DISTINCTION OF TAXES WITH SIMILAR ITEMS Flashcards
1
Q
It refers to all income collections of the government.
A
Revenue
2
Q
It is an imposition for the support of the governemnt.
A
Tax
3
Q
it is imposed upon land adjacent to public improvements.
A
Special Assessment or Special Levy
4
Q
It is imposed on imported and exported commodities.
A
Custom Duties
5
Q
It is charge imposed prior to the commencement of business or exercise of a profession.
A
License
6
Q
It is a post-activity rather than a pre-activity imposition.
A
Tax
7
Q
It is subject to compensation or set-off.
A
Debt
8
Q
It is a charge for the use of other’s property.
A
Toll
9
Q
It is an imposition intended to discourage an act.
A
Penalty
10
Q
It arises from contracts rather than from law.
A
Debt
