Based on Data from 2003,approximately What Percent of All Income

question 147

Multiple Choice

Based on data from 2003,approximately what percent of all income in the United States did the top fifth of all families receive?

• A)78 percent
• B)48 percent
• C)21 percent
• D)4 percent

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Definitions:

Sales Tax Payable

A liability account in a company's financial statements, representing sales tax collected from customers but not yet remitted to the government.

Sale

The exchange of a product or service for money, constituting the main operational activity for most businesses.

Liability Account

An accounting record that holds the amounts owed by a company to creditors, suppliers, or lenders.

Terms

Conditions under which a sale is made, including payment timeframe, discounts, and penalties for late payment.