FUNDAMENTALS OF TAXATION EXAM QUESTIONS AND ANSWERS

FUNDAMENTALS OF TAXATION EXAM
QUESTIONS AND ANSWERS

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Practice questions for this set


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SOURCES OF GROSS INCOME



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COMPENSATION INCOME,
1 TAXATION 2 BUSINESS OR PROFESSIONAL
INCOME, PASSIVE INCOME



INCOME TAX, BUSINESS TAX,
3 TRANSFER TAX, DOCUMENTARY 4 INCOME TAX
TAX



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, Terms in this set (43)


MEANS BY WHICH THE SOVEREIGN STATE IMPOSES
CHARGES UPON PERONS, PROPERTIES OR RIGHTS
TAXATION TO ENABLE IT TO DEFRAY THE NECESSARY
EXPENSES IN DISCHARGING THE GOVERNMENTS
FUNCTIONS

ENFORCED PROPORTIONAL CONTRIBUTIONS
FROM PERSONS, PROPERTIES, OR RIGHTS BY THE
TAXES
STATE IN ORDER TO SUPPORT THE GOVERNMENT
AND PUBLIC NEEDS

REFERS TO THE AMOUNT OF WEALTH WHICH
INCOME FLOWS TO A PERSON OR CORPORATION WITHIN A
SPECIFIED PERIOD OF TIME

PERTINENT ITEMS OF INCOME PROVIDED FOR IN
TAXABLE INCOME THE NATIONAL INTERNAL REVENUE CODE, THE
AMOUNT OF INCOME TAXED

INCOME TAX TAX ON ALL YEARLY PROFITS

PRIMARY AND WHAT ARE THE PURPOSES FOR TAXATION
SECONDARY

TAXATION IS IMPOSED IN ORDER TO PROVIDE
FUNDS AND PROPERTY, PROMOTE GENERAL
PRIMARY
WELFARE, PROTECTION OF THE COUNTRY'S
CITIZENS

PROVIDE INCENTIVE WHAT ARE THE SECONDARY PURPOSES OF
AND SUPPORT, PROTECT TAXATION?
LOCAL BUSINESSES,
REDUCE INEQUALITIES
IN WEALTH, PREVENT
INFLATION