Which of the Following Represents a Change That Has Been

question 123

Multiple Choice

Which of the following represents a change that has been made since the individual income tax was first levied in 1913?

• A) In 1969,the overall tax system was changed from a regressive to a progressive set of tax rates.
• B) In 1969,the alternative minimum tax was introduced to prevent the rich from paying no taxes.
• C) The alternative minimum tax has been adjusted for inflation.
• D) Social Security payments are no longer indexed to wages.

---

Definitions:

Debit

An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.

Accounts Payable

Accounts payable are amounts owed by a company to its creditors for goods or services that have been delivered or used but not yet paid for.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing owners' claims on the company's assets.