1.1 Rob Norton, of eCompany Now and Fortune magazines, notes in the article quoted below that corporate taxes
are among the least efficient and least ....... of taxes.
(A) avoidable (B) defeatable (C) defensible (D) reprehensible
4.4 .The federal tax is levied at three different rates on different ....... of income: 15 percent on taxable income
under $50,000; 25 percent on income between $50,000 and $75,000; and 34 percent on income above that.
(A) brackets (B) components (C) portions (D) segments
5.5 .A good reason that state and local corporate income taxes remain low is that corporations could easily .......
out of states that imposed unusually high taxes.
(A) reinstate (B) relegate (C) relocate (D) replace
7.7 The Tax Reform Act of 1986 was designed to increase the share of federal revenues collected via the
corporate income tax and to decrease the share from the ....... income tax.
(A) individual (B) personnel (C) private (D) single
8.8 While the top corporate tax rate was cut, deductions for capital expenditures were severely ......., and as a
result the effective tax rate for many corporations rose.
(A) amended (B) curtailed (C) examined (D) extended
10.10 As early as the 17th century, Sir William Petty, one of the ....... of modern economics, argued that a tax on the
production and sale of commodities would eventually be shifted by producers to consumers, who would pay it
in the form of higher prices.
(A) planners (B) precursors (C) predecessors (D) progenitors