MC- Intro to Taxation

MC- Intro to Taxation - INTRODUCTION TO TAXATION MULTIPLE...

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INTRODUCTION TO TAXATION MULTIPLE CHOICE Select the most appropriate answer for each of the following questions from the list provided. 1. Market failure is: (a) the inability of the free market system to deliver the desired degree of social and economic benefits to all citizens in an adequate and equitable manner (b) a decline in the stock market (c) an externality (d) the rationale for a wealth tax (e) none of the above 2. Canada: (a) levies a gift tax on all gifts over $1,000 (b) implemented a gift tax in 1972 (c) levies a gift tax but not death duties (d ) abolished the gift tax and death duties as at December 31, 1971 (e) none of the above 3. The Carter Commission: (a) tabled its report in 1987 (b) recommended the individual as the appropriate tax unit (c) recommended the family as the appropriate tax unit (d) recommended repeal of the corporation income tax (e) none of the above 4. From the perspective of the ultimate consumer, the G(H)ST is: (a) an income tax (b) an invisible tax (c) a direct tax (d) an “ in rem ” tax (e) none of the above 5. Federal personal income tax was introduced in Canada in: (a) 1902 (b) 1916 (c) 1917 (d) 1972 (e) none of the above
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6. The first official
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MC- Intro to Taxation - INTRODUCTION TO TAXATION MULTIPLE...

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