The Total Dollar Amount of the Goods and Services That

question 22

Short Answer

The total dollar amount of the goods and services that a company buys during a year is called its _____.

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Definitions:

Dollar Tax Liability

The amount of tax payable to the government, measured in dollars, by an individual or corporation.

General Sales Tax

A broad-based tax imposed on sales of goods and services, typically at the point of sale.

Laffer Curve

A theoretical representation showing the relationship between tax rates and the amount of tax revenue collected by governments.

Marginal Tax Rates

The percentage of tax applied to your income for each tax bracket in which you qualify, effectively the rate on the last dollar of income earned.