Selected Information Regarding a Company's Most Recent Quarter Follows (All

question 29

Multiple Choice

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was cost of goods sold?

• A)$1,100
• B)$1,900
• C)$1,450
• D)$1,000

---

Definitions:

Tax Revenue

The income that is obtained by governments through taxation, which is then used to fund public services and government operations.

Lump-Sum Taxes

Taxes that are a fixed amount, regardless of the taxed person's income, wealth, or other attributes that could affect their ability to pay.

Low-Income Taxpayers

Individuals with earnings below a certain threshold, often eligible for certain tax benefits or lower tax rates.

Vertical Equity

The idea that taxpayers with a greater ability to pay taxes should pay larger amounts.