MC: Topic: Income Taxation The following defines taxation, except: * It is an inherent power of the state. It is an executive prerogative. It is a process of collecting contributions. It is mode of allocating government costs or burden to the people.
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MC: Topic: Income
The following defines taxation, except: *
- It is an inherent power of the state.
- It is an executive prerogative.
- It is a process of collecting contributions.
- It is mode of allocating government costs or burden to the people.
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- 1. The following defines taxation, except: * a. It is an inherent power of the state. b. It is an executive prerogative. c. It is a process of collecting contributions. d.It is a mode of allocating government costs or burden to the people. 2. It is an economic principle that states that the amount of tax an individual pays should be dependent on the level of burden the tax will create relative to the wealth of the individual. * a. Cost allocation b. Ability to pay c. Benefit received d. Lifeblood doctrineMC: Topic: Income Taxation One of the following is a characteristic of a tax. * Based on contract Assignable Payable in money Absolutely legislative in natureWhich of the following statements are correct? i. A tax is a statutory obligation that is imposed by an act of parliament in a country. ii. A tax is any deduction taken from a person’s salary by the government. iii. Taxation is the major source of government income. iv. Direct and indirect taxes are the two broad categories of taxation.
- Revenue of the government is composed of tax and other source of income. * A. True B. FalseTaxation is NOT:a. A contribution for the support of a government required of persons, groups, orbusinesses within the domain of that governmentb. A means by which governments finance their expenditure by imposing charges oncitizens and corporate entitiesc. An act by which the sovereign, through its lawmaking body, raises income to defray thenecessary expensesd. The process by which the sovereign through its law-making body, imposes burdens uponsubjects or objects within its jurisdiction for the purpose of raising revenues to carry outthe legitimate objects of the governmentWhat are the three areas of government that can create tax law? How does each area function?
- MC: Topic: Income Taxation Which of the following statements is not correct? * The “Benefit-Protection Theory” is the source of the “Doctrine of Symbiotic Relationship” while the Theory of Taxation is based on the Lifeblood Doctrine. The power to tax is unlimited, comprehensive, plenary and supreme that it can reach over into any jurisdiction to seize upon person or property. The Constitution grants exemption from income tax on its revenues and from real property tax on assets used actually, directly and primarily for educational purposes. Tax law can be imposed for a special purpose and not merely aimed at revenue collection. A person cannot object or resist the payment of taxes solely because no personal benefit to him can be pointed as arising from the tax.Which one of the following statements is NOT correct about taxation? (A) Taxes produce revenue for government operations. (B) Itemized deductions provide a larger deduction amount than the standard deduction. (C) Taxation is used to influence the behavior of individuals, businesses, nonprofit entities, and even the government. (D) Tax rates and deductions are impacted by a taxpayer’s filing status.An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction
- Ability-to-pay principle supports that tax should be * A. Proportionate in character B. Levied for public purpose C. Levied by the lawmaking body of the state D. Levied on persons and properties within the limitsA. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?Which of the following is not an underlying objective of the income tax laws? A. Income tax laws enable the government to regulate the health of the economy. B. Income tax laws are designed to converge with U.S. GAAP rules. C. Income tax laws enable the government to assist certain members of society who are viewed as deserving help. D. Income tax laws are designed to raise money for the operation of the federal government.