Introduction to Income Tax Concepts Quiz

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What is the general term that means all wealth that flows into the taxpayer other than a mere return of capital?

Taxable Income

Capital Gain

Gross Income (correct)

Net Income

What refers to certain items of gross income less deductions and exemptions allowable by law?

Gross Income

Capital Gain

Taxable Income (correct)

Net Income

From what sources is income derived according to the text?

Inheritance only

Use or employment of labor and/or capital (correct)

Property rental only

Gifts only

What are the purposes of income tax mentioned in the text?

<p>To raise revenue to defray government expenses and to mitigate the evils arising from the inequalities of wealth</p> Signup and view all the answers

What is regarded as the best measure of taxpayers’ ability to pay tax according to the text?

<p>Income</p> Signup and view all the answers

Introduction to Income Tax Concepts Quiz

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Questions and Answers

What is the general term that means all wealth that flows into the taxpayer other than a mere return of capital?

What refers to certain items of gross income less deductions and exemptions allowable by law?

From what sources is income derived according to the text?

What are the purposes of income tax mentioned in the text?

What is regarded as the best measure of taxpayers’ ability to pay tax according to the text?

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