KU ACCT 330 EXAM 1 QUESTIONS AND ANSWERS | GRADED A+ | UPDATED 2026

KU ACCT 330 EXAM 1 QUESTIONS AND ANSWERS | GRADED A+ | UPDATED 2026 Taxes - answer-Compulsory payments to support the cost of operating government Characteristics of taxes - answer--not a punishment -not entitled by it Taxpayers - answer-any persons required by law to pay taxes who are the "persons" referred to when paying taxes - answer-people, corporations, and other business entities Incidence - answer-ultimate economic burden of the tax Jurisdiction - answer-The right of a government to levy tax on a specific person, org, etc. Types of jurisdictions - answer-city state federal How do jurisdictions exist? - answer-due to a link between the government and the taxpayer What are the types of jurisdiction links - answer-physical linkeconomic link citizenship link physical link - answer-where the taxpayer lives economic link - answer-some form of economic tax is present citizenship link - answer-only apply to citizens of that government/country Who is the government able to tax - answer-US citizens Resident aliens Non-resident aliens Resident aliens - answer--have a green card -taxed on all worldwide income non-resident aliens - answer--have other form of legal way to live in the US -taxed only on US-sourced income US citizens - answer--taxed on whether live on US soil or not -taxed on all worldwide income Types of tax rates - answer--flat rate -graduated rate flat rate - answer-single %graduated rate - answer-different amounts subject to different % Basic tax structure - answer-Tax (T) = Rate (r) x Base (B) What are the rate structures - answer--progressive -proportional -regressive progressive rate structure - answer-higher tax % applied to higher base levels (income) Proportional rate structure - answer--flat rate -single rate applied to all base levels (sales tax) Regressive rate structure - answer-lower % applied to higher base levels Types of Base structures - answer--transaction -activity -earmarked transaction base structure - answer-tax triggered by particular event Ex. Sales tax, excise tax, estate tax activity base structure - answer-tax imposed on an ongoing activity Ex. income taxearmarked base structure - answer--property tax -payroll tax what are property taxes earmarked for - answer-schools, fire dept, etc. what are payroll taxes earmarked for - answer-social security, medicare Tax history in colonial america - answer--primary import/export duties and sales tax -stamp act Articles of Confederation in regards to tax - answer--majority of power in the state -feds had NO authority to tax US Constitution in regards to tax - answer-Article 1: Authority to tax Civil war effects to tax - answer--increase tariff % -issue bonds and treasury notes -first income tax in 1863 -Government tried to avoid taxes by printing $$$ William-Gorman tariff - answer--2% on income over $1,000 -Deemed illegal at the time 16th amendment - answer--right to tax, legally -proposed 1909 -ratified 1913Levels of local taxes - answer-City level County level What do local taxes consist of - answer--real property tax -personal property tax -sales tax -income tax real property - answer--land and all fixed assets to it -built on it -anything under the land when are real taxes levied - answer-annually What are real taxes based off of - answer-assessed market value determined by a tax assessor Types of real property - answer-(Market value and rate vary by type) -Agricultural -Scenic -Residential Property tax abatement - answer-temporary REDUCTION in taxes Why are property tax abatements put in place - answer-to draw in businessPeronsal property - answer-any asset not considered real property