Which of the Following Taxes Is Generally the Most Significant

question 84

Multiple Choice

Which of the following taxes is generally the most significant source of revenue for local governments?

• A)Real property tax
• B)Employment tax
• C)Income tax
• D)None of the above

---

Definitions:

Internal Controls

Processes and procedures implemented by a business to safeguard assets, enhance accuracy of financial records, and increase efficiency.

Payroll

Payroll refers to the process by which employers pay an employee for the work they have completed during a certain period of time.

Social Security

A government system that provides monetary assistance to people with an inadequate or no income.

Medicare

A federal health insurance program primarily for people aged 65 and older, but also available to some younger people with disabilities.