Match Each Term with the Correct Statement Below

question 31

Multiple Choice

Match each term with the correct statement below.
-Subtractions from gross income specifically allowed by the tax law.

• A)Ad valorem tax
• B)Deduction
• C)Excise tax
• D)Exclusion
• E)Expense
• F)Gain
• G)Loss
• H)Ordinary income
• I)Pay-as-you-go concept
• J)Personal property
• K)Real property
• L)Self-assessment
• M)Standard deduction
• N)Statute of limitations
• O)Tax base
• P)Tax credit

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Definitions:

Consequences

Outcomes or effects that result from a specific action or set of conditions.

External Events

Occurrences or happenings outside the individual's control or environment that can impact their life.

Maintaining

The process of preserving or keeping something in an existing state or condition without significant deterioration.

Positive And Negative Affect Schedule

A psychological tool used to assess an individual's emotional states, distinguishing between positive and negative feelings.