KU ACC 330 ExAm 1 2026 UPDATE WITH CORRECT ACTUAL
QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Jurisdiction - CORRECT ANSWER-the right to levy tax
tax base - CORRECT ANSWER-item, occurrence, traction, or activity with respect to which
a tax is levied
Usually expressed in monetary terms
Flat rate - CORRECT ANSWER-a single percentage that applies to the entire tax base
graduated rate - CORRECT ANSWER-multiple percentages that apply to specified portions
or bracket of the tax base
Event/Transaction based tax - CORRECT ANSWER-sales tax, excise tax, inheritance tax
Activity based tax - CORRECT ANSWER-imposed on the cumulative result of an ongoing
activity
ex: income tax
Earmarked Taxes - CORRECT ANSWER-taxes linked to government expenditures to finance
designated projects
Ex: local real property taxes are earmarked to support public school systems
Ex: social security, medicare, environmental excise taxes
Ad valorem taxes - CORRECT ANSWER-real property and personal property taxes that
local governments rely on
, Realty - CORRECT ANSWER-real property; land and whatever is erected or growing on the
land or permanently affixed to it
Real property tax rate - CORRECT ANSWER-the tax rate is determined every year based on
the jurisdiction's need for revenue
Abatements - CORRECT ANSWER-temporary tax exemptions on real property to lure
commercial enterprises into their jurisdictions for jobs, etc
Personalty - CORRECT ANSWER-an asset that is not realty
3 classes of taxable personalty:
1. household tangibles
2. business tangibles
3. intangibles (stocks and bonds)
State governments get 90% of their tax revenue from... - CORRECT ANSWER-sales taxes
and income taxes as major sources of funds
The U.S. federal government depends on _____ tax as a source of general revenue -
CORRECT ANSWER-income...tax as a source of general revenue
Transfer taxes - CORRECT ANSWER-tax based on the value of an individual's wealth
transferred by gift or at death
Standards for a good tax - CORRECT ANSWER-1. sufficient
2. convenient
3. efficient
4. fair
Ability to pay - CORRECT ANSWER-refers to the degree of convenience with which a
particular tax is levied and collected
QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST
ALREADY GRADED A+
Jurisdiction - CORRECT ANSWER-the right to levy tax
tax base - CORRECT ANSWER-item, occurrence, traction, or activity with respect to which
a tax is levied
Usually expressed in monetary terms
Flat rate - CORRECT ANSWER-a single percentage that applies to the entire tax base
graduated rate - CORRECT ANSWER-multiple percentages that apply to specified portions
or bracket of the tax base
Event/Transaction based tax - CORRECT ANSWER-sales tax, excise tax, inheritance tax
Activity based tax - CORRECT ANSWER-imposed on the cumulative result of an ongoing
activity
ex: income tax
Earmarked Taxes - CORRECT ANSWER-taxes linked to government expenditures to finance
designated projects
Ex: local real property taxes are earmarked to support public school systems
Ex: social security, medicare, environmental excise taxes
Ad valorem taxes - CORRECT ANSWER-real property and personal property taxes that
local governments rely on
, Realty - CORRECT ANSWER-real property; land and whatever is erected or growing on the
land or permanently affixed to it
Real property tax rate - CORRECT ANSWER-the tax rate is determined every year based on
the jurisdiction's need for revenue
Abatements - CORRECT ANSWER-temporary tax exemptions on real property to lure
commercial enterprises into their jurisdictions for jobs, etc
Personalty - CORRECT ANSWER-an asset that is not realty
3 classes of taxable personalty:
1. household tangibles
2. business tangibles
3. intangibles (stocks and bonds)
State governments get 90% of their tax revenue from... - CORRECT ANSWER-sales taxes
and income taxes as major sources of funds
The U.S. federal government depends on _____ tax as a source of general revenue -
CORRECT ANSWER-income...tax as a source of general revenue
Transfer taxes - CORRECT ANSWER-tax based on the value of an individual's wealth
transferred by gift or at death
Standards for a good tax - CORRECT ANSWER-1. sufficient
2. convenient
3. efficient
4. fair
Ability to pay - CORRECT ANSWER-refers to the degree of convenience with which a
particular tax is levied and collected
