CHAPTER 18-20 IDENTIFICATION 1

Question 1

A person or entity engaged in the business of leasing real property, either residential or commercial, for a fee or rental income.

Answer 1

Real Estate Lessor

Question 2

A performance of an act or service for a fee, compensation, or consideration, including lease of properties.

Answer 2

Sales or Exchange of Services

Question 3

A foreign individual or corporation not residing in the Philippines but leasing out property located in the country.

Answer 3

Non-Resident Lessor/Owner

Question 4

A written agreement between a lessor and lessee outlining the terms of rental of a property or equipment.

Answer 4

Lease Contract

Question 5

A payment made ahead of the due date for goods or services to be delivered or rendered in the future.

Answer 5

Advance Payment

Question 6

A rental payment made in advance before the rental period starts.

Answer 6

Prepaid Rental

Question 7

A stock corporation that earns income from real estate assets and is governed by the REIT Act of 2009.

Answer 7

Real Estate Investment Trust (REIT)

Question 8

A commercial service involving the storage of goods for a fee.

Answer 8

Warehousing Service

Question 9

A business engaged in processing agricultural produce, such as rice or sugar, into finished products.

Answer 9

MILLER

Question 10

A person or entity engaged in buying and selling securities as a business.

Answer 10

Dealer in Securities