Current Activities Like Changes and Corrections Made to a Relatively

question 29

Multiple Choice

Current activities like changes and corrections made to a relatively permanent file constitute a

• A)master file
• B)transaction file
• C)detail file
• D)both b and c

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Definitions:

Progressive Tax

A tax system where the tax rate increases as the taxable amount increases, imposing a higher percentage rate on the wealthy.

Income Tax

A tax levied by governments on individuals' or entities' income, used to fund public services and governmental activities.

Taxes

Compulsory financial charges or levies imposed by a government on individuals or entities to fund public expenditures.

Average Tax Rate

The average tax rate is the ratio of the total amount of taxes paid to the total tax base (taxable income or spending), essentially reflecting the percentage of income that goes to taxes.