What Is the Term for Cash Refunds Given for the Purchase

question 124

Multiple Choice

What is the term for cash refunds given for the purchase of a product during a specific period?

• A)rebates
• B)loss leaders
• C)reciprocal allowances
• D)promotional allowances

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Definitions:

Excise Tax

A tax on the sale or use of specific products or transactions.

Excise Tax

A tax levied on specific goods or activities, such as alcohol, tobacco, and gasoline, often intended to discourage their use or to raise revenue.

Sales Tax

A tax imposed by governments on the sale of goods and services, adding on to the purchase price paid by consumers.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides retirement, disability, and survivorship benefits.