In 2017, Which Category Represented the Largest Source of Receipts

question 10

Multiple Choice

In 2017, which category represented the largest source of receipts for the U.S. federal government?

• A)Medicare
• B)Social Security
• C)Tariffs
• D)Personal income taxes

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Definitions:

Sales On Account

represent transactions where goods or services are sold with the agreement that payment will be made at a later date.

Cost Of Goods Sold

The total cost of manufacturing or acquiring the products sold by a company during a specific period, excluding indirect costs.

Acid-Test Ratio

A liquidity metric that measures a company's ability to pay off its current liabilities without relying on the sale of inventory.

Balance Sheet

A statement detailing an organization's assets, liabilities, and owners' equity on a certain date.