PA 581 Quiz Week 6 DeVry

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PA 581 Quiz Week 6 DeVry

 (TCO D) A residence in Brevard County has an assessed value of $150,000. Its owner qualifies for an old age exemption of $10,000 and a homestead exemption of $20,000. The property tax rate is $5 per $100 AV. What will be the property tax bill on this property?

$7,500

$7,000

$6,500

$6,000

(TCO E) The Federal government taxes consumption mainly through:

General retail sales taxes.

Value added taxes (VAT).

Selective excise taxes.

Payroll taxes.

(TCO E) With reference to tax systems, the principle ofcollectability asserts that:

A tax must be collected at a reasonable cost to society.

A tax must be collected by the government agency which imposed the tax.

A tax must be collected within 90 days of its imposition.

A tax must be paid by cash, check, money order, or electronic transfer.

(TCO E) Which of the following pieces of evidence would by itself allow a judgment about the regressivity or progressivity of a tax? (4 points)

High-income families have higher tax bills than do low-income families.

The richest 5 percent of the population pay 30 percent of the total tax collected.

Per-capita tax payments by rich families are higher than per-capita tax payments by poor families.

Low-income families pay out a higher proportion of their income in the form of tax than do high-income families.

(TCO G) Line-Item budgets:

Link specific outcome measures to requests for funds.

Do not focus on measurable activities.

Classify the budget by goals and objectives such as “protection of persons” or “improved transportation.”

Classify the budget in terms of objects of expenditure.

(TCO G) Program Budgets:

Link specific outcome measures to requests for funds.

Do not focus on measurable activities.

Classify the budget by goals and objectives such as “protection of persons” or “improved transportation.”

Classify the budget in terms of objects of expenditure.

(TCO H) Capital programs are an important part of governmental budgeting and finance.

(A) Briefly distinguish between an operating budget and a capital budget. (15 points)

(B) Develop a convincing case as to why it is appropriate for governments to prepare two separate budgets: an operating budget and a capital budget. Cite at least two reasons. (15 points)  

A budget details a financial plan for government. The government breaks down the plans into two types; an operating plan and…

(TCO H) Capital projects play a very important part in government at all levels. 

(A) Distinguish between capital outlay and capital budgets. Is capital outlay normally a part of the operating budget or operating budget? (15 points)

(B) Provide five examples of capital outlay expenditures. Provide five examples of capital projects. (15 points)  (Points : 30)

(TCO E) The City of Champions has a referendum that will go before voters to build the best football stadium in the world. The ballot calls for the voters to approve or disapprove a 6% sales tax increase to construct the new stadium. The stadium is estimated to cost $800,000,000. However, the sales tax increase will generate more than $1.1 billion dollars. The disposition of the excess funds is unclear.

(A) What standards of equitability apply in this case? (10 points)

(B) Describe each standard and explain why it applies and whether the standard has been violated. (20 points) 

The standards of equitability is horizontal, vertical, adequacy, collectability, transparency, and economic effects. In the… 

(TCO E) Keller works within the City and County of Denver and lives in the suburbs. His employer deducts $6.00 per month from his salary for deposit in the Denver budgetary revenue accounts. He has no choice in the matter; the only way he could legally avoid it would be to either move into Denver or take a job outside the Denver confines. The tax being referred to is called a “head tax” or a “flat tax” since it is a constant dollar amount assessed on every living, breathing employee in Denver who does not have residence there.

(A) Using your own numbers, show clearly why such a tax is regressive. (15 points)

(B) Using one of the equity standards, develop an argument making a case that Denver could use to justify the imposition of such an annoying tax. (15 points)  (Points : 30)

(TCO E) Al has an income of $40,000; Betty’s income is $200,000. With no sales tax in place, Al spends $7,000 on grocery food and Betty spends $12,000.

(A) If the state government now taxes all grocery food at 10%, and these two folks do not reduce their food purchases whatsoever, then is this sales tax proportional, progressive, orregressive? SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)

(B) If the above policy is changed such that now Al receives a tax credit of $200 at the end of the year, will your conclusion change? Again, SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points) 

(TCO E) Al has an income of $70,000 while Betty’s income is $30,000. With no sales tax in place, Al spends $7,000 on grocery food and Betty spends $4,000. 

(A) If the state government now taxes all grocery food at 10%, and these two folks do not reduce their food purchases whatsoever, then is this sales tax proportional, progressive, or regressive? SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)

(B) If the above policy is changed such that now and Betty receives a tax credit of $100 at the end of the year, will your conclusion change? Again, SHOW AND LABEL ALL WORK, and interpret the numerical results. (15 points)  (Points : 30)

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PA 581 Quiz Week 6 DeVry