The Second-Largest and Fastest-Rising Source of Federal Revenue Comes from __________

question 12

Multiple Choice

The second-largest and fastest-rising source of federal revenue comes from __________ taxes.

• A)sales
• B)payroll
• C)corporate income
• D)excise

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Definitions:

Material Amount

A sum of money that is large enough to influence decisions or the perception of a company's financial performance.

Sole Proprietorship

A business structure where a single individual owns and operates the business, bearing full responsibility for its debts and obligations.

Hybrid Method

An accounting approach that combines elements of both the cash basis and accrual basis methods for financial reporting.

Deductible Expenses

Expenses eligible to reduce taxable income, subject to various tax rules and limitations.