The Value of All Taxes Collected by the Various Levels

question 54

Multiple Choice

The value of all taxes collected by the various levels of government in the United States is

• A) over half of the nation's income.
• B) higher than what most other countries collect.
• C) subject to a ceiling imposed by Congress.
• D) about 28 percent of the gross domestic product.
• E) inevitably enough to run the government and still have a budget surplus.

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Definitions:

Operating Segment

An operating segment is a component of a business that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity's chief operating decision maker.

GAAP

Generally Accepted Accounting Principles, a framework of accounting standards, rules, and conventions used in the United States for financial reporting.

Reportable Segments

Distinct parts of a business that are specifically identified for reporting purposes due to their operations’ financial results being regularly reviewed by the company's decision-makers.

Debt Ratio

A financial ratio that measures the extent of a company's leverage, calculated by dividing total liabilities by total assets.