Personal Finance 12th Edition by E. Thomas Garman – Test Bank
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Edition: 12th Edition
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Resource Type: Test Bank
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Personal Finance 12th Edition by E. Thomas Garman – Test Bank
Chapter 3
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1. Tax planning includes eliminating, reducing or deferring income taxes to be paid. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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2. Personal income taxes are paid only on your taxable income. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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3. Personal income taxes are paid on all of your income. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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4. The key to reducing one’s tax liability is to reduce taxable income rather than gross income. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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5. Taxes are defined as compulsory charges imposed by a government on its citizens and their property. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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6. The Internal Revenue Service is the agency that collects federal income taxes. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate KEYWORDS: Bloom’s: Remembering OTHER: Analytic NOTES: 4.1 |
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7. A regressive tax is one that demands a higher percentage of a person’s income as income increases. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Remembering OTHER: Analytic NOTES: 4.1 |
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8. A progressive tax is one that demands a higher percentage of a person’s income as income increases. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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9. If you earn enough extra income to be placed in a higher tax bracket and have a higher marginal tax rate, the new rate will be applied to all of your taxable income. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Moderate REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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10. Each year the tax brackets are adjusted to reduce the effects of inflation. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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11. State sales tax is an example of a regressive tax. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Moderate REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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12. The tax rate paid on your last dollar of income is called the average tax rate. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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13. All of a taxpayer’s income is subject to federal income taxes. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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14. The objective in effective tax planning is to legally reduce gross income to the lowest possible taxable income. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy REFERENCES: Explain the nature of progressive income taxes and the marginal tax rate NATIONAL STANDARDS: United States – BB_1 – Legal KEYWORDS: Bloom’s: Understanding OTHER: Analytic NOTES: 4.1 |
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