≡ MENU
MCQs
Papers
Definitions
Flashcards
MCQs
Papers
Definitions
Flashcards
Categories
Finance
Absorption Costing
ACAMS Practice Questions
Accounting Basics
Accounting Cycle and Classifying Accounts
Accounting Final
Accounting For Managers
Accounting for Merchandising Activities
Accounting for Pensions
Accounting Information Systems
Accounting Principles
Accounts Receivables
Acquisition
Activity Based Costing
Adjusting Accounts for Financial Statements
Advanced Business Economics
Advertising and Public Relations
Advertising and Sales Promotion
Agency
An Overview of International Business
Analysis and Forecasting Techniques
Analyzing and Recording Transactions
Arithmetic
Asset Demand and Supply under Uncertainty
Audit
Auditing and Attestation
Bankruptcy
Behavioral and Allied Sciences
Bonds and Long Term Notes Payable
Brand Management
Budgeting
Business
Business Analytics
Business Analytics & Technology Management Chapter 2
Business Analytics & Technology Management Chapter 3
Business Analytics & Technology Management Chapter 4
Business Analytics & Technology Management Chapter 5
Business Analytics & Technology Management Chapter 6
Business and Company Law
Business Communication
Business Cycles
Business Economics
Business Environment
Business Essentials
Business Ethics and Governance
Business Ethics Exam
Business Law
Business Law Study guide
Business Mathematics
Business Organisations and Environment
Business organization and systems
Business Process Performance
Business Statistics
Business Strategy
Business Structure
Business Studies
California Real Estate
Capital Assets
Capital Budgeting
Capital Budgeting and Managerial Decisions
Capital Structure
Cash Management
Changes in Accounting Principles
Changing Marketing Environment
Conflict Theory
Consolidated Financial Statements
Consumer Behavior
Contingency
Contracts
Controlling
Corporate and Business Law
Corporate Finance
Corporate Governance
Corporate Law
Corporate Taxation
Corporation
Cost Accounting Final exam
Cost Accumulation Systems
Cost Allocation Techniques
Cost and Managerial Accounting
Cost Behavior
Cost Management
Cost Measurement
Cost of Capital
Cost Terms and Classifications
Cost Volume Profit Analysis
Currency Exchange Rates
Current Assets
Current Liabilities
Customer Relationships and Value
CVP Analysis and Marginal Analysis
Debt and Bankruptcy
Decision Makers
Decision Makers Household Sector
Decision Making
Deferred Tax
Demand for Money
Depreciation
Derivative Instruments and Hedging Activities
Dividend Policy
Dividends, Shares, and Income
Donor Tax
E Business
Economics
Elasticities of Demand and supply
Employee Training and Development
Entrepreneurship
Environments of Business
Error Correction
Essence of Management
Ethical and Professional Standards
Ethics and Social Responsibility
Ethics for Management Accountants
External Financial Statements and Revenue Recognition
Federal Securities Acts
Financial Accounting
Financial and the Nonfinancial Sectors
Financial Decision Making
Financial Instruments
Financial Instruments
Financial Intermediaries and Financial Markets
Financial Management
Financial Markets and Securities Offerings
Financial Reporting
Financial Statements
Financial Statements and Accounting Transactions
Fixed Assets
Flexible Budgets and Standard Costs
Florida Real Estate MCQs
Fraud Internal Control and Cash
Fundamental Accounting Principles
Global Finance
Global Marketing
Global Marketing and World Trade
Governmental Accounting State and Local
Gross Estate
Health and Life Comprehensive Exam
Health and Life Practice Questions
Health Insurance
Hedging Instruments
HR Management
HRM
Human Resource Management
Human Resource Management HRM
Human Resource Planning
Importance of Business Economics
Income Tax
Individual Taxation
Information Technology
Insurance
Insurance and Risk Management
Insurance License Texas Life and Health
Intangible Asset
Integrated Marketing Communications and Direct Marketing
Interactive Marketing and Electronic Commerce
Internal Auditing and Systems Controls
Internal Control and Cash
International Business
International Marketing
International Trade
Interpersonal and Organizational Communication
Introduction to Business
Introduction to Human Resource Management
Introduction to Human Resources Assessment
Inventory Management
Investment
Investment Risk and Portfolio Management
Job Order Costing
Leading
Lease
Legal Management
Life and Health Insurance
Life Insurance
Life Insurance Basics
Life Insurance Policies
Life Insurance Policy
Long Term Investment
Long Term Securities
Management
Management and Cost Accounting
Management Science
Managerial Accounting
Managerial Accounting Concepts and Principles
Managerial Economics
Managing Organizational Change
Managing Production and Operations
Managing Products and Brands
Managing Services
Market Segmentation Targeting and Positioning
Marketing
Marketing and Corporate Strategies
Marketing Channels and Wholesaling
Marketing Management
Master Budgets and Planning
Merger
Mergers and Acquisitions
Microsoft Excel
Money and Banking
mortgage
National Health Insurance
