What Are the Three Largest Sources of Tax Revenue for the U.S.federal

question 103

Multiple Choice

What are the three largest sources of tax revenue for the U.S.federal government?

• A) corporate income tax,excise taxes,and Social Security/Medicare taxes
• B) individual income tax,corporate income tax,and sales tax
• C) Social Security/Medicare taxes,corporate income tax,and custom duties
• D) individual income tax,Social Security/Medicare taxes,and corporate income tax

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Definitions:

Endowment Contribution

A donation made to an organization with the stipulation that the principal is to remain intact in perpetuity or for a defined period, generating income for use.

Deferral Method

A method used in accounting to postpone the recognition of expenses or revenues to a future period.

Donation Recognition

The process of recording and acknowledging received donations in financial statements and reports.

Purchase of Land

The acquisition of real estate property through a financial transaction.