TAX4001 Socratives 2024/2025 Exam
Comprehensive Questions and Verified
Answers | Accurate Solutions | Get it
100% Correct!! | Already Graded A+
Which of the following statements are NOT true about taxes?
A. Taxes generate revenue for the federal government.
B. Income taxes are due to the IRS on at least an annual basis.
C. All people pay the same amount of tax on the same amount of gross
income.
D. You must comply with tax laws. - 🧠ANSWER ✔✔C - All above are true,
except C because marital status, dependents, deductions, credits, etc. all
impact the amount of tax paid as you will learn about in this class.
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,The tax system is impacted by political motives and actions.
True or False - 🧠ANSWER ✔✔True - Tax law is enacted by bills submitted
to Congress. Members of Congress are impacted by their constituents and
lobbyists.
Which of the following is not a type of tax?
A. Income
B. Social Security
C. Sales
D. All of the above are types of taxes - 🧠ANSWER ✔✔D - Income, Social
Security, sales, excise, gift, estate, unemployment are all types of taxes
along with others we will learn about.
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,A person has to be certified by the IRS or their State Society of CPAs in
order to prepare tax returns for others and receive compensation.
True or False - 🧠ANSWER ✔✔False - Anyone can prepare tax returns and
be paid for preparation services, whether they have been properly trained
or are certified. Tax law is complicated and interpreting and applying tax
law requires some understanding of tax, but unscrupulous tax preparers do
exist and will prepare tax returns for a fee without adequate knowledge or
training.
How should the federal government use the taxes paid?
A. To fund government services.
B. To build houses for lawmakers.
C. To pay for private vacations.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
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PRIVACY STATEMENT. ALL RIGHTS RESERVED
, D. All of the above should be uses of taxes paid. - 🧠ANSWER ✔✔A - We
hope our tax revenues do not pay for lawmakers' houses or private
vacations. Unfortunately, sometimes they do!
A tax is defined as
A. A payment requested by a government agency that is unrelated to any
specific benefit or service received from the government agency.
B. A payment required by a government agency that is unrelated to any
specific benefit or service received from the government agency.
C. A payment required by a government agency that is related to a specific
benefit or service received from the government agency.
D. A payment requested by a government agency that is related to a
specific benefit or service received from the government agency. -
🧠ANSWER ✔✔B - For a tax, a payment is /required/ and is /unrelated/ to
the benefit received. Don't we wish it was a request!
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
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PRIVACY STATEMENT. ALL RIGHTS RESERVED
Comprehensive Questions and Verified
Answers | Accurate Solutions | Get it
100% Correct!! | Already Graded A+
Which of the following statements are NOT true about taxes?
A. Taxes generate revenue for the federal government.
B. Income taxes are due to the IRS on at least an annual basis.
C. All people pay the same amount of tax on the same amount of gross
income.
D. You must comply with tax laws. - 🧠ANSWER ✔✔C - All above are true,
except C because marital status, dependents, deductions, credits, etc. all
impact the amount of tax paid as you will learn about in this class.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
1
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,The tax system is impacted by political motives and actions.
True or False - 🧠ANSWER ✔✔True - Tax law is enacted by bills submitted
to Congress. Members of Congress are impacted by their constituents and
lobbyists.
Which of the following is not a type of tax?
A. Income
B. Social Security
C. Sales
D. All of the above are types of taxes - 🧠ANSWER ✔✔D - Income, Social
Security, sales, excise, gift, estate, unemployment are all types of taxes
along with others we will learn about.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
2
PRIVACY STATEMENT. ALL RIGHTS RESERVED
,A person has to be certified by the IRS or their State Society of CPAs in
order to prepare tax returns for others and receive compensation.
True or False - 🧠ANSWER ✔✔False - Anyone can prepare tax returns and
be paid for preparation services, whether they have been properly trained
or are certified. Tax law is complicated and interpreting and applying tax
law requires some understanding of tax, but unscrupulous tax preparers do
exist and will prepare tax returns for a fee without adequate knowledge or
training.
How should the federal government use the taxes paid?
A. To fund government services.
B. To build houses for lawmakers.
C. To pay for private vacations.
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
3
PRIVACY STATEMENT. ALL RIGHTS RESERVED
, D. All of the above should be uses of taxes paid. - 🧠ANSWER ✔✔A - We
hope our tax revenues do not pay for lawmakers' houses or private
vacations. Unfortunately, sometimes they do!
A tax is defined as
A. A payment requested by a government agency that is unrelated to any
specific benefit or service received from the government agency.
B. A payment required by a government agency that is unrelated to any
specific benefit or service received from the government agency.
C. A payment required by a government agency that is related to a specific
benefit or service received from the government agency.
D. A payment requested by a government agency that is related to a
specific benefit or service received from the government agency. -
🧠ANSWER ✔✔B - For a tax, a payment is /required/ and is /unrelated/ to
the benefit received. Don't we wish it was a request!
COPYRIGHT©PROFFKERRYMARTIN 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE.
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PRIVACY STATEMENT. ALL RIGHTS RESERVED
