[ACCT 421] - Final Exam Guide - Everything you need to know! (66 pages long)

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29 Nov 2016
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ODU
ACCT 421
FINAL EXAM
STUDY GUIDE
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Chapter 1:
What is fair?
oSales tax
oIncome tax
Taxes
oWho cares?
Businesses
Politicians
Individuals
oWhy do they care
Business- Locations determine tax rate
Politicians- Democrats raise taxes, Republican lower taxes
Individuals- where to live/no personal property tax (NC)
What qualifies as a tax?
oPayment is required
oPayment is imposed by a government
oPayment is not tied directly to benefit received by the taxpayer
Are these taxes?
oPayment for driver’s license
No- privilege
oCar inspection?
No- privilege
oPayment for hotel use of 1% of bill to pay for city projects?
Yes
oPayment for rental car use of 3% of bill to pay for roads
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