxes are collected to support the govn. in its expenses and services for public welfare. donation and borrowing - CORRECT ANSWER-other choose to the principle of taxation canons of taxation - CORRECT ANSWER-refer to the basic principles of a sound tax system fiscal adequacy - CORRECT ANSWER-means that taxes collected by the BIR must be sufficient administrative feasibility - CORRECT ANSWER-means that payment of taxes must be taxpayer-friendly theoretical justice - CORRECT ANSWER-refers to the "ability-to-pay" principle theoretical justice - CORRECT ANSWER-this means that tax burden must be in proportion to the taxpayer's level of income situs of taxation - CORRECT ANSWER-place or location situs of taxation - CORRECT ANSWER-place where to the taxes are to paid income tax - CORRECT ANSWER-this is paid either in the place where income is earned or the place of residence of the taxpayer Real Property Tax - CORRECT ANSWER-this is paid where the property is situated Personal Property Tax - CORRECT ANSWER-can be tangible or intangible. tangible properties - CORRECT ANSWER-paid in the place where the the property is located