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Test Bank for McGraw Hill's Taxation of Individuals and Business Entities, 2024 Edition, Spilker, 15th Edition $26.49
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Test Bank for McGraw Hill's Taxation of Individuals and Business Entities, 2024 Edition, Spilker, 15th Edition
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Test Bank for McGraw Hill's Taxation of Individuals and Business Entities, 2024 Edition, Spilker, 15th Edition

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  • April 8, 2024
  • 2917
  • 2023/2024
  • Exam (elaborations)
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  • Taxation
  • Taxation

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Note:
The Answers are provided either
below the question or as a separate
Answer Key at the end of each
chapter or Test Bank.




TEST BANK




P E R F E C T • A C E

,TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false.
1) Taxes influence many types of business decisions but generally do not influence personal
decisions.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Demonstrate how taxes influence basic business, investment, personal, and
Topic : Who Cares About Taxes and Why?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-01 (Static) Taxes influence many types of business
decis...


2) Taxes influence business decisions such as where a business should locate or how a business
should be structured.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Demonstrate how taxes influence basic business, investment, personal, and
Topic : Who Cares About Taxes and Why?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-02 (Static) Taxes influence business decisions
such as where a...

,3) Tax policy rarely plays an important part in presidential campaigns.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-01 Demonstrate how taxes influence basic business, investment, personal, and
Topic : Who Cares About Taxes and Why?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-03 (Static) Tax policy rarely plays an important
part in presi...


4) Margaret recently received a parking ticket. This is a common example of a local tax.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-04 (Static) Margaret recently received a parking
ticket. This...

,5) George recently paid $50 to renew his driver's license. The $50 payment is considered a tax.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-05 (Static) George recently paid $50 to renew his
driver's lic...


6) A 1 percent charge imposed by a local government on football tickets sold is not considered a
tax if all proceeds are earmarked to fund local schools.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Understand
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-06 (Static) A 1 percent charge imposed by a local
government on footb...

,7) One key characteristic of a tax is that it is a required payment to a governmental agency.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-07 (Static) One key characteristic of a tax is that it
is a re...


8) Common examples of sin taxes include the taxes imposed on airline tickets and gasoline.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-08 (Static) Common examples of sin taxes include
the taxes imp...

,9) One benefit of a sin tax (e.g., a tax on cigarettes) is that it should increase the demand for the
products being taxed.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-09 (Static) One benefit of a sin tax (e.g., a tax on
cigarette...


10) In addition to raising revenues, specific U.S. taxes may have other objectives (e.g., economic
or social objectives).
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-02 Discuss what constitutes a tax and the general objectives of taxation.
Topic : What Qualifies as a Tax?
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-10 (Static) In addition to raising revenues, specific
U.S. tax...

,11) The two components of the tax calculation are the tax rate and the taxpayer's status.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-11 (Static) The two components of the tax
calculation are the...


12) The tax base for the federal income tax is taxable income.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-12 (Static) The tax base for the federal income tax
is taxable...

,13) A flat tax is an example of a graduated tax system.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-13 (Static) A flat tax is an example of a...


14) The main difficulty in calculating an income tax is determining the correct amount of the tax
base.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-14 (Static) The main difficulty in calculating an
income tax i...

,15) A taxpayer's average tax rate is the most appropriate tax rate to use in tax planning.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-15 (Static) A taxpayer's average tax rate is
the most appropri...


16) The effective tax rate, in general, provides a better depiction of a taxpayer's tax burden than
the average tax rate.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-16 (Static) The effective tax rate, in general,
provides a bet...

, 17) The effective tax rate expresses the taxpayer's total tax as a percentage of the taxpayer's
taxable and nontaxable income.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Remember
Difficulty : 1 Easy
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-17 (Static) The effective tax rate expresses the
taxpayer's to...


18) In a proportional (flat) tax rate system, the marginal tax rate will always equal the average
tax rate.
⊚ true
⊚ false

Question Details
AACSB : Reflective Thinking
AICPA : BB Critical Thinking
Accessibility : Keyboard Navigation
Accessibility : Screen Reader Compatible
Bloom's : Analyze
Difficulty : 2 Medium
Gradable : automatic
Learning Objective : 01-03 Describe the three basic tax rate structures and calculate a tax.
Topic : How to Calculate a Tax
Type : Static
Source : Chapter 01 Test Bank - Static and Algo > TB TF Qu. 01-18 (Static) In a proportional (flat) tax rate system,
the marg...

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