The Tax That Is a Major Source of Revenue for Local

question 16

Multiple Choice

The tax that is a major source of revenue for local governments is called a(n)

• A) Estate tax.
• B) Excise tax.
• C) Income tax.
• D) Real estate property tax.
• E) Sales tax.

Learn key principles of food safety to prevent foodborne illnesses.

Recognize strategies for preventing accidental burns in the home.

Understand proper disposal techniques for solid waste and unused medications.

Know the procedures for emergency situations requiring the use of restraints and the legal implications.

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Definitions:

Periodic Inventory System

An inventory accounting system where updates are made to inventory levels and cost of goods sold at specific periods.

Worksheet

A document used by accountants to bring together all the data for financial statements, making adjustments and closing entries.

Mortgage Payable

A liability account on a company's balance sheet that represents funds borrowed, secured by property, to be paid back with interest.

Balance Sheet

An economic report that presents the value of a corporation’s assets, liabilities, and equity held by shareholders on a given date.