Taxation for Decision Makers Test Bank

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Chapter 1: Introduction to Taxation1Chapter 1Introduction to TaxationNote to Instructor:Thereference tables in the appendix of the textmay berequired for a limited numberof answers to the questions and problemsin this chapter. This is indicated by “REFERENCE TABLESREQUIRED” after the learning objective.True-False:InsertTforTrueandFforFalsebefore the questions.______ 1. A hidden tax is one that is included with a payment but not specifically identified.ANSWERTrue LO 1.1DIFFICULTY: Easy_____2. Both sales and use taxes are collected in the state in which the sale takes place.ANSWERFalse LO1.DIFFICULTY: Easy_____3. The person giving the gift pays the gift tax.ANSWERTrue LO1.1DIFFICULTY: Easy_____4.The value added tax is a type of consumption tax.ANSWERTrue LO1.1DIFFICULTY: Easy_____5. The type and degree of connection between a business and a state necessary for a state toimpose a tax is referred to as nexus.ANSWERTrue LO 1.1DIFFICULTY: Easy_____6. The 16thAmendment to the US Constitution that provided for an income tax was ratified in1913.ANSWERTrue LO 1.1DIFFICULTY: Easy_____7. Any current changes to the tax laws are now amendments to the Internal Revenue Code of2016.ANSWERFalse LO 1.1DIFFICULTY: Easy_____8. A flat tax generally would be considered a regressive tax.

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Taxation for Decision Makers Test Bank

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