What Below Is Taxable Under a Consumption Tax System

question 28

Multiple Choice

What below is taxable under a consumption tax system

• A) savings
• B) contributions to social security
• C) contributions to retirement funds
• D) a bequest at death

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Definitions:

Overhaul

A comprehensive examination and repair of machinery or systems to ensure they operate efficiently.

Mortgage

A loan specifically used to purchase real estate, where the property itself serves as collateral until the debt is fully repaid.

Upgrade Cost

The expense associated with making improvements or enhancements to assets, such as equipment or software, to increase their value or efficiency.

Upgrade

An upgrade is a process of replacing a product with a newer version, or enhancing its features or efficiency, often to improve performance or to incorporate new technologies.