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1. Which of the following is not considered a purpose of taxation? a. To regulate inflation b. To minimnize the adverse effects of certain activities c. To have an equitable distribution of wealth among inhabitants d. To make the poor pOorer haront nowers of A govern

1. Which of the following is not considered a purpose of taxation? a. To regulate inflation b. To minimnize the adverse effects of certain activities c. To have an equitable distribution of wealth among inhabitants d. To make the poor pOorer haront nowers of A govern

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Learning Task 5-8.6 Stem Options: Choose the best answer. 1. Which of the following is not considered a purpose of taxation? a. To regulate inflation b. To minimize the adverse effects of certain activities c. To have an equitable distribution of wealth among inhabitants d. To make the poor p0orer 2. Which of the following is not one of the inherent powers of a government? a. Eminent domain c. Taxation b. Police power d. Kelly power 3. The following are the principles of a sound tax system except: a. Revenues should be sufficient to pay government expenses b. Taxes must be unreasonably burdensome to the taxpayer c. Taxes must be optional; taxpayers may or may not pay their taxes d. Paying taxes must not grossly inconvenient to the taxpayers 4. They are characteristics of tax except for: a. It is proportionate in character b. It is imposed primarily to raise revenues for the government c. It is generally payable in kind d. It is levied for public purposes 5. A tax which the taxpayer can shift to another is called a. Direct tax c. Shiftable tax b. Indirect tax d. Passable tax 6. You are employed. Your salary is your only source of income. You are subject to which of the following taxes? a. Income tax с. А and B b. Business tax d. None of these 7. You are self-employed. You business earns income during the period. You are subject to which of the following taxes? a. Income tax c. A and B b. Business tax d. None of these
Transcribed Image Text:Learning Task 5-8.6 Stem Options: Choose the best answer. 1. Which of the following is not considered a purpose of taxation? a. To regulate inflation b. To minimize the adverse effects of certain activities c. To have an equitable distribution of wealth among inhabitants d. To make the poor p0orer 2. Which of the following is not one of the inherent powers of a government? a. Eminent domain c. Taxation b. Police power d. Kelly power 3. The following are the principles of a sound tax system except: a. Revenues should be sufficient to pay government expenses b. Taxes must be unreasonably burdensome to the taxpayer c. Taxes must be optional; taxpayers may or may not pay their taxes d. Paying taxes must not grossly inconvenient to the taxpayers 4. They are characteristics of tax except for: a. It is proportionate in character b. It is imposed primarily to raise revenues for the government c. It is generally payable in kind d. It is levied for public purposes 5. A tax which the taxpayer can shift to another is called a. Direct tax c. Shiftable tax b. Indirect tax d. Passable tax 6. You are employed. Your salary is your only source of income. You are subject to which of the following taxes? a. Income tax с. А and B b. Business tax d. None of these 7. You are self-employed. You business earns income during the period. You are subject to which of the following taxes? a. Income tax c. A and B b. Business tax d. None of these
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