Tax

Question 1

are said to be the life & blood of all nation

Answer 1

Taxes

Question 2

is the act of imposing tax

Answer 2

Taxation

Question 3

the process or means by which the sovereign, law-making body, raises revenue to defray the necessary expenses ofthegovernment.

Answer 3

Taxation

Question 4

are the enforced proportional contributions from persons and property levied by the law-making body of the state by virtues of its sovereignty for the support of the government.

Answer 4

Taxes or Tax

Question 5

The power of taxation is inherent in sovereignty and this is essential to existence of every government

Answer 5

t is inherent in sovereignty

Question 6

The power to tax is exclusively legislative.

Answer 6

It is legislative in character.

Question 7

The power of taxation is subject to certain limitations.

Answer 7

It is subject to constitutional and_ inherent limitations.

Question 8

this means that the resources of revenue should be sufficient to meet the demands of public expenditures.

Answer 8

Fiscal Adequacy

Question 9

tax burden should be proportioned to the taxpayer’s ability to pay

Answer 9

Equality of theoretical justice

Question 10

tax laws should be capable of t convenient, just and effective administration

Answer 10

Administrative feasibility

Question 11

It refers to all the funds or income derived from the government, whether it comes from tax or any other source

Answer 11

Revenue

Question 12

it refers to the amount collected, while tax refers to the amount imposed.

Answer 12

Revenue

Question 13

It refers to taxes imposed by the legislature to duties on imports and exports.

Answer 13

Internal Revenue

Question 14

They are taxes imposed on goods exported from a country ør imported into a country,

Answer 14

Custom Duties (or simply duties)