Of the Following,the Largest Source of Revenue for the Federal

question 200

Multiple Choice

Of the following,the largest source of revenue for the federal government is the

• A) personal income tax.
• B) transfers from state and local governments.
• C) corporation income tax.
• D) lottery.
• E) revenue from the sale of public lands.

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Definitions:

Cash Payment

Money that is paid out by a business, often documented by a cash disbursement journal.

Direct Method

An approach to reporting cash flows from operating activities which lists major classes of gross cash receipts and payments.

Cash Flow

The sum of funds moving into and out of a company, particularly influencing its liquidity.

Salaries

Payments made to employees for their services, typically expressed as an annual sum and paid at regular intervals.