Which of These Accounts Is Increased by a Debit? (You

question 32

Multiple Choice

Which of these accounts is increased by a debit? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the
Box with the question mark to empty the box for a wrong answer. Any boxes left with a question
Mark will be automatically graded as incorrect.)

• A) Expenses
• B) Revenue
• C) Assets
• D) Owners' Capital

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Definitions:

Personal Income

The total amount of income received by an individual from all sources before any taxes or deductions.

FICA Taxes

Taxes collected under the Federal Insurance Contributions Act that fund Social Security and Medicare programs.

Regressive

Pertaining to a tax system in which the tax rate decreases as the taxable amount increases, commonly considered less fair because it imposes a heavier burden relative to income on those with less.

Progressive

Pertaining to a taxation system in which the tax rate increases as the taxable amount increases, imposing a higher percentage rate on the wealthy to ensure equity.