The Two Largest Sources of Tax Revenue for the U

question 74

Multiple Choice

The two largest sources of tax revenue for the U.S. federal government are

• A)excise taxes and customs duties.
• B)payroll taxes and excise taxes.
• C)personal income taxes and payroll taxes.
• D)personal income taxes and corporate income taxes.

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Definitions:

Prepaid Items

This term describes expenses paid in advance for goods or services to be received in the future, such as insurance or rent.

Accrued Interest

The interest that has been earned but not yet paid, accumulating on loans or bonds over a period of time.

Prepaid Insurance

A type of prepaid item representing insurance coverage paid for upfront before the coverage period begins.

Office Supplies

Office supplies include items used in offices on a regular basis for tasks or maintenance, like paper, pens, and cleaning products.