Irving Oil, Which Refines Gasoline and Also Operates Retail Gasoline

question 217

Multiple Choice

Irving Oil, which refines gasoline and also operates retail gasoline stations, illustrates:

• A)horizontal channel.
• B)backward integration.
• C)forward integration.
• D)vertical channel.

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Definitions:

Alimony Deduction

A tax deduction that allows individuals to subtract alimony payments made to a former spouse from their taxable income.

Cash Payments

Financial transactions involving the transfer of currency or check from buyer to seller without the use of credit.

Dependent Child

A child who meets certain IRS criteria allowing a taxpayer to claim them for tax benefits.

Self-Employment Tax

A financial obligation made up of Social Security and Medicare fees, chiefly for people who are in self-employment.