The Tax You Pay on Your Last Dollar of Income

question 15

Multiple Choice

The tax you pay on your last dollar of income is called the

• A) last dollar tax.
• B) average tax rate.
• C) marginal rate of payment.
• D) marginal tax rate.

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Definitions:

Retail and Wholesale

The selling of goods in small quantities (retail) to consumers and in large quantities (wholesale) to businesses or retailers.

Theory of Constraint (TOC)

A management philosophy that focuses on identifying and removing bottlenecks or constraints that limit the performance of a system.

Ethical Responsibility

The duty of individuals and corporations to act in ways that benefit not just themselves but also society, often beyond legal obligations.

Codes of Conduct

Written guidelines designed to set out acceptable behaviors for members of a particular group, organization, or profession.