Levy

### Who has the authority to levies taxes or charges? - [ ] Only the federal government - [ ] Any individual with financial power - [x] Government authorities such as local, state, and federal entities - [ ] Private organizations > **Explanation:** Government authorities, including local, state, and federal entities, have the power to impose and collect taxes and charges, called levies. ### What is a levy specifically related to? - [ ] Property design - [ ] Legal documents - [x] Monetary obligations like taxes and fines - [ ] Property renovation > **Explanation:** A levy pertains to monetary obligations including taxes and fines, which authorities enforce to ensure compliance and revenue collection. ### Can levies be contested? - [x] Yes, they can be contested through legal or administrative processes - [ ] No, levies cannot be contested - [ ] Only in certain countries - [ ] Only by businesses > **Explanation:** Levies can be contested if they are believed to be unjust or incorrectly assessed, typically through legal or administrative channels. ### What might happen if someone fails to comply with a levy? - [ ] Nothing happens - [ ] They gain more tax credits - [x] May face additional penalties, interest, or legal actions - [ ] Receive a fee waiver > **Explanation:** Non-compliance with a levy may result in increased penalties, interest charges, liens, garnishments, or property seizures. ### Which entity imposes a tax levy for unpaid taxes? - [ ] Property management - [x] Tax assessors - [ ] Real estate agents - [ ] Construction companies > **Explanation:** Tax assessors are responsible for imposing levies on properties for unpaid taxes to ensure revenue collection for governmental services. ### What is the difference between a levy and a lien? - [ ] There is no difference - [x] A levy is the act of imposing a tax, while a lien is a legal claim against property - [ ] A lien is the act of imposing a tax, while a levy is a legal claim against property - [ ] A levy is permanent, while a lien is temporary > **Explanation:** A levy refers to the act of imposing or collecting a tax or charge, whereas a lien is a legal claim against a property for unpaid financial obligations. ### What type of court action can directly result from ignoring a mandated levy? - [ ] Congratulatory notification - [ ] Reduction in assessed value - [x] Property seizure - [ ] Distress warrant > **Explanation:** Ignoring a mandated levy can lead to severe enforcement actions like property seizure by law enforcement or tax authorities to fulfill the financial obligations. ### Is garnishment a form of levy collection? - [ ] No, it is completely unrelated - [ ] Garnishment deals only with criminal penalties - [x] Yes, garnishment is a court order directing seizure of wages or other property - [ ] It only applies to mortgage interest > **Explanation:** Garnishment is a form of enforcing levy collection through a court order for seizing wages or other assets directly from a debtor’s earnings. ### Which financial attribute predominantly invokes a levy? - [x] Unpaid tax or legal charges - [ ] Market fluctuations - [ ] Increase in property value - [ ] Ownership transfer > **Explanation:** A levy is predominantly invoked due to unpaid financial obligations like taxes or fines. It ensures compliance and state recovery of owed revenues. ### Can liens be applied to properties other than real estate? - [x] Yes, liens can be applied to various assets including vehicles and bank accounts - [ ] No, liens are exclusive to real estate - [ ] Only federal properties - [ ] Only personal properties > **Explanation:** Liens can be broader and apply to different types of assets such as vehicles, bank accounts, and other properties besides real estate.