8 Questions
Which of the following is the main source of government funding?
Individual and corporate taxes
What does the term 'tax base' refer to?
The total amount of income subject to taxation
What is double taxation?
Paying taxes twice on the same dollar of income
What does tax incidence measure?
Who ultimately pays a tax
What are capital gains?
Profits gained from the sale of capital assets
Which of the following best describes tax incidence?
The process of distributing the burden of a tax between buyers and sellers
What is the tax base?
The specific goods or services that are subject to taxation
What is double taxation?
The process of being taxed on the same income or asset twice
Test your knowledge on government funding and tax systems with this quiz. Learn about the main sources of government revenue and the different types of tax systems. Understand what a tax base is and its significance. Challenge yourself and enhance your understanding of funding the public sector.
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