ul Globe ? 3:18 PM @ 91% O Done 1 of 47 Exercises - Special Topics 33. Statement 1: Any donation, bquest, subsidy or financial aid which may be made to government agencies engaged in the rehabitation Statement 2: The 20% discount on purchase of food and drinks beverages, dessert and other consumable items served by establishments includes value meals and other similar food counters, fast food, cooked food and short orders including take outs. a. Statements 1 & 2 are false b. Statement 1 is true but statement 2 is false c. Statement 1 is false but staternent 2 is true d. Statements 1 and 2 are true BMBES 34. A is defined as any business enterprise engaged in production, processing, or manufacturing of products, including agro- processing, as well as trading and services, with total assets of not more than P3 million. Such assets shall include those arising from loans but not the land on which the plant and equipment are located. a. Ecozones b. RHQs/ROHQs of MNCS C. PEZA registered entities d. Barangay Micro Business Enterprises (BMBES) 35. Statement 1: Services offered by BMBEs shall exclude those rendered by any one, who is duly licensed by the government after having passed a government licensure examination, in connection with the exercise of one's profession such as those rendered by accountants, lawyers, and doctors. Statement 2: An enterprise can only qualify for registration as BMBE if it is not a branch, subsidiary, division or office of a large scale enterprise and its policies and business modus operandi are not determined by a large scale enterprise or by persons who are not owners or employees of the enterprise (i.e., franchises). a. Only statement 1 is correct b. Only statement 2 is correct c. Both statements are correct d. Both statements are incorrect 36. Which of the following are the following incentives may be granted to BMBES? a. Income tax exemption from income arising from the operations of the enterprise b. Exemption from the coverage of the Minim Wage Law. c. Technology transfer, production and management training, and marketing assistance programs for BMBE beneficiaries. d. All of the above 598 Exercises - Special Topics Statement 1: Any person, cooperative, or association owning ul Globe 3:18 PM @ 91% O Done 1 of 47 598 Exercises - Special Topics styn or association owning an Office of the Treasurer of the city or 7. Statement 1: Any person, cooperative, or association ow enterprise that fits the description of a BMBE may register for the first time or renew its registration with the Office of the Treasurer of the municipality where the business is located. Statement 2: For BMBEs, registration as a business entity or enterprise from the appropriate government agency such as SEC, CDA, DTI as well as securing business permit from city/municipality is still required Statement 3: Local government units (LGUS) are encourage to either reduce the amount of local taxes, fees, and charges imposed or exempt BMBEs from local taxes, fees, and charges. a. Only statements 1 and 2 are correct b. Only statements 1 and 3 are correct c. All statements are correct d. All statements are incorrect 38. Statement 1: The Office of the Treasurer of each city or municipality shall register the BMBEs and issue a Certificate of Authority (effective for a period 2 years, renewable for a period of 2 years for every renewal) to enable the BMBE to avail of the benefits under the law. Statement 2: LGUs shall issue the Certificate of Authority promptly and free of charge. However, to defray the administrative costs of registering and monitoring the BMBEs, the LGUs may charge a fee not exceeding One Thousand Pesos (P1,000.00). a. Only statement 1 is correct b. Only statement 2 is correct c. Both statements are correct d. Both statements are incorrect 39. The BMBE purposes, the concerned officer shall cancel the registration of a BMBE for the following cause, except: a. When the BMBE transfers its place of business to another locality. b. When the value of its total assets as determined exceeds P3,000,000 c. When the BMBE voluntarily surrenders its certificate to the issuing officer d. When it establishes warehouse outside the locality 599 ul Globe 3:16 PM @ 92% O Done 1 of 47 Exercises - Special Topics d. I. II and III b. ll and Ill only Statement 1: New registered firms may avail of bonus year. Statement 2: In no case shall the registered pioneer firm avail of the itu for a period exceeding eight (8) years. a. Only statement 1 is correct b. Only statement 2 is correct c. Both statements are correct d. Both statements are incorrect 6. Staternent 1: To attract foreign and domestic investors into the count the government usually offers various tax incentives, principally through the Board of Investments (BOI) pursuant to EO 226, as amended otherwise known as the Omnibus Investments Code of 1987. Statement 2: The overall declaration of government policy on investment initiatives under EO 226 includes investments made by foreign and local investors, providing for incentives, fiscal and non-fiscal, to preferred areas of investments, pioneer or non-pioneer, export production as well as rehabilitation or expansion of existing operation. Statement 3: Non-fiscal incentives, include, among others, employment of foreign nations, simplification of customs procedure, unrestricted use of consigned equipment and multiple entry visa. a. Only statements 1 and 2 are correct b. Only statements 1 and 3 are correct C. All statements are correct d. All statements are incorrect 7. Which of the following is/are a non-fiscal incentive(s) granted to BOI registered enterprises? 1. Employment of foreign nationals II. Simplification of customs procedure III. Unrestricted use of consigned equipment and multiple entry visa a. I only C. II and Ill only b. I and II only d. I, II and III 8. Which of the following incentives is/are granted to BOI registered enterprises? 1. Tax Exemption II. Tax Credits III. Additional deductions from taxable income a. I only c. Il and Ill only b. I and II only d. I, II and III 592