Which of the Following Is True Regarding Real Property Taxes

question 134

Multiple Choice

Which of the following is true regarding real property taxes and personal property taxes?

• A)Personal property taxes are assessed on permanent structures and land.
• B)Real property taxes are assessed on cars and boats.
• C)All U.S. states currently impose personal property taxes.
• D)Real property taxes are generally easier to administer than personal property taxes.
• E)None of the choices are correct.

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Definitions:

Unearned Sales Revenues

Money received by a company for products or services yet to be delivered or performed, considered a liability until earned.

Cash Collected

Revenue that has been received by a company from its various business activities, such as sales or services.

Investing Activities

Financial transactions involving the purchase and sale of long-term assets and other investments not included in cash equivalents.

Cash Flow Statement

A financial statement that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows that pay for business activities and investments during a given period.