Circuit Breakers May Be Generally Preferable to Exemptions as a Means

question 20

Multiple Choice

Circuit breakers may be generally preferable to exemptions as a means of property tax relief because:

• A) they place costs directly on local governments.
• B) they require annual reauthorization and thus allow greater control.
• C) they are targeted
• D) they link property and sales taxes.

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Definitions:

Current Liability

Financial obligations or debts that are due to be paid within a year or within the normal operating cycle of a business.

GAAP

Stands for Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction, including the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.

Compensated Absences

Employee benefits representing paid time off, such as vacation, sickness, or personal leave, accrued by employees.

Vacation Pay

A benefit offered by employers that compensates employees while they are on leave from work for a vacation.