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Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
2
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
5) Under U.S. tax law, corporations are entities separate and distinct from their shareholders.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
6) The person who pays a tax directly to the government always bears the economic incidence of
the tax.
Answer: FALSE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
7) In some cases, the payer of a tax can shift the economic incidence of the tax to a third party.
Answer: TRUE
Difficulty: 1 Easy
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
8) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who are
permanent U.S. residents.
Answer: TRUE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
3
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
9) The U.S. government has jurisdiction to tax individuals who are not U.S. citizens but who
earn income from a source within the United States.
Answer: TRUE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
10) The U.S. government does not have jurisdiction to tax individuals who are U.S. citizens but
who are permanent residents of another country.
Answer: FALSE
Difficulty: 2 Medium
Topic: Some Basic Terminology
Learning Objective: 01-01 Define tax, taxpayer, incidence, and jurisdiction.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
11) A tax with a graduated rate structure must have at least two brackets of tax base.
Answer: TRUE
Difficulty: 2 Medium
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
Answer: TRUE
Difficulty: 1 Easy
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
4
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
13) A tax on net income is an example of a transaction-based tax.
Answer: FALSE
Difficulty: 1 Easy
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
Answer: FALSE
Difficulty: 1 Easy
Topic: The Relationship between Base, Rate, and Revenue
Learning Objective: 01-02 Express the relationship between tax base, rate, and revenue as a
formula.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
15) Ad valorem property taxes are the major source of revenue for local governments.
Answer: TRUE
Difficulty: 1 Easy
Topic: Local Taxes; Retail Sales, Use, and Excise Taxes; Federal Income Taxes
Learning Objective: 01-03 Describe the taxes levied by local governments.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
16) Taxes on personal property are more difficult to administer and enforce than taxes on real
property.
Answer: TRUE
Difficulty: 2 Medium
Topic: Local Taxes; Retail Sales, Use, and Excise Taxes; Federal Income Taxes
Learning Objective: 01-03 Describe the taxes levied by local governments.
Accessibility: Keyboard Navigation
Type: Static
Gradable: automatic
5
Copyright 2020 © McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior
written consent of McGraw-Hill Education.
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died in bed, knew what his progenitors had been spared. Even in the
soberly civilized eighteenth century there lingered a doubt as to the
relative value of battle-field, gallows and sick-chamber.
“True blue
And Mrs. Crewe”
and how shall we reach him save through the pages of history? It is
the foundation upon which are reared the superstructures of
sociology, psychology, philosophy and ethics. It is our clue to the
problems of the race. It is the gateway through which we glimpse the
noble and terrible things which have stirred the human soul.
A cultivated American poet has said that men of his craft “should
know history inside out, and take as much interest in the days of
Nebuchadnezzar as in the days of Pierpont Morgan.” This is a
spacious demand. The vast sweep of time is more than one man can
master, and the poet is absolved by the terms of his art from severe
study. He may know as much history as Matthew Arnold, or as little
as Herrick, who lived through great episodes, and did not seem to be
aware of them. But Mr. Benét is wise in recognizing the inspiration of
history, its emotional and imaginative appeal. New York and Pierpont
Morgan have their tale to tell; and so has the dark shadow of the
Babylonian conqueror, who was so feared that, while he lived, his
subjects dared not laugh; and when he died, and went to his
appointed place, the poor inmates of Hell trembled lest he had come
to rule over them in place of their master, Satan.
“The study of Plutarch and ancient historians,” says George
Trevelyan, “rekindled the breath of liberty and of civic virtue in
modern Europe.” The mental freedom of the Renaissance was the
gift of the long-ignored and reinstated classics, of a renewed and
generous belief in the vitality of human thought, the richness of
human experience. Apart from the intellectual precision which this
kind of knowledge confers, it is indirectly as useful as a knowledge of
mathematics or of chemistry. How shall one nation deal with another
in this heaving and turbulent world unless it knows something of
more importance than its neighbour’s numerical and financial
strength—namely, the type of men it breeds. This is what history
teaches, if it is studied carefully and candidly.
How did it happen that the Germans, so well informed on every
other point, wrought their own ruin because they failed to understand
the mental and moral make-up of Frenchmen, Englishmen and
Americans? What kind of histories did they have, and in what spirit
did they study them? The Scarborough raid proved them as ignorant
as children of England’s temper and reactions. The inhibitions
imposed upon the port of New York, and the semi-occasional ship