For State and Local Governments,sales Taxes and Property Taxes Make

question 38

Multiple Choice

For state and local governments,sales taxes and property taxes make up approximately

• A) 19 percent of all receipts.
• B) 22 percent of all receipts.
• C) 35 percent of all receipts.
• D) 48 percent of all receipts.

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Definitions:

Sustainable Operating Earnings

The portion of a company's profit that is expected to continue in the future, excluding any one-time items or unusual income.

Big Bath Items

Large and often one-time charges taken by a company to write off or write down the value of assets, or to provide for expected future liabilities, sometimes used to manage earnings.

Restructuring

A process of reorganizing a company's structure, operations, or finances with the goal of increasing efficiency or to prepare the business for a sale, merger, or change in strategy.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and practices formally established to bring consistency to financial reporting.