An Efficient Tax System Is One That Generates a Lot

question 153

True/False

An efficient tax system is one that generates a lot of revenue even if the administrative burden is high.

---

Definitions:

Short Term Liabilities

Financial obligations that are due within one year or within the normal operating cycle of the business.

Short Term Assets

Assets expected to be converted into cash or used within one year or one business cycle, whichever is longer.

Balance Sheet Columns

The sections in a balance sheet that typically include assets, liabilities, and shareholders' equity.

Balance Sheet

A financial summary capturing a company’s assets, obligations, and shareholders’ equity at a particular instant.