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1. | Which tax is calculated on the transfer of property and is normally determined by multiplying the value of the property transferred by a tax rate?

Choose 1 answer | | A. | | progressive tax | B. | | excise tax | C. | | income tax | D. | | FICA tax | | 2. | Which two statements describe how taxes influence decisions made when filing a return for an individual taxpayer? | | Choose 2 answers | | A. | | Changes in tax structure may allow taxpayers to have more money to spend. | B. | | Shorter asset lives and accelerated methods encourage additional investment in depreciable property acquired for business use. | C. | | Various tax credits, deductions, and exclusions are designed to encourage taxpayers to obtain additional education and plan for retirement. | D. | | The special provisions that permit shareholders of a small corporation to make a special election will generally avoid the imposition of corporate income tax | | What are three taxes that, in most states, are imposed upon lawyers, accountants, and physicians? | | Choose 3 answers | | A. | | value added taxes | B. | | custom duties | C. | | individual income taxes | D. | | property taxes | E. | | occupational taxes | | What is the difference in income tax liability resulting from the use of accrual basis vs. cash basis accounting?

Choose 1 answer | | A. | | The cash basis of accounting considers all income for the year when it is earned and pays taxes on the gross income amount, regardless of when funds are actually collected. The accrual basis of accounting considers all income for the year when it is collected and pays taxes on that amount, regardless of when it is earned. | B. | | The accrual basis of accounting considers all income for the year when it is collected and pays taxes on that amount, regardless of when

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