Tax 003 Week 1 Quiz 2 | Georgia State University
- Georgia State University / Tax 003
- 29 Jun 2021
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Tax 003 Week 1 Quiz 2 | Georgia State University
1.
Which of the following is not characteristic of a tax?
Multiple Choice
•
A tax is compulsory.
•
A tax is intended to punish unacceptable behavior.
•
A tax is levied by a government.
•
All of these choices are characteristics of a tax.
2
The state of Virginia charges motorists 50 cents for every trip across a toll bridge over the James River. This charge is an example of a(n):
Multiple Choice
•
User's fee
•
Transaction-based tax
•
Activity-based tax
•
Excise tax
3
The city of Mayfield charges individuals convicted of DWI (driving while intoxicated) $500 for the first conviction and $2,000 for any subsequent conviction. These charges are an example of a(n):
Multiple Choice
•
User's fee
•
Transaction-based tax
•
Activity-based tax
•
Government penalty
4
Acme Inc.'s federal income tax increased by $100,000 this year. As a result, Acme reduced the annual dividend paid on its common stock by $100,000. Who bears the incidence of the corporate tax increase?
Multiple Choice
•
Acme Inc.
•
Acme's customers
•
Acme's employees
•
Acme's shareholders
5
Acme Inc.'s property taxes increased by $65,000 this year. As a result, Acme increased the sale prices of its products to generate $65,000 more revenue. Who bears the incidence of the corporate tax increase?
Multiple Choice
•
Acme Inc.
•
Acme's customers.
•
Acme's employees.
•
Acme's shareholders.
6
Acme Inc.'s property taxes increased by $19,000 this year. As a result, Acme eliminated $19,000 from its budget for the employee Christmas party. Who bears the incidence of the corporate tax increase?
•
Acme Inc.
•
Acme's customers.
•
Acme's employees.
•
Acme's shareholders.
7
Which of the following is an example of a transaction-based tax?
Multiple Choice
•
A tax on net business income
•
An excise tax
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An estate tax on the transfer of assets at death
•
Both an excise tax and an estate tax on the transfer of assets at death.
8
Which of the following characterizes a good tax base?
Multiple Choice
•
The base can be easily expressed in monetary terms.
•
Taxpayers cannot easily avoid or conceal the base.
•
Taxpayers cannot easily move the base from one jurisdiction to another.
•
All of these choices characterize a good tax base.
9
A sales tax can best be described as a(n):
Multiple Choice
•Consumption tax
•Income tax
•Activity tax
•Ad valorem tax
10
Which type of tax is not levied by the federal government?
Multiple Choice
•
Corporate income tax
•
Individual income tax
•
Employment taxes
•
General sales tax
11
Which of the following does not contribute to the dynamic nature of the tax law?
Multiple Choice
•
The political pressure from professional lobbyists
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Changes in the economic and social climate
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Changes in revenue needs of the government
•
All of these choices contribute to the dynamic nature of the tax law
12
Which of the following statements about the Internal Revenue Code is false?
Multiple Choice
•
The Internal Revenue Code has not been amended since 1986.
•
The Internal Revenue Code is part of federal statutory law.
•
The Internal Revenue Code consists of numerically organized sections.
•
Only Congress has the authority to amend the Internal Revenue Code.
13
Revenue rulings and revenue procedures are written by:
Multiple Choice
•
The Internal Revenue Service
•
The Department of the Treasury
•
The United States Congress
•
The Supreme Court
14
Which of the following is not considered administrative authority?
Multiple Choice
•
Treasury regulations
•
Revenue rulings
•
Tax Court decisions
•
All of these choices are administrative authorities
15
A revenue ruling is an example of:
Multiple Choice
•
Judicial authority
•
Administrative authority
•
Legislative authority
•
Editorial authority
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