Question 1

Which tax is paid by consumers to vendors at the point of sale?

Accepted Answer

A)  sales tax 
B)  property tax 
C)  wealth tax 
D)  excise tax 
A)  sales tax 
B)  property tax 
C)  wealth tax 
D)  excise tax

Question 2

The American Taxpayer Relief Act of 2012:

Accepted Answer

A)  made all of the 2001 tax cuts permanent. 
B)  increased the top tax rate from 35% to 39.6%. 
C)  allowed all of the 2001 tax cuts to expire. 
D)  reduced the top tax rate from 39.6% to 35%. 
A)  made all of the 2001 tax cuts permanent. 
B)  increased the top tax rate from 35% to 39.6%. 
C)  allowed all of the 2001 tax cuts to expire. 
D)  reduced the top tax rate from 39.6% to 35%.

Question 3

Approximately what percentage of federal government revenue comes from individual income taxes?

Accepted Answer

A)  15.1% 
B)  22.9% 
C)  33.3% 
D)  41.6% 
A)  15.1% 
B)  22.9% 
C)  33.3% 
D)  41.6%

Question 4

In 2015,the lowest tax rate on taxable income was ________,while the highest tax rate on taxable income was _________.

Accepted Answer

A)  0%; 43% 
B)  0%; 35% 
C)  10%; 39.6% 
D)  10%; 43% 
A)  0%; 43% 
B)  0%; 35% 
C)  10%; 39.6% 
D)  10%; 43%

Question 5

Which of the following is equal to government revenue losses attributable to tax law provisions that allow special exclusions,exemptions,or deductions from gross income or that provide a special credit,preferential tax rate,or deferral of liability?

Accepted Answer

A)  tax deductions 
B)  tax expenditures 
C)  tax credits 
D)  withholding 
A)  tax deductions 
B)  tax expenditures 
C)  tax credits 
D)  withholding

Question 6

A tax system is marriage neutral if:

Accepted Answer

A)  married couples pay the same tax amount in taxes as single individuals do. 
B)  the marginal tax rate on income rises as income rises. 
C)  the tax burden on two people is the same whether they are single or married to each other. 
D)  couples are taxed as a family rather than as two individuals. 
A)  married couples pay the same tax amount in taxes as single individuals do. 
B)  the marginal tax rate on income rises as income rises. 
C)  the tax burden on two people is the same whether they are single or married to each other. 
D)  couples are taxed as a family rather than as two individuals.

Question 7

The type of tax that yields the highest amount of revenue to all U.S.governments (federal,state,and local combined)is the _________ tax.The tax that yields the second-highest amount is the ________ tax.The tax that yields the least amount of revenue is the _________ tax.

Accepted Answer

A)  payroll; individual income; wealth 
B)  payroll; individual income; corporate 
C)  individual income; payroll; corporate 
D)  individual income; consumption; wealth 
A)  payroll; individual income; wealth 
B)  payroll; individual income; corporate 
C)  individual income; payroll; corporate 
D)  individual income; consumption; wealth

Question 8

Which of the following is TRUE?

Accepted Answer

A)  Less-developed countries get a larger proportion of their tax revenues from wealth taxes than any other type of tax. 
B)  Other OECD countries depend more heavily on consumption taxes than does the United States. 
C)  Other OECD countries depend more heavily on wealth taxes than does the United States. 
D)  Other OECD countries depend more heavily on income taxes than does the United States. 
A)  Less-developed countries get a larger proportion of their tax revenues from wealth taxes than any other type of tax. 
B)  Other OECD countries depend more heavily on consumption taxes than does the United States. 
C)  Other OECD countries depend more heavily on wealth taxes than does the United States. 
D)  Other OECD countries depend more heavily on income taxes than does the United States.

Which tax is paid by consumers to vendors at the point of sale?

The American Taxpayer Relief Act of 2012:

Approximately what percentage of federal government revenue comes from individual income taxes?

In 2015,the lowest tax rate on taxable income was ,while the highest tax rate on taxable income was _.

Which of the following is equal to government revenue losses attributable to tax law provisions that allow special exclusions,exemptions,or deductions from gross income or that provide a special credit,preferential tax rate,or deferral of liability?

A tax system is marriage neutral if:

The type of tax that yields the highest amount of revenue to all U.S.governments (federal,state,and local combined)is the _ tax.The tax that yields the second-highest amount is the tax.The tax that yields the least amount of revenue is the _ tax.

Which of the following is TRUE?

Why Study Public Finance

Theoretical Tools of Public Finance

Empirical Tools of Public Finance

Budget Analysis and Deficit Financing

Externalities- Problems and Solutions

Externalities in Action- Environmental and Health Externalities

Public Goods

Cost-Benefit Analysis

Political Economy

State and Local Government Expenditures

Education

Social Insurance- the New Function of Government

Social Security

Unemployment Insurance, disability Insurance, and Workers Compensation

Health Insurance I- Health Economics and Private Health Insurance

Health Insurance Ii- Medicare, medicaid, and Health Care Reform

Income Distribution and Welfare Programs

The Equity Implications of Taxation- Tax Incidence

Taxes on Labor Supply

Taxes on Savings

Taxes on Risk Taking and Wealth

Taxation of Business Income

Fundamental Tax Reform and Consumption Tax

Filters

Exam 18: Taxation- How It Works and What It Means

Which tax is paid by consumers to vendors at the point of sale?

The American Taxpayer Relief Act of 2012:

Approximately what percentage of federal government revenue comes from individual income taxes?

In 2015,the lowest tax rate on taxable income was ________,while the highest tax rate on taxable income was _________.

Which of the following is equal to government revenue losses attributable to tax law provisions that allow special exclusions,exemptions,or deductions from gross income or that provide a special credit,preferential tax rate,or deferral of liability?

A tax system is marriage neutral if:

The type of tax that yields the highest amount of revenue to all U.S.governments (federal,state,and local combined)is the _________ tax.The tax that yields the second-highest amount is the ________ tax.The tax that yields the least amount of revenue is the _________ tax.

Which of the following is TRUE?

Why Study Public Finance

Theoretical Tools of Public Finance

Empirical Tools of Public Finance

Budget Analysis and Deficit Financing

Externalities- Problems and Solutions

Externalities in Action- Environmental and Health Externalities

Public Goods

Cost-Benefit Analysis

Political Economy

State and Local Government Expenditures

Education

Social Insurance- the New Function of Government

Social Security

Unemployment Insurance, disability Insurance, and Workers Compensation

Health Insurance I- Health Economics and Private Health Insurance

Health Insurance Ii- Medicare, medicaid, and Health Care Reform

Income Distribution and Welfare Programs

The Equity Implications of Taxation- Tax Incidence

Taxes on Labor Supply

Taxes on Savings

Taxes on Risk Taking and Wealth

Taxation of Business Income

Fundamental Tax Reform and Consumption Tax

Filters

In 2015,the lowest tax rate on taxable income was ,while the highest tax rate on taxable income was _.

The type of tax that yields the highest amount of revenue to all U.S.governments (federal,state,and local combined)is the _ tax.The tax that yields the second-highest amount is the tax.The tax that yields the least amount of revenue is the _ tax.