Score:110/120Points91.67%

 1.
Award: 10 out of 10.00 points
 
 
Tax policy rarely plays an important part in presidential campaigns.
 False

References
True / FalseDifficulty: 1 EasyLearning Objective: 01-01 Demonstrate how taxes influence basic business,
investment, personal, and political decisions.

 2.
Award: 10 out of 10.00 points
 
 
A 1 percent charge imposed by a local government on football tickets sold is not considered a tax if
all proceeds are earmarked to fund local schools.
 False

References
True / FalseDifficulty: 2 MediumLearning Objective: 01-02 Discuss what constitutes a tax and the general
objectives of taxation.

 3.
Award: 10 out of 10.00 points
 
 
The two components of the tax calculation are the tax rate and the taxpayer's status.
 False

References
True / FalseDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures and
calculate a tax.

 4.
Award: 10 out of 10.00 points
 
 
The main difficulty in calculating an income tax is determining the correct amount of the tax base.
 True
References
True / FalseDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures and
calculate a tax.

 5.
Award: 10 out of 10.00 points
 
 
In a proportional (flat) tax rate system, the marginal tax rate will always equal the average tax rate.
 True

References
True / FalseDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures and
calculate a tax.

 6.
Award: 0 out of 10.00 points
 
 
A sales tax is a common example of a progressive tax rate structure.
True
 False

References
True / FalseDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures and
calculate a tax.

 7.
Award: 10 out of 10.00 points
 
 
Which of the following is considered a tax?
Tolls
Parking meter fees
Annual licensing fees
 A local surcharge paid on retail sales to fund public schools
Entrance fees paid at national parks
References
Multiple ChoiceDifficulty: 1 EasyLearning Objective: 01-02 Discuss what constitutes a tax and the general
objectives of taxation.

 8.
Award: 10 out of 10.00 points
 
 
Which of the following is not one of the basic tax rate structures?
Proportional
 Equitable
Regressive
Progressive
All of these are different kinds of the basic tax rate structures
References
Multiple ChoiceDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures
and calculate a tax.

 9.
Award: 10 out of 10.00 points
 
 
Which of the following represents the largest percentage of average state tax revenue?
 Sales tax
Individual income tax
Other
Property tax
None of the choices are correct
References
Multiple ChoiceDifficulty: 2 MediumLearning Objective: 01-04 Identify the various federal, state, and local
taxes.

 10.
Award: 10 out of 10.00 points
 
 
Which of the following is true regarding tax-advantaged assets?
 
They are typically subject to excise taxes to account for their low explicit taxes.
A corporate bond is typically considered a tax-advantaged asset.
 They are often subject to implicit taxes.
A corporate bond is typically considered a tax-advantaged asset. They are often subject to implicit
taxes but they are not typically subject to excise taxes to account for their low explicit taxes.
None of the choices are correct.
References
Multiple ChoiceDifficulty: 2 MediumLearning Objective: 01-04 Identify the various federal, state, and local
taxes.

 11.
Award: 10 out of 10.00 points
 
 
Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has
$15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income.
If Leonardo earned an additional $30,000 of taxable income this year, what would be the marginal
tax rate on the extra income for 2020? (Use tax rate schedule.) (Round your final answer to two
decimal places.)
22.00 percent
18.81 percent
24.00 percent
 23.62 percent
None of the choices are correct
References
Multiple ChoiceDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures
and calculate a tax.

 12.
Award: 10 out of 10.00 points
 
 
If Susie earns $792,000 in taxable income, how much tax will she pay as a single taxpayer for 2020?
(Use tax rate schedule.)

$230,189
$293,040
 $257,467
$156,235
None of the choices are correct
References
Multiple ChoiceDifficulty: 2 MediumLearning Objective: 01-03 Describe the different tax rate structures
and calculate a tax.
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