Texas Has Generally Resisted Using All of the Following to Balance

question 60

Multiple Choice

Texas has generally resisted using all of the following to balance the budget, except

• A) enacting a state income tax.
• B) increasing various state taxes.
• C) reducing agency funding.
• D) borrowing from the "rainy day" fund.

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Definitions:

Deposits in Transit

Funds that have been recorded by a company but not yet by its bank, often due to the timing of bank processing.

Days' Sales Uncollected

A financial metric measuring the average number of days it takes for a company to collect its receivables post-sale.

December 31

The last day of the calendar year, often used as the end date for annual financial reporting.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the net worth and financial health of the business.