Which of the Following Is True Regarding the Ability of Individual

question 18

Multiple Choice

Which of the following is true regarding the ability of individual states to collect sales tax on Internet transactions?

• A) Individual states may without restriction collect sales tax from merchants on items purchased through the Internet by in-state residents.
• B) Only with permission of Congress, granted on a state-by-state basis, may individual states collect from merchants sales tax on items purchased through the Internet by in-state residents.
• C) States cannot collect sales tax on Internet sales from merchants nor may a state require that its citizens report Internet purchases so that they may be taxed.
• D) A state cannot collect sales tax from merchants unless sales to the state's citizens amount to more than 1 million in the aggregate.
• E) A state can collect sales tax from a merchant only if the merchant has a store or distribution center in the state.

Understand how contractual obligations can be discharged by performance, operation of law, or other conditions.

Recognize the use and implications of liquidated damages clauses and conditions related to contract termination.

Understand the definitions and applications of different types of conditions in contracts (express, implied, precedent, subsequent, concurrent).

Distinguish between complete, substantial, and partial performance within contractual obligations.

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Definitions:

Behavioral Economists

Researchers focusing on the impact that psychological, cognitive, emotional, cultural, and social elements have on the economic decisions of individuals and organizations.

Investment Portfolio

A collection of various types of investments held by an individual, institution, or financial entity designed to achieve specific financial goals.

Availability Heuristic

A cognitive shorthand that depends on the first instances that pop up in one's thoughts when assessing a particular subject, idea, technique, or choice.

Cognitive Biases

Organized trends of divergence from the standard or reasoning in decision-making, leading to conclusions about others and circumstances that are drawn illogically.