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MULTIPLE CHOICE – Choose the one alternative that best completes the statement or answers the question.
1)         Which of the following is not considered to be a separate entity for tax purposes in Canada?

 

1) ______

 

1. A) An individual
   B) A proprietorship
   C) A corporation
   D) A trust

 

Question Details
Accessibility : Keyboard Navigation
Topic : 01-04 The Fundamental Income Tax Structure and Its Complexity
Bloom’s : Remember

 

 

 

2)         Which of the following attitudes and actions is most likely to help decision-makers develop an efficient approach to taxation?

 

2) ______

 

1. A) Cash flows should be considered from a before-tax perspective when making decisions.
   B) Functional managers should not be held responsible for the tax effects of decisions within their divisions.
   C) Tax costs to a business should be regarded as controllable expenses, much like product costs and selling costs.
   D) All managers should own a copy of the Income Tax Act.

 

Question Details
Accessibility : Keyboard Navigation
Topic : 01-02 Taxation – A Controllable Cost
Bloom’s : Understand

 

 

 

3)         Which of the following statements is true?

 

3) ______

1. A) Dividends paid by a corporation are deductible by that corporation and are a form of property income for the recipient.
   B) Dividends paid by a corporation are deductible by that corporation and are a form of business income for the recipient.
   C) Dividends paid by a corporation are not deductible by that corporation and are a form of business income for the recipient.
   D) Dividends paid by a corporation are not deductible by that corporation and are a form of property income for the recipient.