Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

IAAO 402 > ch 1-5 > Flashcards

ch 1-5 Flashcards

1
Q

in the form of gov known as __ ,power is divided between central and regional

A

federalism

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

a cultural concept related to legal relationships about things that can be possessed

A

property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

taxes are broad/narrow and provide/do not provide a benefit to the payer

A

broad, do not provide

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

us tax system uses property value as an indicator of

A

wealth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

vehicle emission tests are an example of what type of policy

A

public

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

a tax exemption for pollution control equip is what type of policy

A

tax

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

todays property tax is more likely to bw on tangible/intangible property

A

tangible

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

share of prop tax as funding source has declined for most state/local

A

state

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

us prop tax assessment is more local/state

A

local

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

2 types of limits found in prop tax systems are

A

revenue and assessed value increases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

democracies tend to promote capitalist/socialist systems

A

capitalist

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

when the gov adjusts interest rates, this is redistribution/stabilization

A

stabilization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

2 causes of market failure

A

lack of information

limited numbers of buyers and sellers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

2 causes of gov failure

A

special interest groups

bureaucratic costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

3 attributes of a good tax system

A

fairness
neutrality
uniformity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

functions of prop tax system ACC

A

assessment
collection
control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

greater accessibility to non lawyers is a claimed advantage of which legal system

A

civil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

what clause assigns congress the power to regulate foreign and interstate commerce

A

commerce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

the Sioux city bridge co v Dakota county established

A

uniformity over true values

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

object is liable

A

in rem

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

taxpayer is liable

A

in personam

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

annual rent value

A

expected annual rent that prop can generate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

number of gov in us

A

87,525

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

if non payers can be excluded, what type of market sector is it?

A

private

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

which form of law relies on court decisions

A

common

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

which form of law relies on tax codes

A

civil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

which form of law originated in Rome

A

civil

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

what part of the us const assigns congress the power to regulate foreign and interstate trade

A

commerce clause

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

anything that effects taxes is a

A

tax policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

an action to stimulate a response, to make things better

A

public policy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

cultural concepts about legal relationships regarding posession

A

property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

impost, poll, and general property taxes are examples of

A

colonial taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

determine what commodities are produced and services provided and allocation of resources

A

economic systems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

this economy responds to the forces of supply and demand

A

market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

what economy uses less coercion

A

market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

a good for which nonrival benefits exist and it is difficult or too expensive to exclude nonpayers

A

public good

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

the existence of public goods, spillovers, externalities are examples of

A

market failures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

lack of info, special interest groups, bureaucratic costs are examples of

A

government failures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

tax is considered equitable when it pays for services consumers desire

A

benefit principle

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
40
Q

equal treatment of taxpayers who are the same in all relevant economic aspects

A

horizontal equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
41
Q

taxpayers who are unequal in economic positions should be treated differently

A

vertical equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
42
Q

ability of tax yields to rise

A

buoyancy

43
Q

tax systems based more on prop value tend to be more stable and ___ elastic

A

less

44
Q

what type of taxation allows for a tax to be assessed against a tenant or renter?

A

in personam

45
Q

which form of law provide greater certainty

A

civil

46
Q

what is defined as powers constitutionally divided between federal and state govs?

A

federalism

47
Q

what has been the largest change in general property tax over the last century?

A

not taxing intangibles

48
Q 
What is not part of a good tax system?
stability
cost effectiveness
inelastic
public acceptance
A

inelastic

49
Q

what 2 principles are necessary for a fair and equitable tax system?

A

benefit, ability to pay

50
Q

This form of gov derives their power from the national

A

unitary

51
Q

this form of federalism is referred to as pyramid

A

coercive

52
Q

this form of federalism is referred to as dual

A

layer

53
Q

this form of federalism is referred to as cooperative

A

marble

54
Q

in the 1930s, delinquent ___ taxes became very common, and many states responded by adopting ___ taxes

A

property, sales

55
Q

Sales tax is regressive because

A

it is a higher % of lower incomes

56
Q

States attempt to reduce the regressivity of sales tax by allowing exemptions on

A

food, prescription drugs, and taxing services

57
Q

Sales tax is usually more popular than income and property because

A

no complex forms, small increments

58
Q

State income tax base definitions usually conform closely to

A

federal income

59
Q

income tax is tied more to ___ than other taxes

A

ability to pay

60
Q

As a % of general revenue, which local gov rely heavily on charges

A

special districts

61
Q

a major threat to state sales tax collections comes from

A

remote purchases by mail or over the internet

62
Q

2 features of state tax law that can make the income tax progressive are

A

tax exempt amount of income, graduated rate structure

63
Q

Taxes levied on a unit basis have revenue problems over time because

A

revenue does not grow with prices or income like other taxes

64
Q

General revenue is all government revenue except:

A

Utility, liquor store and insurance trust revenue.

