n.

administration
Q
(a) management; supervisors;
1
leadership
(b) stroke; blow; collision; success; popular event or production
(c) test; quiz; investigation; inquiry
(d) sending of cargo or freight
n. scale
Q
(a) progression of steps; table of graduated rates; system of marks used for
2
measuring
(b) planning and execution; management of a business or other operation
(c) chase; quest; search; occupation; pastime
(d) supplier; seller; merchant; agent; sales representative
n. dignity
Q
(a) respected position; honor;
3
nobility
(b) headquarters of a business; dwelling place; abode; home; domicile
(c) the proportion of available time that an item of equipment is operating
(d) method; way; medium; resources; funds
n. wallet
Q
(a) dispute; claim; rationale;
4
cause
(b) clamp; fastener; shred; segment of video
(c) small purse used to carry money and personal documents; billfold; handbag
(d) something which is permanently or securely attached; set date for a sporting event
n. area
Q
(a)
5
backlash
(c) region; domain; field; category
(b) answer; response
(d) fellow worker; cowoker
n. coupon
Q
(a) printed form that entitles the holder to certain rights such as in a
6
discount
(b) any vehicle which can be flown (i.e. helicopter)
(c) taxi; carriage; driver's compartment
(d) one who offers his services of his own free will or without pay
n. population
Q
(a) total number of people living in an
7
area
(b) anything that is set up; institution (i.e. business, church, authority, government, etc.)
(c) proposal; recommendation; insinuation; hint
(d) agreement; settlement; harmony
Q8 n. level
(a) sound produced in the throat; expression; language
(b) lane; path; signs; trails; channel
(c) area; territory; domain; field; area of activity or interest; sphere
(d) degree; rank; height; plane; flat horizontal plain
Q9 n. dependent
(a) something which has been bought; act of buying
(b) one who relies on another especially for financial support
(c) style of cooking; national food
(d) unexperienced person
Q10 n. blame
(a) person who creates something; chemical substance used in photography
(b) guilt; responsibility; liability
(c) arrangement; plan; sketch; drawing; something which has been arranged
(d) act of giving back; reply; answer; profit; yield; repayment
 Rob Norton, of eCompany Now and Fortune magazines, notes in the article quoted below
Q
that corporate taxes
1
are among the least efficient and least ....... of taxes.

(d)
(a) avoidable (b) defeatable (c) defensible
reprehensible
Q2 The tax is popular with the man ......., who
believes, incorrectly, that it is paid by
corporations.
(a) in the shop (b) in the street (c) on the block (d) on the job

The federal corporate income tax applies only to some businesses — those chartered as
Q
corporations — and
3
not to partnerships or ....... proprietorships.

(a) simple (b) single (c) sole (d) strict

(a) brackets (b) components (c) portions (d) segments
Q4 The federal tax is levied at three different rates on different ....... of income: 15 percent on taxable
income
under $50,000; 25 percent on income between $50,000 and $75,000; and 34 percent on income above
that.
A good reason that state and local corporate income taxes remain low is that corporations
Q
could easily .......
5
out of states that imposed unusually high taxes.

(a) reinstate (b) relegate (c) relocate (d) replace

Q6 Except for emergency taxes in wartime,
corporate profits were first taxed in 1909,
when Congress ....... a 1
percent tax on corporation income.
(a) decided (b) enacted (c) proscribed (d) retracted

The Tax Reform Act of 1986 was designed to increase the share of federal revenues
Q
collected via the
7
corporate income tax and to decrease the share from the ....... income tax.

(a) individual (b) personnel (c) private (d) single

Q8 While the top corporate tax rate was cut,
deductions for capital expenditures were
severely ......., and as a
result the effective tax rate for many
corporations rose.
(a) amended (b) curtailed (c) examined (d) extended
Q9 The central problem with the corporate income tax from an economic point of view is that, ultimately,
only .......
can pay taxes.
(a) entities (b) companies (c) people (d) some
Q10 As early as the 17th century, Sir William Petty, one of the ....... of modern economics, argued that a
tax on the
production and sale of commodities would eventually be shifted by producers to consumers, who would
pay it
in the form of higher prices.
(a) planners (b) precursors (c) predecessors (d) progenitors