Use the Fact Situation in Q2 to Answer the Related

question 53

Multiple Choice

Use the fact situation in Q2 to answer the related question that follows. The type of payment that the business will most likely use is

• A)credit cards.
• B)smart cards.
• C)cash.
• D)electronic cash.
• E)all of the above

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Definitions:

Retail Sales Tax

A tax imposed on the sale of goods and services at the retail level.

Payroll Tax

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.

Tax Shifting

The process by which the economic burden of a tax is passed from one party to another.

Starting Wage

The initial salary offered to an employee by an employer when they begin a new job.