Match the Following Terms with Their Definitions

question 76

Multiple Choice

Match the following terms with their definitions.
-Excise tax

• A)Tax to raise revenue for cities, schools, etc.
• B)A tax on consumers for certain merchandise or services
• C)Value of property to calculate property taxes
• D)1/10 of a cent
• E)Current value today
• F)Budget needed divided by total assessed value
• G)Tax on luxury items

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Definitions:

Sales

Revenue generated from the selling of goods or services.

Invoices

Documents issued by a seller to a buyer that specify the goods or services provided, their prices, and payment terms.

Cash Refunds

Payments returned to purchasers in cash, typically due to returns, overpayments, or as a reward for loyalty or incentives.

Cash Receipts

The total amount of cash collected by a business from all sources during a given period.