If the Federal Government Passed a Law That Did Not

question 18

Multiple Choice

If the federal government passed a law that did not provide money to state and local governments
But required them to construct wheelchair lifts at all train stations,it would be an example of

• A)a regressive tax.
• B)a progressive tax.
• C)an unfunded mandate.
• D)a block grant.

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Definitions:

Income Statement

An income statement is a financial document that shows a company's revenues, expenses, and net income over a specific period.

Cash Surrender Value

The amount of money an insurance company will pay to a policyholder if their policy is voluntarily terminated before its maturity or an insured event occurs.

Insurance Expense

The cost incurred by an entity to obtain insurance coverage for various risks.

Premium

The amount by which the price of a bond or security exceeds its principal amount or face value.