Exam (elaborations)
Principles of Taxation 2020 23rd Ed by Sally Jones - Test Bank
- Course
- Institution
Test Bank For Principles of Taxation 2020 23rd Ed by Sally Jones Complete Test Bank
[Show more]
Seller
Follow
ExamsExpert
Reviews received
Content preview
,Principles of Taxation for Business and Investment Planning, 23e (Jones)Chapter 1 Taxes and Taxing Jurisdictions
1) Payment of a tax entitles the payer to a specific good or service from the government.
Answer: FALSE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
2) A user fee entitles the payer to a specific good or service from the government.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
3) A tax is intended to deter or punish unacceptable behavior.
Answer: FALSE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
4) A tax is a payment to support the cost of government.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
1
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
,5) Under U.S. tax law, corporations are entities separate and distinct from their shareholders.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
6) The person who pays a tax directly to the government always bears the economic incidence of
the tax.
Answer: FALSE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
7) In some cases, the payer of a tax can shift the economic incidence of the tax to a third party.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
8) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who are
permanent U.S. residents.
Answer: TRUE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
2
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
, 9) 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.
Answer: TRUE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
10) The U.S. government does not have jurisdiction to tax individuals who are U.S. citizens but
who are permanent residents of another country.
Answer: FALSE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
11) A tax with a graduated rate structure must have at least two brackets of tax base.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
12) A sales tax is an example of a transaction-based tax.
Answer: TRUE
Difficulty: 1 Easy
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
3
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamsExpert. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $29.88. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now