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1. Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Measurement United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

2. The United States Federal government has a provision in the Constitution which precludes deficit spending.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There is no such provision and the national debt continues to grow.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

3. Revenue-neutral tax laws reduce deficits.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	They do not reduce deficits, but do not aggravate the problem.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

4. Longer class lives for depreciable property and the required use of straight-line method of depreciation would likely dampen the tax incentive for purchasing capital assets.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Reporting United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

About this item

1. Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Measurement United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

2. The United States Federal government has a provision in the Constitution which precludes deficit spending.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There is no such provision and the national debt continues to grow.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

3. Revenue-neutral tax laws reduce deficits.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	They do not reduce deficits, but do not aggravate the problem.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

4. Longer class lives for depreciable property and the required use of straight-line method of depreciation would likely dampen the tax incentive for purchasing capital assets.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Reporting United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

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About this item

1. Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Measurement United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

2. The United States Federal government has a provision in the Constitution which precludes deficit spending.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There is no such provision and the national debt continues to grow.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

3. Revenue-neutral tax laws reduce deficits.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	They do not reduce deficits, but do not aggravate the problem.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

4. Longer class lives for depreciable property and the required use of straight-line method of depreciation would likely dampen the tax incentive for purchasing capital assets.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Reporting United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

About this item

1. Many states have balanced budgets because laws or constitutional amendments preclude deficit spending.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Measurement United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

2. The United States Federal government has a provision in the Constitution which precludes deficit spending.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	There is no such provision and the national debt continues to grow.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

3. Revenue-neutral tax laws reduce deficits.

	a.	True
	b.	False

ANSWER:	False
RATIONALE:	They do not reduce deficits, but do not aggravate the problem.
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-01 - LO: 1-01
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - AK - AICPA: FN-Measurement - AICPA: FN-Measurement
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

4. Longer class lives for depreciable property and the required use of straight-line method of depreciation would likely dampen the tax incentive for purchasing capital assets.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	CPET.SWFT.LO: 1-02 - LO: 1-02
NATIONAL STANDARDS:	United States - BUSPORG: Comprehension - BUSPORG:Comprehension
STATE STANDARDS:	United States - TX - AICPA: FN-Reporting United States - AK - AICPA: FN-Research
KEYWORDS:	Bloom's: Knowledge
OTHER:	Time: 2 min.

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South Western Federal Taxation 2018 Corporations, Partnerships, Estates and Trusts 41st Edition by William - Test Bank

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South Western Federal Taxation 2018 Corporations, Partnerships, Estates and Trusts 41st Edition by William - Test Bank

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