Canadian Income Taxation 2016/2017 Edition Test Bank

Canadian Income Taxation 2016/2017 Edition Test Bank ensures a smooth preparation journey with concise summaries, past questions, and step-by-step solutions.

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ExamName___________________________________MULTIPLE CHOICE.Choose the one alternative that best completes the statement oranswers the question.1)Which of the following is not considered to be a separate entityfor tax purposes in Canada?1)_______A)ProprietorshipsB)CorporationsC)IndividualsD)Trusts2)Which of the following attitudes and actions will helpdecision-makers develop an efficient approach to taxation?2)_______A)Tax costs to a business should be regarded as controllableexpenses, much like product costs and selling costs.B)All managers should own a copy of the Income Tax Act.C)Functional managers should not be held responsible for thetax effects of decisions within their divisions.D)Cash flows should be considered from a before-taxperspective when making decisions.3)Which of the following statements is true?3)_______A)Payment of the return on equity is deductible by thecorporation and is a form of business income for theindividual.B)Payment of the return on equity is not deductible by thecorporation and is a form of business income for theindividual.C)Payment of the return on equity is not deductible by thecorporation and is a form of property income for theindividual.D)Payment of the return on equity is deductible by thecorporation and is a form of property income for theindividual.4)When assessing the value of a corporation, the most relevantinformation that decision-makers normally consider is4)_______A)the potential for before-tax profits.B)cash flow before-tax.C)the current rate of corporate tax.D)the potential for after-tax profits.5)Income tax is calculated for which of the following jurisdictionalgroups?5)_______A)Municipal, provincial, and federalB)Municipal, federal, and internationalC)Municipal, provincial, and internationalD)Provincial, federal, and international6)Two investor corporations maynotenter jointly into which of thefollowing?6)_______A)ProprietorshipB)Partnership

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Taxation

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Canadian Income Taxation by William...

Canadian Income Taxation 2016/2017 Edition Test Bank

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