1. QUIZ ABOUT COMPUTATION
OF INCOME TAX, FISCAL
POLICY, FORMS OF
ESCAPE FROM
TAXATION, TAX, TAXATIO
N

2.  A payment levied by government for
which no good or service is received
directly in return?
ANS: TAXATION

3.  Tax that should be spread over as wide
as possible section of
the population, or sectors of
economy, to minimize the
individual tax burden?
ANS: BROAD BASING

4.  Taxes should be just-enough to
generate revenue required for
provision of essential public services
ANS: ADEQUACY

5.  This means by which a government
adjusts its levels of spending in order
to monitor and influence a nation's
economy
ANS: FISCAL POLICY

6.  Defined as an increase in government
expenditures and/or a decrease in taxes
that causes the government's budget
deficit to increase or its budget surplus to
decrease.
ANS: EXPANSIONARY FISCAL POLICY

7.  Defined as a decrease in government
expenditures and/or an increase in taxes
that causes the government's budget
deficit to decrease or its budget surplus
to increase.
ANS: CONTRACTIONARY FISCAL POLICY

8.  It consist of direct or indirect taxes
and may be paid in money or as its
labor equivalent
ANS: TAX

9.  It refers to income, capital, net worth,
or other taxes imposed on
corporations
ANS: CORPORATE TAX

10.  It is aprocess by which tax burden is
transferred from statutory taxpayer to
another without violating the law
ANS: SHIFTING

11.  The reduction in the price of the taxed
object equal to the capitalized value of
the future taxes which the purchaser
expects to be called upon to pay
ANS: CAPITALIZATION