Which of the Following Statements Is False

question 85

Multiple Choice

Which of the following statements is false?

• A)Use taxes are assessed on out-of-state purchases used in the purchaser's state.
• B)The estate tax is based on the fair market value of property transferred at the owner's death.
• C)Tariffs are taxes levied on goods and materials brought into a country.
• D)Gift taxes are imposed on the recipient of the gift.

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Definitions:

Just-In-Time

An inventory management strategy that aims to increase efficiency and reduce waste by receiving goods only as they are needed in the production process.

Manufacturing Firms

Companies engaged in the production of goods in large quantities, often utilizing complex machinery and human labor in factories.