65
Q

Inter-governmental revenue is mainly:

A

Revenue sharing and grants.

66
Q

Own source is all general revenue except:

A

Inter governmental revenue.

67
Q

The principal type of own source of revenue for local governments.

A

property tax

68
Q

Comparing state and local government revenue in 1927 to those in 2007, would be misleading without adjusting for:

A

Price inflation, population growth and economic (income) growth.

69
Q

When presenting revenue burdens across states, there are two basic conventions for how to present comparable numbers:

A

Per capita (divided by population) or per $1,000 of personal income.

70
Q

A method for getting a more standardized measure of tax capacity than personal income.

A

Representative tax system

71
Q

A comparison of actual tax collections to tax capacity.

A

Tax effort

72
Q

Is on the person statutorily responsible for paying

A

Legal incidence

73
Q

Reflects who actually pays the tax.

A

economic incidence

74
Q

A short run equilibrium analysis that focuses on the item being taxed.

A

Partial equilibrium analysis

75
Q

Tax exemptions that reduce tax collections.

A

Tax expenditures

76
Q

Income tax structured so that higher income taxpayers pay higher rates.

A

vertical equity

77
Q

The principal under which a tax should not influence economic decisions.

A

neutrality

78
Q

Legally, local governments derive their power from the states.

A

Dillons rule

79
Q

The main difference between federal vs. state relations and state vs. local relations

A

There is no constitutional basis for local government power.

80
Q

An assessment system in which fractional ratios are applied to appraised values.

A

Classification

81
Q

A valuation system in which adjustments to market value occur mostly upon the sale of the property.

A

Acquisition value

82
Q

The value concept that captures the dynamics of changes in the underlying property wealth.

A

Current market value

83
Q

A system in which the property tax rate “floats”.

A

Budget driven system

84
Q

The system that tends to generate more property tax revenue when assessed values increase.

A

Rate driven system

85
Q

Under assessing residential property even though such under assessment is not permitted by law.

A

De facto exemption

86
Q

An example is a $25,000 homestead exemption.

A

partial exemption

87
Q

Generally results in more openness in property tax systems.

A

truth in taxation

88
Q

A form of economic incentive often used to revitalize depressed areas.

A

TIF Tax increment financing

89
Q

Are current market value assessment systems more concerned with the magnitude or distribution of property tax?

A

distribution

90
Q

Are property taxes typically more predictable under current market value based systems or acquisition value based systems?

A

Acquisition value based systems

91
Q

Are assessed value increases more closely tied to tax and revenue increases in a rate driven system or a budget driven system?

A

Rate driven systems

92
Q

A system that requires taxing districts to clearly advertise budget increases, often by direct notification of taxpayers.

A

Truth in taxation

93
Q

Two examples of common partial property tax exemptions are:

A

Homestead and agricultural use value.

94
Q

The major disadvantage of a fractional assessment (classification) ratio system is:

A

Less system understandability.

95
Q

One way to prevent the shift of property taxes to less favored property tax payers without reducing tax district revenue is:

A

Substitute funding such as; revenue sharing, state aid, user fees, or local non-property taxes.

96
Q

An example of a mechanism sometimes used to temporarily relieve property tax burden is:

A

A tax deferral

97
Q

Which program is the most favorably received by beneficiaries a tax deferral or a circuit breaker?

A

Circuit breaker

98
Q

A major advantage of prop tax, especially during economic downturns is

A

inelasticity

99
Q

who pays is independent of the legal liability of the tax (T/F?)

A

true

100
Q

Tax expenditures are measures of the values of loopholes of a particular tax (T/F?)

A

True

101
Q

Allow prices to be set based on supply and demand

A

market based economic systems

102
Q

Dominance of Windows operating system

A

example of market failure

103
Q

What can be consumed by more than one person, non payers consume, not market determined

A

public goods

104
Q

The property tax is at least somewhat pro or regressive

A

progressive

IAAO 402 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions