5. 1st statement – The Legislative Department levies the taxes.2nd statement – The Executive Department, through the Department of Finance's lineagency, the Bureau of Internal Revenue makes the assessment and collection of internalrevenue taxes.a. Only the 1st statement is trueb. Only the 2nd statement is truec. Both statements are trued. Both statements are false6. A new comprehensive tax reform was enacted by the Congress of the Philippines. Toeffectively implement the law, the Secretary of the Department of Finance will most likelyissue:a. Revenue Memorandum Circularsb. Revenue Memorandum Ordersc. Revenue Memorandum Rulingsd. Revenue Regulations7. Taxation is NOT:a. A contribution for the support of a government required of persons,groups, or businesses within the domain of that governmentb.A means by which governments finance their expenditure by imposingcharges on citizens and corporate entitiesC. An act by which the sovereign, through its lawmaking body, raises income todefray the necessary expensesd. The process by which the sovereign through its law-making body, imposesburdens upon subjects or objects within its jurisdiction for the purpose of raisingrevenues to carry out the legitimate objects of the government 1. In light of the authority vested by the Tax Code to the Commissioner of Internal Revenue(CIR), the CIR recommended to the Secretary of the Department of Finance the creation ofrevenue district offices (RDOS) throughout the Philippines. The act of the CIR is in keepingwith the principle of:a. Administrative Feasibilityb. Fiscal Adequacyc. Theoretical Justiced. Uniformity2. In view of the powers vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIRaccredited specific banks and authorized such as its agent in receiving payments of taxes. The act of CIR is inkeeping with the principle of:a. Administrative Feasibilityb. Fiscal Adequacyc. Situs of Taxationd. Theoretical Justice3. In the Philippine taxing jurisdiction, the following statements are correct except:a. Taxes are based on one's ability to payb. Taxes are levied by authority of the lawc. Taxes are obligations created by lawd. The power to tax is not unlimited4. Jaime is a non-VAT seller of goods. Since he has no official receipts or invoices tosupport his expenses, he opted for the Optional Standard Deduction (OSD). When he filedhis income tax return, he intentionally applied the rate of 20% on his gross sales. In thiscase, Jaime applied this type of scheme:a. Capitalizationb. ShiftingC. Evasion d. Avoidance

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5. 1st statement – The Legislative Department levies the taxes. 2nd statement – The Executive Department, through the Department of Finance's line agency, the Bureau of Internal Revenue makes the assessment and collection of internal revenue taxes. a. Only the 1st statement is true b. Only the 2nd statement is true c. Both statements are true d. Both statements are false

5. 1st statement – The Legislative Department levies the taxes. 2nd statement – The Executive Department, through the Department of Finance's line agency, the Bureau of Internal Revenue makes the assessment and collection of internal revenue taxes. a. Only the 1st statement is true b. Only the 2nd statement is true c. Both statements are true d. Both statements are false

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Define the following
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K Does the existence of credit market imperfections imply that there is a useful role for government tax policy? The existence of credit market imperfections imply that there is a useful role for government tax policy as it would be for the government to do so.
Write the letter of your choice on the space provided before each number. Thus, A – if only the 1st statement is CORRECT; B- if only the 2ND statement is CORRECT; C- if both 1st and 2nd statements are CORRECT and D- if both 1st and 2nd statements are INCORRECT. 1.Tax is an instrument of fiscal policy. It is the inherent power of the state to demand enforced contributions from the people for public purposes. 2. Theoretical Justice refers to the “ability to pay” principle. This means that tax burden must be proportion to the taxpayer’s level of income. 3. Indirect Taxes are taxes levied by the government on goods and services in order to raise revenue. These taxes cannot be shifted on to consumers. 4.Proportional taxes are taxes levied at a constant rate. These taxes place an equal burden on the rich, the middle class, and the poor. 5.The respective personal exemption for previous tax law is Php 50, 000. For additional exemption each qualified dependent is worth Php 25, 500. 6.…
5. Study Questions and Problems #5 True or False: The marginal tax rate is calculated using additional income, while the average tax rate is calculated using total income. True O False
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12. The national debt in the current year is equal to the national debt at the beginning of the year minus the annual budget deficit. a. b. equal to the national debt at the end of the year plus the annual budget deficit. equal to the national debt at the beginning of the year plus the annual budget deficit. C. d. none of the above. H. I
CIENCES QUESTION 1 Study the bar chart regarding the National Budget's tax revenue and answer the questions that follow: WHERE WILL THE MONEY COME FROM IN 2021/22 AND HOW WILL IT BE SPEND GOVERNMENT SOURCES OF REVENUE 2021/22 Tax R1 365.1milj 72.6% Loans R 482.6milj 25.7% Non-tax income R 32.5milj 1.7% 1 Which revenue contributes the most to the National Budget? Give the percentage. Which revenue contributes the least to the National Budget? Give the percentage. Give ONE example of a income that is not tax. TAX REVENUE, 2 021/22 Personal inseme tax
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5. Calculating tax incidence Suppose that the U.S. government decides to charge cola consumers a tax. Before the tax, 50 billion cases of cola were sold every year at a price of $6 per case. After the tax, 45 billion cases of cola are sold every year; consumers pay $8 per case (including the tax), and producers receive $5 per case. The amount of the tax on a case of cola is $ the burden that falls on producers is $ True or False: The effect of the tax on the quantity sold would have been the same as if the tax had been levied on producers. True per case. Of this amount, the burden that falls on consumers is $ per case. False per case, and
xation) 12 11 20 9. 1. 1 6. S 4 3- 2- Figure 8-22 90 300 130 120 Refer to Figure 8-22. Suppose the government changed the per-unit tax from $3.00 to $4.50. Compared to the original tax rate, this higher tax rate would a. increase tax revenue and increase the deadweight loss from the tax. b. increase tax revenue and decrease the deadweight loss from the tax. c. decrease tax revenue and increase the deadweight loss from the tax d. decrease tax revenue and decrease the deadweight loss from the tax.
9. When a sales tax is imposed on sellers, we can imagine a hypothetical supply curve shifted to the left such that the vertical distance between the original supply curve and the new (supply + tax) curve equals the sales tax divided by the price elasticity of demand. sales tax multiplied by the price elasticity of demand. sales tax multiplied by the price elasticity of supply. amount of the sales tax.