CSU Act 330 fall '18 final Exam | Questions and Answers with Verified Solutions |
Latest 2026 Update
Q: tax
Answer:
a payment to support the cost of government/ revenue raising
Q: how are taxes different from fines?
Answer:
taxes are not intended to deter or punish unacceptable behavior
Q: taxpayer
Answer:
any person or organization required by law to pay a tax to a governmental authority
Q: incidence of a tax
Answer:
the ultimate economic burden represented by the tax
Q: incidence of a tax
Answer:
the ultimate economic burden represented by the tax (who actually pays the tax
directly or indirectly)
,Q: tax base
Answer:
an item, occurrence, transaction, or activity with respect to which a tax is levied (ex. real
estate property taxes)
Q: how is the dollar amount of a tax calculated?
Answer:
tax (t)= rate (r) X base (b)
Q: flat rate
Answer:
a single percentage that applies to the entire tax base
Q: graduated rate structure
Answer:
consists of multiple percentages that apply to specified portions or brackets
of the tax base
Q: revenue
Answer:
refers to the total tax collected by the government and available for public use
Q: event or transaction based
Answer:
the tax is triggered only when an event occurs or a transaction takes place
(ex. sales tax when a purchase is made)
,Q: activity based
Answer:
when a tax is imposed on the cumulative result of an ongoing activity (ex. annual income
tax)
Q: income tax
Answer:
imposed on the periodic inflow of wealth resulting from a person's economic activities
Q: earmarked
Answer:
revenues from some taxes are used specifically to finance designated projects (ex. revenues
from local real property taxes are typically earmarked to support public school systems)
Q: ad valorem taxes
Answer:
real property taxes and personal property taxes
Q: realty
Answer:
land and whatever is erected or growing on the land or permanently affixed to it (also
encompasses any subsurface features such as mineral deposits)
Q: real property taxes
Answer:
levied annually and are based on the market value of the property as determined
by the local government
, Q: tax assessor
Answer:
responsible for deriving the value of realty and informing the owners of the assessed value
Q: unique feature of real property taxes
Answer:
tax rate is determined annually according to the jurisdiction's
need for revenue for that particular budget year
Q: abatements
Answer:
temporary tax exemptions
Q: fee
Answer:
voluntary payment in exchange for a service
Q: fine
Answer:
designed to penalize certain behaviors
Q: tax rates are either:
Answer:
proportional(flat) or graduated(progressive)
Latest 2026 Update
Q: tax
Answer:
a payment to support the cost of government/ revenue raising
Q: how are taxes different from fines?
Answer:
taxes are not intended to deter or punish unacceptable behavior
Q: taxpayer
Answer:
any person or organization required by law to pay a tax to a governmental authority
Q: incidence of a tax
Answer:
the ultimate economic burden represented by the tax
Q: incidence of a tax
Answer:
the ultimate economic burden represented by the tax (who actually pays the tax
directly or indirectly)
,Q: tax base
Answer:
an item, occurrence, transaction, or activity with respect to which a tax is levied (ex. real
estate property taxes)
Q: how is the dollar amount of a tax calculated?
Answer:
tax (t)= rate (r) X base (b)
Q: flat rate
Answer:
a single percentage that applies to the entire tax base
Q: graduated rate structure
Answer:
consists of multiple percentages that apply to specified portions or brackets
of the tax base
Q: revenue
Answer:
refers to the total tax collected by the government and available for public use
Q: event or transaction based
Answer:
the tax is triggered only when an event occurs or a transaction takes place
(ex. sales tax when a purchase is made)
,Q: activity based
Answer:
when a tax is imposed on the cumulative result of an ongoing activity (ex. annual income
tax)
Q: income tax
Answer:
imposed on the periodic inflow of wealth resulting from a person's economic activities
Q: earmarked
Answer:
revenues from some taxes are used specifically to finance designated projects (ex. revenues
from local real property taxes are typically earmarked to support public school systems)
Q: ad valorem taxes
Answer:
real property taxes and personal property taxes
Q: realty
Answer:
land and whatever is erected or growing on the land or permanently affixed to it (also
encompasses any subsurface features such as mineral deposits)
Q: real property taxes
Answer:
levied annually and are based on the market value of the property as determined
by the local government
, Q: tax assessor
Answer:
responsible for deriving the value of realty and informing the owners of the assessed value
Q: unique feature of real property taxes
Answer:
tax rate is determined annually according to the jurisdiction's
need for revenue for that particular budget year
Q: abatements
Answer:
temporary tax exemptions
Q: fee
Answer:
voluntary payment in exchange for a service
Q: fine
Answer:
designed to penalize certain behaviors
Q: tax rates are either:
Answer:
proportional(flat) or graduated(progressive)
