Which of the Following Accounts for the Largest Source of Revenue

question 30

Multiple Choice

Which of the following accounts for the largest source of revenue for the federal government?

• A)sales tax
• B)federal property tax
• C)personal income tax
• D)corporate income tax
• E)borrowing

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Definitions:

Ratification

The act of giving formal consent or approval to something, making it officially valid, typically in the context of contracts or agreements.

Agency Relationship

A legal and consensual arrangement where one party, the agent, acts on behalf of another, the principal, in dealings with third parties.

Intent

The purpose or mindset with which an individual acts, significant in both criminal and civil law to determine culpability or liability.

Principal

In agency law, a person who agrees to have another, called the agent, act on his or her behalf.