Answered: 1. ) Which of the following describe/s…

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 6CQQ

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1. ) Which of the following describe/s the regulatory purpose of taxation

a. Collection of Income Taxes

b. Imposing excise taxes for cigarettes and alcohols

c. Collection of business taxes

2.)

Which of the following is excluded in the definition of corporation

a. One person corporation

b.Associations

c. General Professional Partnerships

d. Joint Stock Companies

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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