Not For Profit Accounting
Operations Management
Organization and Operation of Corporations
Organization Culture
Organization Effectiveness
Organizational Behavior
Organizational Behavior Essentials
Organizational Markets and Buyer Behaviour
Organizational Structure and Design
Partnership Taxation
Partnerships
Payroll
Payroll Liabilities
Performance Management
Personal Selling and Sales Management
Planning
Present Value
Pricing
Principles and Practices of Management
Probability Analysis
Process Costing
Production and Operations Management
Professional Practice
Professional Responsibilities
Profit Planning
Profitability Analysis and Analytical Issues
Profitability Analysis and Decentralization
Project Management
Property
Property Plant and Equipment
Property Plant and Equipment Exam
Ratio Analysis
Real Estate
Receivables
Reporting and Analyzing Cash Flows
Reporting and Analyzing Long Lived Assets
Reporting and Analyzing Receivables
Responsibility Accounting and Performance Measures
Retailing
Revenue Recognition
Risk and Procedures for Control
Sales
SAP
Secured Transactions
Service Department Costing
Short Term Financing
Short Term Investment
Standard Costs and Variance Analysis
State Health Insurance
Statement of Cash Flow
Statement of Comprehensive Income
Statement of Financial Position
Statistics
Stock Market and Stock Prices
Stockholders Equity
Strategic Marketing Process
Strategic Planning
Strategy
Structure of Interest Rates
Succession and Transfer Taxes
Supply Chain and Logistics Management
System Analysis and Design
Systems Controls
Tax Law
Taxation
Texas Real Estate
The Management Challenge
Total Quality Management
Transfer Pricing
Understanding Exchange Rates
Understanding Interest Rates
Understanding Interest Rates Determinants
Value Added Tax
Variable Costing
Working Capital
Home
—›
Succession and Transfer Taxes
Succession and Transfer Taxes MCQs
?
Which of the following statements is false? Transferred tax is
Impose upon gratuitous transfer of property
Of two kinds: estate tax and donors tax
Classified as national tax
None of the above
?
The object of estate tax is the:
Right to transmit
Decedent
Properties of the decedent
Beneficiaries
?
Justification for the imposition of transfer tax.
Redistribution of wealth theory
Benefit received theory
State partnership theory
All of the above
?
Mortis causa transfer of property is effected:
When the property is received by the heir
When the court awarded the ownership of property to a particular heir
Upon the death of the decedent
Upon the payment of estate tax
?
The tax imposed on the transfer of property without consideration between two or more persons who are living at the time the transfer is made.
Estate tax
Business tax
Donor’s tax
Personal tax
?
Statement one : Cancellation of existing debt as payment for services rendered by the debtor to the creditor is a gratuitous transfer. Statement two:...
Statements one and two are false
Statement one is true but statement two is false
Statement one is false but statement two is true
Statements one and two are true
?
Statement one: A sale on installment basis is considered as an onerous transfer Statement two: A gift out of love to former girlfriend is an onerous ...
Statements one and two or false
Statement one is true but statement two is false
Statement one is false but statement two is truth
Statement one and two are true
?
It is a mode of acquisition by virtue of which, the property, rights and obligations, to the extent of the value of the inheritance, of a person are t...
Succession
Purchase
Barter
Donation
?
The elements of succession are: I. Decedent II. Estate III. Heirs Iv. Administrators/executors
I and II only
I, II, and III only
All of the above
None of the above
?
Estate
Is the sum of all the property of a deceased individual which are available for disposition to his heirs, successors or beneficiaries, represented by an executor or administrator as the case may be
Is the person designated in the last will and testament to carry out the provisions of the decedent's will
Is the person who performs a fiduciary duties such as taking care of the decedent's estate prior to final disposition to the heirs
Is a person appointed by the court and performs the same duty, in lieu of an executor, if the latter refused to accept the appointment, failed to qualify under the law or the last will and testament did not appoint one.
?
Statement one: inheritance refers to all the property, rights and obligations of a person which are not extinguished by death and all which have accru...
Statements one and two are false
Statement one is true but statement two is false
Statement one is false but statement two is true
Statements one and two are true
?
Which is not true about inheritance?
Inheritance includes property, right, and obligations of a person that have occurred since the opening of the succession.
Inheritance includes devise and legacy.
Inheritance includes property, rights, and obligations extinguished by a persons death
Inheritance includes property, right, and obligations of a person existing at the time of death
?
