Answer the following statements true (T) or false (F)
1. The Sixteenth Amendment to the U.S. Constitution permits the passage of a federal income tax law.
2. When a change in the tax law is deemed necessary by Congress, the entire Internal Revenue Code must be revised.
3. The largest source of federal revenues is the corporate income tax.
4. A progressive tax rate structure is one where the rate of tax increases as the tax base increases.
5. The terms "progressive tax" and "flat tax" are synonymous.
1. TRUE
The Sixteenth Amendment amended the Constitution to permit the imposition of an income
2. FALSE
The federal income tax law is changed on an incremental basis.
3. FALSE
The largest source is the individual income tax.
4. TRUE
Under a progressive tax system, the rate increases as the tax base increases.
5. FALSE
A proportional, not progressive, tax and flat tax are synonymous.
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Which of the following purchases would most likely involve extensive decision making?
A. Scheduling an annual dentist appointment B. Buying a new towel rack for your bath C. Purchasing a birthday gift for a friend D. Purchasing a condominium E. Renewing a magazine subscription
What do the INCOTERM acronyms FOB, FAS, CFR, and CIF mean?
What will be an ideal response?
If an offer requires that acceptance be communicated by a specific date and the acceptance is properly dispatched by the offeree on the final date,
A) no contract is formed, since the offeror will undoubtedly receive the dispatched acceptance after the deadline for acceptance B) a contract is formed, but the contract is voidable at the election of the offeror. C) the acceptance is timely and a contract is formed, even though the offeror actually receives the acceptance well after the specified date has passed. D) the acceptance is timely and a contract is formed, but only if the offeror actually receives the acceptance by the deadline specified for acceptance.
Nelson took her computer to ABC Computer for repairs. ABC repaired the computer at a cost of $350 and informed Nelson that her computer was ready. Before Nelson came to pick up her computer, ABC was burglarized and Nelson's computer was taken. ABC had a
commonly-used alarm system that was operating properly on the night of the burglary, and all the doors and windows were properly secured. Nelson sued ABC for the cost of the computer. ABC denied any liability and counterclaimed for the $350 in repairs. Who will win?