Which of the Following Statements Is True

question 24

Multiple Choice

Which of the following statements is true ?

• A)The most important source of revenue to the federal government is personal income taxes.
• B)The most important source of revenue to state governments are sales and property taxes.
• C)The most important source of revenue to local governments are local property taxes.
• D)The taxation burden, measured by taxes as a percentage of GDP, is lighter in the United States than in most other advanced industrial countries.
• E)All of these.

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Definitions:

Days' Sales in Inventory

A financial ratio indicating the average number of days it takes a company to sell its entire inventory in a given period.

Replace Inventory

The process of replenishing stock to ensure sufficient levels of inventory are maintained for operations.

Acquire Inventory

The process of obtaining goods and materials for sale or use in production by a company.

Estimated Ending Inventory

An approximation of the value or quantity of inventory that a company expects to have at the end of a period, calculated using the cost of goods sold formula.