Test Bank for Principles of Taxation for Business and Investment Planning 2024 Edition, 27th Edition by Jones
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Course
Taxation
Institution
Taxation
Test Bank for Principles of Taxation for Business and Investment Planning 2024 Edition, 27th Edition 27e by Sally Jones, Shelley Rhoades-Catanach, Sandra Callaghan and Thomas Kubick. Full Chapters test bank are included - Chap 1 to 18 (Complete Chapters)
PART ONE: Exploring the Tax Environment
...
Chap 01 2024
TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Payment of a tax entitles the payer to a specific good or service from the government.
⊚ true
⊚ false
2) A user fee entitles the payer to a specific good or service from the government.
⊚ true
⊚ false
3) A tax is intended to deter or punish unacceptable behavior.
⊚ true
⊚ false
4) A tax is a payment to support the cost of government.
⊚ true
⊚ false
5) Under U.S. tax law, corporations are entities separate and distinct from their shareholders.
⊚ true
⊚ false
6) The person who pays a tax directly to the government always bears the economic incidence
of the tax.
⊚ true
⊚ false
7) In some cases, the payer of a tax can shift the economic incidence of the tax to a third party.
⊚ true
⊚ false
8) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who are
permanent U.S. residents.
⊚ true
⊚ false
9) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens or
permanent U.S. residents but who earn income from a source within the United States.
⊚ true
⊚ false
1
, 10) The U.S. government does not have jurisdiction to tax U.S. citizens who are permanent
residents of another country.
⊚ true
⊚ false
11) A tax with a graduated rate structure must have at least two brackets of tax base.
⊚ true
⊚ false
12) A sales tax is an example of a transaction-based tax.
⊚ true
⊚ false
13) A tax on net income is an example of a transaction-based tax.
⊚ true
⊚ false
14) A sales tax is an example of an activity-based tax.
⊚ true
⊚ false
15) Ad valorem property taxes are the major source of revenue for local governments.
⊚ true
⊚ false
16) Taxes on personal property are more difficult to administer and enforce than taxes on real
property.
⊚ true
⊚ false
17) A state government may levy either a sales tax or a use tax on consumers but not both.
⊚ true
⊚ false
18) Sellers of retail goods are responsible for collecting sales tax from their customers and
remitting the tax to the state government.
⊚ true
⊚ false
2
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