25 May Question 1. The ratificationof theSixteenth Amendmentto theU.S. Constitutio
Question
1. The ratificationof theSixteenth Amendmentto theU.S. Constitutionwasnecessary tovalidate theFederal incometax oncorporations.
a. True
b. False
2. Beforethe SixteenthAmendmentto theConstitution wasratified, therewas novalid Federalincometax onindividuals.
a. True
b. False
3. Thefirst incometax onindividuals (afterthe ratificationof theSixteenth Amendmentto theConstitution) leviedtaxratesfrom alowof2%toahighof6%.
a. True
b. False
4. The Federalincome taxon individualsgeneratesmore revenuethan theFederalincome taxon corporations.
a. True
b. False
5. The payasyougofeature ofthe Federalincome taxon individualsconforms toAdam Smith’scanon ofcertainty.
a. True
b. False
6. Becausethe lawis complicated,most individualtaxpayers arenot ableto completetheir Federalincome taxreturnswithoutoutsideassistance.
a. True
b. False
7. The FICAtax (Medicarecomponent) onwages isprogressive sincethetaxdueincreasesaswagesincrease.
a. True
b. False
8. The Federalexcisetax oncigarettes isan exampleof aproportionaltax.
a. True
b. False
9. TheFederalestate andgift taxesare examplesof progressivetaxes.
a. True
b. False
10.Currently, theFederal incometax islessprogressivethan itever hasbeenin thepast.
a. True
b. False
11.Mona inheritsher mother’spersonal residence,whichshe convertsto afurnishedrenthouse.
These changes shouldaffecttheamountofadvalorempropertytaxesleviedontheproperties.
a. True
b. False
12. Afixturewillbesubjecttotheadvaloremtaxonpersonaltyratherthantheadvaloremtaxonrealty.
a. True
b. False
.
13.Even ifpropertytax ratesarenot changed,theamount ofadvaloremtaxes imposedon realtymay notremain thesame.
a. True
b. False
14.Theadvaloremtaxon personalusepersonalty ismore oftenavoided bytaxpayersthan theadvaloremtax onbusinessusepersonalty.
a. True
b. False
15.AFederalexcisetaxisnolongerimposedonadmissiontotheaters.
a. True
b. False
.
16.There isaFederalexcisetaxonhoteloccupancy.
a. True
b. False
17.The Federalgas-guzzler taxapplies onlytoautomobiles manufacturedoverseasand importedintothe U.S.
a. True
b. False
18.Like theFederal counterpart,the amountof thestate excisetaxeson gasolinevaries fromstate tostate.
a. True
b. False
.
19.Notallofthestatesthat imposeageneralsalestaxalsohaveausetax.
a. True
b. False
20.Sales madebymail orderare notexempt fromthe applicationof ageneralsales(oruse)tax.
a. True
b. False
.
21.Statesimposeeitherastateincometaxorageneralsalestax,butnotbothtypesoftaxes.
a. True
b. False
22.Two personswholive inthesame statebutin differentcountiesmay notbesubject tothesame generalsalestaxrate.
a. True
b. False
.
23.Asafeandeasywayforataxpayer toavoidlocalandstatesalestaxesistomakethepurchaseinastatethatleviesnosuchtaxes.
a. True
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