Which of the Following Is an Example of a Progressive

question 46

Multiple Choice

Which of the following is an example of a progressive tax?

• A)Social Security payroll tax.
• B)A local sales tax.
• C)The federal income tax.
• D)An excise tax.

---

Definitions:

Prepaid Services

Expenses paid in advance for services which will be received in the future.

Unearned Fees

Income received by a company for services yet to be provided or completed; recognized as a liability until the service is performed.

Journalize

The process of recording financial transactions in the chronological order in a company's general journal.

Depreciation

Systematic assignment of a tangible asset’s value over its functional lifespan.