There Are Two Categories of Lawsuits: Outstanding (Or Asserted)claims,and

question 62

Multiple Choice

There are two categories of lawsuits: outstanding (or asserted) claims,and

• A)possible or unasserted claims.
• B)disputed claims among several parties.
• C)settled claims.
• D)claims that could result in material misstatements.

---

Definitions:

Benefits Principle

A tax policy principle suggesting that taxes should be levied according to the benefits received by the taxpayer from government services.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Taxable Income

The portion of an individual's or corporation's income used to determine how much tax is owed to the government in a specific tax year.

Progressive Tax

A tax system in which the tax rate increases as the taxable amount increases, typically structured to tax higher income earners at a higher rate.