Exam (elaborations)
TAX 4001 - Exam 1 (1, 2, 3, 4, and 6) (1)
TAX 4001 - Exam 1 (1, 2, 3, 4, and 6) (1)
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TAX 4001 - Exam 1 (1, 2, 3, 4, and 6)Which of the following is NOT a standard for good tax policy? - ANS-Representation
Which of the following is NOT a taxpayer - ANS-Partnership
Which of the following terms refers to a temporary exemption from a tax? -
ANS-Abatement
What is another name for a property tax? - ANS-Ad valorem tax
In which marginal tax rate structure does the tax rate increase as the tax base
increases? - ANS-Progressive
Which of the following types of taxes is NOT used by the Federal government? -
ANS-Use tax
Which of the following is NOT an administrative authority/source of tax law? -
ANS-Internal Revenue Codes
Which of the following is NOT a congressional committee involved with the passage of
tax law? - ANS-Appropriations Committee
Which of the following is NOT an aspect of a fair tax? - ANS-Easy to compute/pay
Which of the following is NOT a variable related to a maxim of tax planning? -
ANS-Evasion Variable
What is the basic concept behind TVM? - ANS-A dollar today is worth more than a
dollar tomorrow
An after tax cash outflow is reduced by a tax savings when - ANS-The related expense
is deductible
Which of the following is the ultimate goal of tax planning? - ANS-Maximize firm value
In which of the following types of transactions are parties NOT able to customize their
transaction? - ANS-Public market transaction
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