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True / False

1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There existed a Federal income tax during the Civil War that was sanctioned by the U.S. Supreme Court.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

About this item

True / False

1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There existed a Federal income tax during the Civil War that was sanctioned by the U.S. Supreme Court.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

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About this item

True / False

1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There existed a Federal income tax during the Civil War that was sanctioned by the U.S. Supreme Court.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

About this item

True / False

1. The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	The Sixteenth Amendment validated only the tax on individuals. The income tax on corporations had been previously sanctioned by the courts.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

2. Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There existed a Federal income tax during the Civil War that was sanctioned by the U.S. Supreme Court.
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

3. The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

4. The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
QUESTION TYPE:	True / False
LEARNING OBJECTIVES:	CMPV.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPROG: Technology: Technology: - BUSPROG: Technology
STATE STANDARDS:	United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge

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South Western Federal Taxation 2017 Comprehensive 40th Edition by William H. Hoffman -Test Bank

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