Tax Classification Quiz

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Questions and Answers

What is the difference between a direct and an indirect tax?

  • Direct tax is a fixed amount while indirect tax is determined by the value of the property being taxed
  • Direct tax is demanded from persons who are intended or bound by law to pay the tax while indirect tax can be shifted to another (correct)
  • Direct tax is imposed on property while indirect tax is imposed on individuals
  • Direct tax is paid by someone other than the taxpayer while indirect tax is paid by the taxpayer

What is the difference between a specific and an ad valorem tax?

  • Specific tax is a percentage of the value of the property being taxed while ad valorem tax is a fixed amount
  • Specific tax is a fixed amount while ad valorem tax is imposed based on a physical unit of measurement (correct)
  • Specific tax is imposed on property while ad valorem tax is imposed on individuals
  • Specific tax is determined by an independent appraiser while ad valorem tax is not

What is the difference between a general/fiscal/revenue tax and a special/regulatory tax?

  • General taxes are indirect while special taxes are direct
  • General taxes have a specific purpose while special taxes are raised for whatever need may arise (correct)
  • General taxes are imposed by municipal governments while special taxes are imposed by the national government
  • General taxes are graduated while special taxes are not

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