If the Direct Exchange Rate Between U

question 116

Multiple Choice

If the direct exchange rate between U.S.Dollars and pounds sterling is 1.50/1, how much should you be willing to pay to receive 350 pounds?

• A)$175.00
• B)$233.33
• C)$367.50
• D)$525.00

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Definitions:

Taxable Income

The portion of income that is subject to taxation after all allowances, deductions, and exemptions are factored in.

Total Tax

The sum of all the taxes levied by different levels of government on an individual or business.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the impact of an additional dollar of income on the amount of taxes owed.

Taxable Income

The amount of income that is subject to taxes, after all deductions and exemptions have been factored in.