Heirs, for estate tax purposes are classified as: I. Voluntary Heirs II. Compulsory heirs III. Legal or intestate heirs
I only
I and II only
All of the above
None of the above
?
Heir who inherits personal property by Will is known as
Devisee
Legatee
Compulsory heir
Donee
?
Which of the following is not a compulsory heir?
Legitimate children and descendants, with respect to their legitimate parents or ascendants
In default of letter a, legitimate parents or ascendants, with respect to their legitimate children or descendants
Widow or widower
Relative by affinity
?
The compulsory heirs are classified as: I. Primary- legitimate children and/or descendants II. Secondary- legitimate parents and/or ascendants;illeg...
I only
I and II only
All of the above
None of the above
?
A person appointed by the testator to carry out the provisions of the will is called:
Administrator
Executor
enforcer
Beneficiary
?
Which of the following could legally effect of transfer of property through succession?
By virtue of a will
By operation of law
By onerous transfer
By both a and b
?
Which among the following are the kinds of succession? I. Testamentary or testate succession II. Legal or intestate succession III. Mixed successio...
I only
I and II only
All of the above
None of the above
?
Succession which results from the designation of an heir, made in a will executed in the form prescribe a law is known as:
Legal or interstate succession
Testamentary succession
Mixed succession
Ordinary succession
?
Which is true? Regular intestate succession does not take place
If a person dies without a will, or with a void will, or one which has lost its validity
When the heir instituted is capable of succeeding
When the will does not dispose of all the property belonging to the testator
If that's suspensive condition attached to the institution of heir does not happen or is not fulfilled
?
Which of the following is regarded as an intestate succession?
The will is designating the state as beneficiary of the free portion
The will was subsequently rendered void by circumstances
That will designate a part of free portion to a stranger
The will disposed the legitime to its rightful heir.
?
The following statements pertaining to relatives by consanguinity except: I. Consanguinity is the relation subsisting among all the different persons...
I and II only
I, III and IV only
All of the above
None of the above
?
Which is not true about relationships?
The relation subsisting between son, father and grandfather, in that order is an example of an ascending lineal consanguinity
Consanguinity is The relation of person ascending from the same stock or common descendants
Collateral consanguinity is that which subsists between persons who have the same ancestors, but we do not descend or ascend one from the other
Affinity is connection existing in consequence of a marriage between each of the married spouse and kindred of the other.
?
Which of the following statements regarding degree of relationship is incorrect?
In the direct line, ascent is made to the common ancestors. Thus, the child is 1 degree removed from the parent, two from the grandfather, and three from the great grandparents.
In the collateral line, ascent is made to the common ancestors and then descent is made to the person with whom the computation is to be made. Thus, a person is 2 degrees removed from his brother, three from his uncle, who is the brother of his father, four from his first cousin, and so forth.
Both a and b
Neither a nor b
?
How many degrees (of generation) apart are third cousins?
1
4
6
8
?
In a legal succession
Only full blood brothers and sisters may inherit
Even have blood brothers and sisters may inherit
Have blood brothers and sisters are not considered collateral relatives
Full blood brothers and sisters do not hear it
?
Who is not an interstate heir?
Legitimate children/descendants
State
Legitimate parent/ascendants
Collateral relatives within the 6th degree
?
In default of the testamentary heirs, The law determines who are to succeed to the inheritance of the deceased. Which one of the following ranks first...
Legitimated children
Surviving spouse
Legitimate parents
Illegitimate parents
?
In case where there are no relatives to receive the inheretance, who of the following is the claim on the estate?
The nearest relative beyond fifth degree
The closest associate or friend
Any charitable institution located in the place where the bulk of estate is located
The State
?
Statement one: compulsory heirs include illegitimate children Statement two: in the absence of compulsory heirs, relatives to the 3rd degree would in...
Statements 1 and 2 are false
Statement 1 is true but statement 2 is false
Statement 1 is false but statement 2 is true
Statements 1 and 2 are true
?
Certain parts of the estate of a deceased Filipino citizen cannot be freely disposed of because Philippine law reserves them for the "compulsory ...
Legitimes
Free portion
Legacy
Bequest
?
Statement 1: In testamentary and legal succession, the compulsory heirs are assured of their legitimes Statement 2: in every inheritance, the relativ...
Statements 1&2 are false
Statements 1 is true but statement 2 is false
Statement 1 is false but statement 2 is true
Statements 1 and 2 are true
?
If the surviving heirs in an intestate succession are the parents and a legitimate child of the decedent, what is the share of the parents in the legi...
1/3
1/2
1/4
None
?
Which of the following statement is true?
