Which of the Following Statements Is True

question 113

Multiple Choice

Which of the following statements is true?

• A)Tax rates on labor income are higher in Spain than they are in the United States, and France.Spain's unemployment rate among young adults is the highest of these three countries.
• B)Though the unemployment rate among young adults is higher in Spain than in France, the tax rate on wage income is higher in France than in Spain.
• C)Though the unemployment rate among young adults is higher in France than in Spain, the tax rate on wage income is higher in Spain than in France.
• D)Though the unemployment rate among young adults is higher in France than in the United States, the tax rate on wage income is higher in the United States than in France.
• E)Though the unemployment rate among young adults is higher in Spain than in the United States, the tax rate on wage income is higher in the United States than in Spain.

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Definitions:

Periodic Inventory Method

An accounting approach where inventory values and cost of goods sold are determined at the end of an accounting period through physical inventory counts.

Purchases Discount

A reduction in the invoice price of goods, granted by the seller to the buyer for early payment within a specified time frame.

Gross Method

An accounting method for recording inventory purchases without deducting discounts at the time of purchase.

Periodic Inventory System

An inventory system that, at the end of each accounting period, calculates the cost of the unsold goods on hand by taking the cost of each unit times the number of units of each product on hand.