Which of the Following Statements Is Not Correct

question 153

Multiple Choice

Which of the following statements is not correct?

• A)The U.S.tax burden is high compared to many poor countries.
• B)As nations get richer, their governments typically collect a smaller share of income in taxes.
• C)The U.S.has a higher federal tax burden than Canada or Mexico.
• D)The U.S.tax burden is low compared to many European countries.

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Definitions:

Merchandise Inventories

Goods that are held by a business for the purpose of resale to customers in the ordinary course of business.

Sales Budget

An estimate of expected sales revenue for a period, forming the basis for planning production, inventory, and cash flow.

Cash Receipts

The total amount of money received by a company during a given period, including all sources of income and revenue.

Cash Disbursements

The outflow of cash for expenses, purchases, or investments by a company during a given period.