The sharing of heirs in intestate succession does not satisfy the rule on legitimes
The sharing of heirs in testamentary succession must satisfy the rule on legitimes
A compulsory heir cannot receive more than his legitimes
There cannot be disinheritance for compulsory heir
?
Statement 1: under the law on legitimes, if only survivor is the widow or widower, she or he shall be entitled to one half of the hereditary estate of...
Statement 1 and 2 are false
Statement 1 is true but statement 2 is false
Statement 1 is false but statement 2 is true
Statements 1 and 2 are true
?
Statement 1: a free portion of the estate could be transferred to compulsory heirs by virtue of a will Statement 2: the surviving spouse is always en...
Statement 1 and 2 are false
Statement 1 is true but statement 2 is false
Statement 1 is false but statement 2 is true
Statements 1 and 2 are true
?
Statement 1: the presence of children does not disqualify parents to inheritance Statement 2: the rules on legitimes are substitute for testamentary ...
Statements 1 and 2 are false
Statement 1 is true but statement 2 is false
Statement 1 is false but statement 2 is true
Statements 1 and 2 are true
?
Statement 1: a will is an act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of...
Statement 1 and 2 are false
S1 is true but s2 is false
S1 is false but s2 is true
All statements are true
?
No will shall be revoked, exept
By implication of law
By some will, codicil, or other writing executed as provided in the case of wills
By burning, tearing, canceling or obliterating the will with the intention of revoking it, or by the testator himself, or some other person in his presence, and by his express direction
All of the above
?
Which of the following is a valid will?
That which produces the legitime of compulsory heirs
That which increase the share of one heir without impairing the legitimate of the other heirs
Which transferred the legitime of one heir to the other heir
That which impair the legitimate of compulsory heirs
?
Probate of a will involves the following processes, which one is not?
Collecting the decedent's estate
Liquidating liabilities and paying necessary taxes
Distributing property to the heirs
Collecting the heir’s estate
?
Mr. Mhalapit Nha executed a second will 3 months after he executed the first one. The second will is silent as to the first will. What effect does the...
The second will is void because he waived his right to revoke the first will
The first will it automatically revoked because of the existence of a subsequent will.
The second will annul provisions of the first will that are inconsistent with the second will
The first will shall subsist over the second will because it is the original will
?
In which of the following cases is a will invalid?
When no heir has been instituted
When the will was executed in a language not known to the testator
When the institution does not cover the entire estate
When the instituted heir is incapacitated to succeed
?
Which of the following is not a valid will?
That which increases the legitime of compulsory heir
That which transfers the portion of legitime to other successors other than compulsory heir(s)
That which reduces the free portion of the estate tax
That which transfers a part of free portion to a compulsory heir
?
S1: the making of a person's will may be left in part to the discretion of a third person S2: persons of either sex under 18 years of age cannot...
S1 and S2 are false
S1 is true but s2 is false
S1 is false but s2 is true
S1 and 2 are true
?
A testator may execute a holographic will instead of an ordinary will. Which among the following statements pertaining to holographic will is false? ...
II
III
All of the above
None of the above
?
Choose the incorrect statement from the following; I. If a compulsory heir is given by will, less than his legitime, the provisions of the last will ...
I
II
I and II
I, II, III
?
It deprives an heir to inherit properties by the decedent through the issuance of a will
Disinheritance
Distributable share
Legitimate
Disqualification
?
The following are causes of disinheriting a child. Which one is not?
When a child has been found guilty of an attempt against the life of the testator
When A child has been convicted of adultery or concubinage with the spouse of the testator
When a child marries a person other than the testator’s choice
When a child leads a dishonorable and disgraceful life
?
The following are causes of disinheriting a spouse. Which one is not?
When the spouse justifiably refuses to support the children or the other spouse
When the spouse has accused the testator of a crime for which the law prescribes imprisonment for six years or more, and the position has been found to be false
When the spouse by fraud, violence, intimidation, or undue influence causes testator to make a will or to change one already made
When the spouse has given cause for legal separation
?
Which is not true about an inheritance?
The acceptance of an inherentance may be express or tacit
Express acceptance of an inheritance may be made in a public or private document
An heir may accept or repudiate an inheritance
The inheretance or repudation of an inheritance takes effect upon inheritance or repudiation
?
S1: representation is a right created by fiction of law by virtue of which the representative is raised to the place and degree of the person represen...
S1 and s2 are false
S1 is true but s2 is false
S1 is false but s2 is true
S1 and S2 are true
?
S1: the right of representation takes place in the direct descending line, but never in the ascending line. S2: the child of a voluntary heir who pre...
S1 and 2 are false
S1 is true but s2 is false
S1 is false but s2 is true
S1 and S2 are true
?
Which is not authorized to take charge of the estate during intestate period?
Executor
Court
Administrator
Heirs
