The Terms "2/10, Net/30" Are Used with Most Promissory Notes

question 111

True/False

The terms "2/10, net/30" are used with most promissory notes.

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Definitions:

Regressive

Relating to a tax system in which the tax rate decreases as the taxable amount increases, often considered less fair to lower-income individuals.

Progressive

Pertaining to ideas, policies, or attitudes favoring progress, change, improvement, or reform, particularly in social conditions.

Average Tax Rate

The proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by total income.

Marginal Tax Rate

The rate at which your last dollar of income is taxed, indicating the tax rate applied to the next dollar of taxable income.