Read each sentence carefully and determine whether the statement is TRUE or FALSE. 1. Taxation is necessary in order for sovereign government to exist and survive. 2. Raising revenue for public purpose is secondary objective of taxation. 3. Tax is often referred to the "peanut butter" of the government.
Read each sentence carefully and determine whether the statement is TRUE or FALSE. 1. Taxation is necessary in order for sovereign government to exist and survive. 2. Raising revenue for public purpose is secondary objective of taxation. 3. Tax is often referred to the "peanut butter" of the government.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Read each sentence carefully and determine whether the statement is TRUE or FALSE.
1. Taxation is necessary in order for sovereign government to exist and survive.
2. Raising revenue for public purpose is secondary objective of taxation.
3. Tax is often referred to the "peanut butter" of the government.
4. Taxation is legislative in nature. Tax laws must first be enacted before taxes can be
imposed.
5. Taxation is not subject to inherent or constitutional limitations.
6. The power to create tax laws generally cannot be delegated.
7. The Supreme Court has the power to make final judgment on tax cases.
8. Taxation is based on the theory that the government and its people have the reciprocal
duties to support each other.
9. The public receive indirect benefits from taxation through public services, such as use of
public roads, use of free medical services, assistance during calamities and the like.
10. After being levied in the Congress, national tax laws are administered by the BIR.
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