An Excise Tax Is Imposed on the Profits of a Business

question 16

True/False

An excise tax is imposed on the profits of a business or profession, but not on an individual's income.

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Definitions:

Allowable Charge

The maximum amount a health plan or insurance pays for a covered healthcare service, also known as the approved, eligible, or allowed amount.

Taxonomy Code

A unique identifier for healthcare providers used primarily for billing and administrative purposes.

Medical Specialty

A branch of medical practice focused on a specific group of patients, diseases, skills, or philosophy, such as cardiology or dermatology.