Using Income as the Tax Base,which of the Following Best

question 109

Multiple Choice

Using income as the tax base,which of the following best illustrates a regressive tax?

• A) The federal inheritance tax.
• B) A 7 percent general sales tax.
• C) The corporate income tax.
• D) The personal income tax.

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Definitions:

Subsidiary Ledger

An accounting ledger containing detailed information for individual accounts, used to support the main ledger.

General Journal

A basic accounting record for entering all types of transactions before they are transferred to specific accounts in the general ledger.

Financial Statement

Documents that report on a company's financial performance and health, including the balance sheet, income statement, and cash flow statement.