Chapter 01 Federal Income Taxation – An Overview 1. A tax is an enforced contribution used to finance the functions of government. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: CIFT.MUHI.14.1 - 1 NATIONAL STANDARDS: United States - AACSB Analytic United States - AICPA Measurement 2. Adam Smith identified efficient, certainty, convenience, and economy as the four basic requirements for a good tax system. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: CIFT.MUHI.14.1 - 1 NATIONAL STANDARDS: United States - AACSB Analytic United States - AICPA Measurement 3. Congress is required to insure that the tax law has the following characteristics: equality, certainty, convenience, and economy. a. True b. False ANSWER: False POINTS: 1 DIFFICULTY: Medium LEARNING OBJECTIVES: CIFT.MUHI.14.1 - 1 NATIONAL STANDARDS: United States - AACSB Analytic United States - AICPA Measurement 4. Horizontal equity exists when two similarly situated taxpayers are taxed the same. a. True b. False ANSWER: True POINTS: 1 DIFFICULTY: Easy LEARNING OBJECTIVES: CIFT.MUHI.14.1 - 1 NATIONAL STANDARDS: United States - AACSB Analytic United States - AICPA Measurement
Powered by Cognero