Michigan Recently Did Away with Property Taxes

question 172

Multiple Choice

Michigan recently did away with property taxes.Alternative funding for schools could come from

• A)a lottery system.
• B)an increase in sales tax and income tax.
• C)an increase in corporate taxes.
• D)All of the above are correct.

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Definitions:

Income Statement

A financial statement that shows a company's revenues, expenses, and profitability over a specific accounting period.

Debit Column

The column in a ledger or financial statement where entries of debit are recorded.

Balance Sheet

Rephrased: The balance sheet is a key financial statement that presents the assets, liabilities, and equity of a company, offering insight into its financial health at a particular moment.

Credits

Entries in accounting that increase liabilities or equity accounts, or decrease asset or expense accounts, reflecting transactions.