Which of the Following Is True About the Percent of Total

question 74

Multiple Choice

Which of the following is true about the percent of total income all levels of government in the U.S.take as taxes?

• A)In 1902 the government collected about 7 percent of total income.In recent years,it collected about 30 percent of total income.
• B)In 1902 the government collected about 30 percent of total income.In recent years,it collected about 7 percent of total income.
• C)In 1902 the government collected about 7 percent of total income.In recent years,it collected about 7 percent of total income.
• D)In 1902 the government collected about 30 percent of total income.In recent years,it collected about 30 percent of total income.

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Definitions:

Asset Turnover

Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets in generating sales revenue.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within a year or within the operating cycle of a business, like cash, inventory, and receivables.

Total Assets

The sum of all resources owned by an entity, including both current and non-current assets, which can be used to generate value or meet obligations.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from total revenue.