Taxes And Taxing Jurisdictions

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Questions Bank

Taxes and Taxing Jurisdictions
Policy Standards for a Good Tax
Taxes as Transaction Costs
Maxims of Income Tax Planning
Tax Research
Taxable Income from Business Operations
Property Acquisitions and Cost Recovery Deductions
Property Dispositions
Nontaxable Exchanges
Sole Proprietorships
The Corporate Taxpayer
The Choice of Business Entity
Jurisdictional Issues in Business Taxation
The Individual Tax Formula
Compensation and Retirement Planning
Investment and Personal Financial Planning
Tax Consequences of Personal Activities
The Tax Compliance Process

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Question 1

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True/False

Payment of a tax entitles the payer to a specific good or service from the government.

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Question 2

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True/False

A user fee entitles the payer to a specific good or service from the government.

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Question 3

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A tax is intended to deter or punish unacceptable behavior.

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Question 4

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A tax is a payment to support the cost of government.

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Question 5

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True/False

Under U.S. tax law, corporations are entities separate and distinct from their shareholders.

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Question 6

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The person who pays a tax directly to the government always bears the economic incidence of the tax.

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Question 7

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In some cases, the payer of a tax can shift the economic incidence of the tax to a third party.

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Question 8

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The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who are permanent U.S. residents.

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Question 9

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The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who earn income from a source within the United States.

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Question 10

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The U.S. government does not have jurisdiction to tax individuals who are U.S. citizens but who are permanent residents of another country.

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Question 11

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A tax with a graduated rate structure must have at least two brackets of tax base.

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Question 12

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A sales tax is an example of a transaction-based tax.

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Question 13

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A tax on net income is an example of a transaction-based tax.

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Question 14

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A sales tax is an example of an activity-based tax.

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Question 15

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Ad valorem property taxes are the major source of revenue for local governments.

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Question 16

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Taxes on personal property are more difficult to administer and enforce than taxes on real property.

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Question 17

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A state government may levy either a sales tax or a use tax on consumers but not both.

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Question 18

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Sellers of retail goods are responsible for collecting sales tax from their customers and remitting the tax to the state government.

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Question 19

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Purchasers of consumer goods through the mail are responsible for paying use tax on goods for which sales tax was not collected by the seller.

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Question 20

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The majority of state governments raise revenue from both personal and corporate income taxes.

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