Government Funding and Tax Systems Quiz
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Questions and Answers

Which of the following is the main source of government funding?

  • Property taxes
  • Sales taxes
  • Individual and corporate taxes (correct)
  • Excise taxes

    • What does the term 'tax base' refer to?

  • The total amount of consumption subject to taxation
  • The total amount of income subject to taxation (correct)
  • The total amount of property subject to taxation
  • The total amount of assets subject to taxation

    • What is double taxation?

  • Paying taxes twice on the same dollar of income (correct)
  • Paying taxes on income earned from different sources
  • Paying taxes on income earned in different countries
  • Paying different types of taxes on the same income

    • What does tax incidence measure?

    <p>Who ultimately pays a tax</p> Signup and view all the answers

    What are capital gains?

    <p>Profits gained from the sale of capital assets</p> Signup and view all the answers

    Which of the following best describes tax incidence?

    <p>The process of distributing the burden of a tax between buyers and sellers</p> Signup and view all the answers

    What is the tax base?

    <p>The specific goods or services that are subject to taxation</p> Signup and view all the answers

    What is double taxation?

    <p>The process of being taxed on the same income or asset twice</p> Signup and view all the answers

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