Tax Law & Tax Policy Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. Tax reform means to change _____.

Question 2 2. The _____ is the system of laws allowing the government to raise money.

Question 3 3. The principle of effectiveness and fairness requires that _____.

Question 4 4. The principle that requires the tax laws to be easy for everyone to understand is _____.

Question 5 5. All of the following are principles of the U.S. Tax System EXCEPT:

Page 2

Question 6 6. Which of following are not funded by tax revenue?

Question 7 7. What is the term for compulsory contributions to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions?

Question 8 8. What is the term for money granted by the government to assist an industry or business so that the price of their products or services may remain low?

Question 9 9. What is defined as the basic physical and organizational structures needed for the operation of a society?

Question 10 10. Which of these is not an example of a subsidy?

Page 3

Question 11 11. A _____ is a written statement issued to a taxpayer from the IRS that interprets tax laws and applies them to the taxpayer's situation.

Question 12 12. In 1926, the _____ was published by the House of Representatives.

Question 13 13. The President appoints nineteen _____ judges who travel nationwide to settle disputes regarding tax matters.

Question 14 14. Temporary and final regulations are sometimes referred to as _____.

Question 15 15. Revenue rulings are an official interpretation of the _____.

Page 4

Question 16 16. If Tim is seeking a secondary source of federal tax law that provides him with time saving resource, such as a depreciation table, which source should Tim use?

Question 17 17. Legal periodicals often use a _____ approach to federal tax law.

Question 18 18. Which of the following is a secondary source of federal tax law?

Question 19 19. Tax newsletters perform which of the following functions?

Question 20 20. Secondary sources include the following EXCEPT _____.

Page 5

Question 21 21. Which of these explains how to calculate sales tax?

Question 22 22. Which of these is true about business inventory?

Question 23 23. Which of these best explains how state agencies calculate property tax?

Question 24 24. Which of these best explains state income tax?

Question 25 25. Which of these explains paying sales tax?

Tax Law & Tax Policy Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Accounting 307: Federal Income Taxes  /  Business Courses
Support