Which Is the Correct Order of Importance in Terms of Revenue

question 84

Multiple Choice

Which is the correct order of importance in terms of revenue collected among the following federal taxes?

• A)(1) corporate income taxes (2) value-added taxes (3) excise taxes 
• B)(1) personal income taxes (2) corporate income taxes (3) sales taxes 
• C)(1) payroll taxes (2) personal income taxes (3) federal excise taxes 
• D)(1) personal income taxes (2) payroll taxes (3) corporate income taxes

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Definitions:

Satisfaction of Debt

Satisfaction of Debt is the fulfillment of a financial obligation, such as the repayment of a loan, thereby releasing the debtor from further liability.

Owner's Rights

Legal rights conferred to owners, entitling them to use, enjoy, and dispose of their property as they see fit.

Strict Foreclosure

A legal process by which the secured lender obtains the title to the mortgaged property without the sale thereof, when the borrower fails to meet the obligations.

Deficiency

The difference between the amount owed on a loan and the amount recovered from selling the asset securing the loan if the latter is less.