Capitalistic Societies Share Which of the Following Traits

question 26

Multiple Choice

Capitalistic societies share which of the following traits?

• A) shared ownership of the means of production
• B) highly decentralized government decision making for all economic issues
• C) profit as incentive
• D) social equality and very little division between different socioeconomic groups

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Definitions:

Reports Income

The process of declaring income received during a tax year on one's tax return.

Taxpayer

A person or organization required to remit taxes to governmental bodies at any level, including federal, state, or municipal.

Tax Liability

The amount of total tax debt owed by an individual or entity to the taxing authority, such as the IRS, after all deductions, credits, and exemptions.

Taxable Qualified Dividend

Dividends that meet certain criteria set by the IRS to be taxed at the lower long-term capital gains tax rates.