When Policies or Programs Are __________, Persons Must Meet an Income

question 48

Multiple Choice

When policies or programs are __________, persons must meet an income requirement to qualify for benefits.

• A)selective
• B)universal
• C)open
• D)means-tested
• E)income-categorized

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Definitions:

Marginal Tax Rates

The rate of tax applied to your next dollar of income, indicating how much of any additional dollar earned will be paid in taxes.

Provincial Tax Brackets

The division of income levels in a province that are taxed at different rates, forming a part of a country's tax system to impose taxes based on income.

Tax Difference

The variation between taxes expected to be paid versus those actually paid, due to differences in tax rates, tax laws, or differences in interpretation of tax liabilities.

Book Value

The net value of a company's assets subtracted by its liabilities and preferred stock, indicating what remains for common shareholders according to accounting standards.