Not All Norms Are of Equal Importance; ____________Are Written Down

question 139

Multiple Choice

Not all norms are of equal importance; ____________are written down and involve specific punishments for violators. Laws are the most common type; they have been codified and may be enforced by sanctions.

• A) informal norms
• B) real norms
• C) formal norms
• D) ideal norms

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in net profit or loss.

Tax Bracket

Where each line of the tax schedule has an increasing percent based on increasing income.

Taxable Income

Income subject to tax, after deductions and exemptions, according to the law.

Joint Taxable Income

The total taxable income jointly reported by a married couple or partners filing a combined tax return.