IAAO Course 402: Chapters 1-7 with 100% correct answers

In the form of government known as _____________, power is divided between central and regional governments. Federalism ______________ is the cultural concept related to legal relationships about things that can be possessed. Property The main difference between taxes and fees is that taxes are (BROAD / NARROW) and (PROVIDE / DO NOT PROVIDE) the tax payer a direct benefit. Broad Do not provide The U.S. property tax system uses property value as an indicator of (INCOME / WEALTH). Wealth When governments require vehicle emissions tests, this is an example of (PUBLIC / TAX) policy. Public A property tax exemption for pollution control equipment is an example of (PUBLIC / TAX) policy. Tax Describe in general terns how current property tax systems in the U.S. differ from earlier property tax systems. Current systems are almost exclusively used to provide local, rather than state, revenue. Current systems are much narrower, in that they tend to tax tangible property more than intangible property and real property more than personal property The relative share of property tax as a funding source has declined most for (STATE / LOCAL) governments. State Today's property tax is more likely to be a tax on (TANGIBLE / INTANGIBLE) property. Tangible In the U.S. property tax assessment administration is more often a (LOCAL / STATE) function. Local Two types of limits increasingly found in property tax systems are limits in ______________ and _______________. Revenue and assessed value increases Because some school districts have more property wealth per pupil than others, states have developed _____________________ systems to level this playing field. Equalization Democracies tend to be promoted by (CAPITALIST / SOCIALIST) economic systems. Capitalist When a town builds and operates a wastewater treatment plant, it is providing a (PUBLIC / PRIVATE) good. Public When the national government adjusts interest rates, it is exercising a (REDISTRIBUTION / STABILIATION) role. Stabilization List two causes of market failure. Lack of information about price and quality of goods Limited number of buyers and sellers List two causes of government failure. Special interest group influences bureaucratic costs Over the last 80 years, government spending in the U.S. has tended to (INCREASE / DECREASE) in relation to gross domestic product. Increase List three attributes of a good tax system. Fairness Neutrality Uniformity Administratively, the functions of a property tax system are: To identify and link taxable subjects (taxpayers) and taxable objects (property) Produce tax assessments Collect taxes Greater certainty about the law and greater accessibility to non-lawyers is a claimed advantage of which common legal system? Civil law Which statement about the "Commerce Clause" of the U.S. Constitution is more accurate? A. It allows states to tax businesses more heavily than other types of taxpayers. B. It assigns to Congress the power to regulate foreign and interstate commerce. C. It prohibits states from taxing businesses more heavily than other types of taxpayers. D. It contains "loopholes" that preclude state or local taxes on purchases made over the Internet. B What principal did the U.S. Supreme Court adopt when it was confronted by a situation in which the taxpayer was correctly assessed by that the property of other taxpayers generally were deliberately under-valued in Sioux City Bridge Co. v. Dakota County (1922)? Where it is impossible to secure both the standard of the true value, and the uniformity and equality required by law, the latter requirement is to be preferred as the just and ultimate purpose of the law. Under the budget-based system for determining property tax rates, what is the rate per dollar of assessed value that would result, assuming that the budget totals $160 million, revenue from other sources is estimated to total $40 million, and the total assed value is $6 billion? A. $0.50 B. $0.0267 C. $0.02 D. $0.0333 C