Which of the Following Is True in the United States

question 88

Multiple Choice

Which of the following is true in the United States?

• A) Local governments cannot collect taxes.
• B) Only state governments can collect taxes.
• C) Only the federal government can collect taxes.
• D) The central and local governments collect taxes.

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Definitions:

Net Income

A company's total earnings or profit, calculated as revenue minus expenses, taxes, and costs.

FOB Destination

A shipping term indicating that the seller is responsible for the goods until they are delivered to the buyer's specified location, whereupon title and risk of loss pass to the buyer.

Revenue Recognition

The accounting principle dictating the specific conditions under which revenue is recognized or recorded.

Shipment Date

The shipment date is the day on which goods are officially transferred from the seller to the carrier or dispatched for delivery to the buyer.