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ACC 355 Exam 1 Study Guide 2024 with complete solution;AU
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ACC 355 Exam 1 Study Guide 2024 with complete solution;AU
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ACC 355 Exam 1Study Guide 2024
with complete
solution;AU
, ACC 355 Exam 1 Study Guide 2024 with complete
solution;AU
Who cares about taxes? Ans- 1. Businesses
2. Politicians
3. Individuals
What qualifies as a tax? Ans- A tax is a payment required by a government
agency that is unrelated to any specific benefit or service received from the
government agency
Entities in Federal Income Tax System Ans- Govt, individuals, businesses
Why taxes? Ans- constitutional purpose: main way govt makes money, pays
debts, provides for common defense, provide for general welfare
proportional tax rate structure Ans- also known as a flat tax, this tax rate
structure imposes a constant tax rate throughout the tax base. As the tax base
increases, the taxes paid increase proportionally.
progressive tax rate structure Ans- imposes an increasing marginal tax rate as the
tax base increases
regressive tax rate structure Ans- imposes a decreasing marginal tax rate as the
tax base increases
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