8 Which of the following statements is/are correct? I. The test for exemption from real property tax of private educational institutions is its use and not ownership. II. As a general rule, a tax exemption is an act of liberality which can be revoked by the government. III. Taxes are paid only by those who are directly benefiting from the government. IV. All revenue bills must originate from the Senate. V. All laws granting tax exemption must be approved by a two-thirds (2/3) vote of all the members of the Congress. Group of answer choices Answer not given I, III, IV and V All statements are incorrect All statements are correct I and II II, III, IV and V I, II and IV
8 Which of the following statements is/are correct? I. The test for exemption from real property tax of private educational institutions is its use and not ownership. II. As a general rule, a tax exemption is an act of liberality which can be revoked by the government. III. Taxes are paid only by those who are directly benefiting from the government. IV. All revenue bills must originate from the Senate. V. All laws granting tax exemption must be approved by a two-thirds (2/3) vote of all the members of the Congress. Group of answer choices Answer not given I, III, IV and V All statements are incorrect All statements are correct I and II II, III, IV and V I, II and IV
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
8
Which of the following statements is/are correct?
I. The test for exemption from real property tax of private educational institutions is its use and not ownership.
II. As a general rule, a tax exemption is an act of liberality which can be revoked by the government.
III. Taxes are paid only by those who are directly benefiting from the government.
IV. All revenue bills must originate from the Senate.
V. All laws granting tax exemption must be approved by a two-thirds (2/3) vote of all the members of the Congress.
I. The test for exemption from real property tax of private educational institutions is its use and not ownership.
II. As a general rule, a tax exemption is an act of liberality which can be revoked by the government.
III. Taxes are paid only by those who are directly benefiting from the government.
IV. All revenue bills must originate from the Senate.
V. All laws granting tax exemption must be approved by a two-thirds (2/3) vote of all the members of the Congress.
Group of answer choices
Answer not given
I, III, IV and V
All statements are incorrect
All statements are correct
I and II
II, III, IV and V
I, II and IV
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