Vertical Equity I.means That Those Taxpayers Who Have the Greatest Ability to Ability

question 115

Multiple Choice

Vertical equity
I.means that those taxpayers who have the greatest ability to pay the tax should pay the greatest proportion of the tax.
II.means that two similarly situated taxpayers are taxed the same.
III.is reflected in the progressive nature of the federal income tax system.
IV.exists when Avis, a single individual with 4 dependent children, and Art, a single individual with no dependents, both pay $2,400 income tax on equal $26,000 annual salaries.

• A)Statements III and IV are correct.
• B)Statements II and III are correct.
• C)Statements I and III are correct.
• D)Only statement IV is correct.
• E)Statements I, II, III, and IV are correct.

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Definitions:

Firm-specific Risk

The portion of an investment's risk that is attributable to the unique circumstances of the specific company, as opposed to market-wide risk.

Diversification

Diversification is an investment strategy that involves spreading investments among various financial instruments, industries, and other categories to reduce exposure to any single asset or risk.

Portfolio

A collection of financial investments like stocks, bonds, commodities, cash, and cash equivalents, including closed-end funds and exchange traded funds (ETFs).

Financial Characteristics

Refers to attributes that describe the financial health, performance, and structure of a company, such as revenue, profitability, debt levels, and liquidity ratios.