Podcast
Questions and Answers
Which of the following scenarios best illustrates the concept of taxation?
Which of the following scenarios best illustrates the concept of taxation?
- A local government acquiring private land to build a public park after providing just compensation.
- A homeowner paying an annual fee to a homeowners association for community maintenance.
- A private company charging a fee for the use of its toll roads.
- A state government imposing a mandatory contribution on its citizens' income to fund public education and infrastructure. (correct)
Which of the following actions falls outside the scope of the government's power of taxation?
Which of the following actions falls outside the scope of the government's power of taxation?
- Imposing a levy on imported goods to protect domestic industries.
- Enacting legislation to collect revenue for public infrastructure projects.
- Requiring citizens to pay a percentage of their income to fund social welfare programs.
- Confiscating private property without compensation for public use. (correct)
An authorized officer is reviewing a taxpayer's financial records to determine the correct amount of tax owed. Which aspect of taxation is being performed?
An authorized officer is reviewing a taxpayer's financial records to determine the correct amount of tax owed. Which aspect of taxation is being performed?
- Collection
- Distraint
- Assessment (correct)
- Legislation
A local government imposes a property tax where the amount is directly based on the assessed value of the property. Which type of tax is this?
A local government imposes a property tax where the amount is directly based on the assessed value of the property. Which type of tax is this?
A country implements a tax system where higher income earners pay a larger percentage of their income in taxes compared to lower income earners. What kind of tax is being implemented?
A country implements a tax system where higher income earners pay a larger percentage of their income in taxes compared to lower income earners. What kind of tax is being implemented?
Which statement is incorrect regarding fundamental principles of taxation?
Which statement is incorrect regarding fundamental principles of taxation?
A taxpayer donates a significant portion of their income-generating assets to a qualified charitable organization to reduce their overall tax liability. This action is best described as:
A taxpayer donates a significant portion of their income-generating assets to a qualified charitable organization to reduce their overall tax liability. This action is best described as:
What distinguishes the power of taxation from the power of eminent domain?
What distinguishes the power of taxation from the power of eminent domain?
A government decides to fund a new highway construction project. Which of the following powers is most relevant for securing the necessary financial resources?
A government decides to fund a new highway construction project. Which of the following powers is most relevant for securing the necessary financial resources?
A local government imposes a levy on all businesses operating within its jurisdiction to fund improvements to the central business district. This levy is an example of:
A local government imposes a levy on all businesses operating within its jurisdiction to fund improvements to the central business district. This levy is an example of:
Flashcards
Power of Taxation
Power of Taxation
The power of the State to impose charge or burden upon persons, properties or rights to raise revenues.
Power of Eminent Domain
Power of Eminent Domain
Right of the State to take private property for public use upon payment of just compensation.
Police Power
Police Power
Authority of the State to enact laws and regulations to promote public order, safety, health, morals and general welfare.
Assessment (Tax)
Assessment (Tax)
Official action to determine the amount of tax due under the law from a taxpayer.
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Ad Valorem Tax
Ad Valorem Tax
Tax based on a fixed proportion of the amount or value of the property taxed.
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Proportional Tax
Proportional Tax
Tax based on a percentage of the amount of property, income, or other basis to be taxed.
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Special assessment
Special assessment
Wrong statement: A special assessment is a tax
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Tax Avoidance
Tax Avoidance
Avoiding taxes legally
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- The State can exercise the power of taxation only if it is expressly mentioned in the Constitution.
- Power of eminent domain may not raise money for the government.
- Assessment is the the official action of an officer authorized by law in ascertaining the amount of tax due under the law from a taxpayer
- Assessment, levying, collection and distraint are aspects of taxation to discover
- Ad valorem is a tax which is a fixed proportion of the amount or value of the property with respect to which the tax is assessed
- Proportional tax is based on a fix percentage of the amount of property, income or other basis to be taxed
- A special assessment is NOT a tax
- Tax avoidance is when there's a donation of property to lower tax bracket
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