Test Bank for Taxation of Individuals 2020 Edition 11th Edition By Spilker

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By: Spilker

Edition: 11th Edition

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Resource Type: Test bank

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Test Bank for Taxation of Individuals 2020 Edition 11th Edition By Spilker

Test Bank for Taxation of Individuals 2020 Edition 11th Edition By Spilker
Taxation of Individuals 2020 Edition 11th Edition By Spilker – Test Bank
Taxation of Individuals 2020 Edition 11th Edition
Taxation of Individuals 2020 Edition

Taxation of Individuals, 11e (Spilker)

Chapter 1   An Introduction to Tax

 1) Taxes influence many types of business decisions but generally do not influence personal decisions.

Answer:  FALSE

Difficulty: 1 Easy

Topic:  Who Cares About Taxes and Why?

Learning Objective:  01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions.

Bloom’s:  Remember

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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

Answer:  TRUE

Difficulty: 1 Easy

Topic:  Who Cares About Taxes and Why?

Learning Objective:  01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions.

Bloom’s:  Remember

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

3) Tax policy rarely plays an important part in presidential campaigns.

Answer:  FALSE

Difficulty: 1 Easy

Topic:  Who Cares About Taxes and Why?

Learning Objective:  01-01 Demonstrate how taxes influence basic business, investment, personal, and political decisions.

Bloom’s:  Remember

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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

Answer:  FALSE

Difficulty: 1 Easy

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Remember

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

5) George recently paid $50 to renew his driver’s license. The $50 payment is considered a tax.

Answer:  FALSE

Explanation:  A tax is a payment required by a government that is unrelated to any specific benefit or service received by the government.

Difficulty: 1 Easy

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Remember

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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.

Answer:  FALSE

Difficulty: 2 Medium

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Understand

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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

Answer:  TRUE

Difficulty: 2 Medium

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Analyze

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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

Answer:  FALSE

Difficulty: 2 Medium

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Analyze

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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.

Answer:  FALSE

Difficulty: 2 Medium

Topic:  What Qualifies as a Tax?

Learning Objective:  01-02 Discuss what constitutes a tax and the general objectives of taxes.

Bloom’s:  Analyze

AACSB:  Reflective Thinking

AICPA:  BB Critical Thinking

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