Sales Tax Is Reported as Revenue When It Is Collected,and

question 26

True/False

Sales tax is reported as revenue when it is collected,and reported as an expense when it is paid.

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Definitions:

Unemployment Rate

The ratio of the complete labor pool that is jobless yet is in active pursuit of employment and prepared to work.

Opportunity Cost

The loss of potential gain from other alternatives when one alternative is chosen over others.

Double Feature

The showing of two films for the price of one in a movie theater, traditionally a practice in the mid-20th century.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs, representing the trade-off between different choices in the allocation of resources.